Reference no: EM133343962

1) The first finding is that job candidates value having control over their schedules highly. The second important result is that people who work flexibly describe obstacles to performing at their best, such as child care arrangements, mental health concerns related to isolation, and inter-personal communication issues.
Increasingly more people are choosing to work from home as a result of technological improvements. The COVID-19 epidemic has only served to speed up this trend, with many companies now requiring or encouraging employees to work from home in an effort to curb the virus's spread.
Working from home has a number of advantages, including increased flexibility, the ability to choose your own hours, and the reduction of expenses and travel time. There are, however, some negative aspects as well.

2) Explicit costs include the cost of a laptop, printer, and internet connection for setting up a remote working environment. Implicit costs are those associated with lost output, such as those incurred when remote workers are bothered by family members or run into technical difficulties.
Working from home might be expensive as one may need to purchase a laptop, printer, and/or internet connection. It could cost money to set up a distinct workspace in your house, such as an office. Another consideration is the hidden expenses of lost productivity brought on by interruptions from family members or technical difficulties.

3) A professional would prefer remote employment. An expert thinks it would be more efficient because there would be less outside distractions. If this is my business, I would prefer that employees work remotely since I feel it would be more productive and cost-effective.
though Working from home has a number of advantages, including the freedom to choose your own hours and the decrease in overhead related to travel. Working from home can also boost productivity because there are less office distractions and coworker interruptions.

But working from home has a number of disadvantages, including being separated from coworkers and dealing with interruptions from family members. I feel while at home employees can't focus on their work. As being in office they can seek suggestions from their co-workers is they encounter any problem. they can learn many new things from each other.

If this is my company, I would prefer that My employees work remotely since I think it would be more efficient and economical.

Question for reference

According to the Federal Reserve Economic Data (FRED) website, April 2020 recorded the highest unemployment rate during the COVID-19 pandemic at 14.8%. As of July 2022, the unemployment rate reduced to 3.5%, which is the same as the pre-pandemic level unemployment rate for January and February of 2020. However, the working norms (e.g. where, when and how to work) have altered during these past two and half years as summarized in an American Opportunity Survey report by McKinsey & Company:

Thirty-five percent of job holders can work from home full-time, and twenty-three percent can do so part-time
Eighty-seven percent of workers offered at least some remote work embrace the opportunity and spend an average of three days a week working from home
Younger, more educated, or earn higher incomes tend to have more options to work remotely
The opportunity to work flexibly differs by industry and role within industries, and has implications for companies competing for talent
Job seekers highly value having autonomy over where and when they work
Employees working flexibly report obstacles to peak performance (e.g., isolation-related mental health concerns, child-care arrangements)

With the pandemic waning, companies are demanding their workers to return to office full-time as seen by these headlines:

08/15/22, JPMorgan Chase CEO Jamie Dimon claimed that "remote work creates a working environment that's less honest and more prone to procrastination". - In a shareholder letter released early 2022, the bank expects 50% of its employees to return to office full-time, with an additional 40% working in a hybrid system. It is also using tracking ID card swipes to ensure compliance with the new work policy and monitoring the time employees spend on Zoom and emails to measure productivity.
08/15/22 - Union for AT&T workers extended work from home until the end of March 2023 amidst demand by employer to return to offices.
08/15/22 - Apple employees are to report to office three days a week from September 5th.
06/05/22 - Tesla's CEO Elon Musk's email to his employees: "Everyone at Tesla is required to spend a minimum of 40 hours in the office per week. Moreover, the office must be where your actual colleagues are located, not some remote pseudo-office. If you don't show up, we will assume you have resigned."

Discussion Questions:

Identify TWO takeaways from the McKinsey & Company report to explain the tradeoffs between work and leisure of employees in a post-pandemic period.

Identify at least foureconomic costs (two explicit and two implicit) and explain how costs will change when remote work become part of the company's labor contract with the employees?

Self-reflection: What would be your preference: return to office (RTO), remote work, or a bit of both? Explain.