According to a recent FlexJobs survey of 4,000 US workers conducted in February 2024, it has been revealed that remote work remains highly sought after, particularly among potential employees. The survey found that if all employers provided a remote work option, an overwhelming 75% of workers would take advantage of it. Additionally, half of the surveyed workers expressed willingness to accept a pay cut for the opportunity to work remotely.
Furthermore, approximately one-fifth of respondents stated that they would be willing to increase their working hours in exchange for this arrangement, with 15% even being open to sacrificing their vacation days. This trend was predominantly led by millennials, with 69% of them expressing readiness to make sacrifices for the chance to work from anywhere, followed by 59% of Gen X and 50% of baby boomers.
The surveyed workers also indicated a willingness to give up additional benefits, with 23% being prepared to forgo professional development opportunities, 13% voluntarily relinquishing company-provided insurance, and 10% being prepared to waive retirement-focused company contributions. Furthermore, a significant majority of workers expressed a readiness to relocate for remote work, with 41% expressing a willingness to move to a different state, 40% willing to relocate to a different city, and over a quarter considering a move to a different country. Approximately 16% showed interest in becoming digital nomads and living globally, primarily motivated by lower living costs, climate, and cultural factors.
Data compiled by Stanford, WFH Research, and Gusto economists has revealed a substantial increase in the number of workers living over 50 miles away from their offices between 2019 and 2023, indicating a noteworthy shift towards remote work. This trend is attributed to people moving away from their previous locations and an increasing willingness of companies to extend their candidate searches due to the prevalence of remote work.
The sentiment of being willing to take a pay cut for remote work has persisted over time, even in light of industry layoffs. A March/April 2023 Washington Post-Ipsos poll found that 55% of remote workers would accept a lower-paying role for the ability to work virtually. This eagerness for flexibility is long-standing, with workers considering the ability to work remotely or in a hybrid model as akin to an 8% salary increase, according to Stanford professor and work-from-home expert Nick Bloom.
There are examples of individuals like Jay, an older millennial, who have willingly taken significant pay cuts to avoid the necessity of living close to their office. Despite the enthusiasm for remote work, the competition for such roles is intensifying, with remote jobs receiving a high volume of applications, making securing a position potentially more challenging than gaining admission to prestigious universities.