Future of Remote Work for MBAs and Other Professionals
Ladders, Inc., Quarterly Remote Work Report Q3 2022 reveals that 36% high-paying professional positions are now remote.
About 4% were classified as permanently distant jobs in North America before the pandemic. These were typically sales or technology-related positions. This number rose to 7% in 2020, the first year after the pandemic.
In the fourth quarter of 2021, 18% were working remotely in professional jobs in the U.S. Then, Ladders, Inc., predicted that number would rise to 25% By 2022.
Ladders, which is a career site that lists jobs for $100,000 and more, underestimated the rise in remote jobs.
It is available in its Q3 2022 Quarterly Remote Employment The data analysis of 36% professional jobs in Canada, the U.S. and other countries revealed that 36% are permanently remote according to a report published last month. That’s 11% more than predicted, and it comes a full quarter earlier than expected.
INDUSTRIES WITH THE BEST WORK OPTIONS
Since the pandemic, Ladders has been providing remote job tracking services through its career site, Ladders. Last summer, it released data The top 50,000 North American employers showed that there were over 7,000 remote high-paying jobs in March 2020 and more than 80,000 by July 2021. In the third quarter of 2021, another three million jobs were made permanently remote.
Its Q3 2022 Report analyzed data from before and after the pandemic.
“The 11 percent increase above our prediction indicates that remote work has been embraced widely by employees and businesses and will continue to be embraced,” said Dave Fisch, CEO of Ladders. “Our data show that demand for a permanent remote work option has caused major companies to yield.”
“Overall, the outlook for remote work is solid, with inflation undeniably playing a significant role,” says Fisch. “If recession does occur, remote work could offer a solution to many businesses, due to low costs and high productivity.”
A survey from Highered The August report gives credence to the notion that remote work will be around for the long-term. Some 49% of MBAs and business students reported that they want hybrid — onsite and remote — work no matter their job role. 24% of students preferred onsite work, while 26% said that they wouldn’t work for an employer that did not offer remote working.
“Having studied remotely for much of the Covid pandemic, students are looking to continue this way of working in their careers,” said Amber Wigmore Alvarez, chief talent officer at Highered, in the Highered survey. “It is a trend that is not going away and is the future for recruitment of graduates from business schools.”
ON INFLATION, RECESSION, & QUIET QUITTING
Many were skeptical when Ladders predicted that remote hires would account for 25% of all new hires by 2022. The 36% increase in Q3, which was a full quarter earlier that expected, is a sign that both employees as well as businesses are starting to embrace the trend.
“Current attempts to shift focus away from remote work, such as policies attempting to create hybrid solutions, only show that the remote work option remains popular. The number of quits remain steady within Q3, with a rate of 2.7% for the third consecutive month, and represent a strong desire in the US for improved work-life balance,” the report states.
Ladders predicts that this trend will continue through 2023.
The inflation rate fluctuated between 8.5% in July and 8.3% in August. It was 8.2% in September. This is high enough for employees to reconsider making career changes based solely on remote status. The report shows that quit rates were at 4.2million in August, 4.1million in September and 4.2million in July. This could mean that professionals are still open to changing jobs for work-life balance and economic uncertainty.
Despite all the turmoil, unemployment rates reached a 50-year low in 2020. They were 3.5% in July and 3.7% in August respectively, while they were 3.5% in September. This indicates that there is still enough choice for workers in the labor market. What’s more? A recent Gallup poll found that “quiet quitters” make up at least 50% of the US workforce, the report notes.
“The volatile muddying of the waters caused by war in Ukraine and two years of the pandemic have created confusion; however, the remote work experiment did play its part in record high profits for businesses across industries during the pandemic period,” the report notes.
“Perceptions as well as realities could inform planning across industries, with some companies who support the in-office structure feeling they will gain ‘the upper hand’ in 2023. As of the writing, this attitude was a significant gamble. Overall, remote work prospects are solid. However, inflation is a major factor. Hybrid solutions are also reported as being difficult to implement. If recession does occur, remote work could offer a solution to many businesses, due to low costs and high productivity.”
10 JOB TITLES WITH THE MOST REMOTE OPTIVITIES
So, you’re a working professional. You should look for remote opportunities.
Ladders’ Q3 report also identifies the 10 leading job titles, fields, industries and companies with the highest percentage of remote jobs. If you’re a software or data engineer, there’s no shortage of opportunities available. The same goes for project managers and product managers.
Visit Ladders Inc. Q3 2022 Quarterly Remote Work for more information www.theladders.com.
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