Flex Report Q4 2023

About the Flex Q3 Report

The question many media and C-suite executives have been asking over the last few years is, “Are remote workers really productive?” The answer has become a bit of a Rorschach test to see which side of the divide you land on in the flexible work debate.

Several CEOs like JPMorgan’s Jamie Dimon, BlackRock’s Steve Schwarzman, and Australian business leader Nicole Duncan are now famous for their naysayer views on remote worker productivity. Dimon is firmly entrenched in his return-to-office beliefs, saying, “I don’t think you can lead people and work from home.” At the same time, Schwarzman believes people weren’t productive or working hard remotely during the pandemic. Duncan’s take went viral for going even further, suggesting that those wanting to work from home are “selfish and actively hurting businesses.”

Is there any data to back these perspectives up?

Some studies have found that Fully Remote employees may be less productive than hybrid or Full Time In Office workers. A recent NLRB study found that those working from home were 18% less productive than office workers. Research shared by Nick Bloom also found that Fully Remote work might lead to reduced productivity but also reduced headcount costs for companies.

Employees feel strongly that they are MORE productive when they have the flexibility to work from home. One study by Owl Labs found that 62% of workers feel more productive while working at home, and 55% of employees said they put in more hours while working remotely than at the office. Workers also express that no commute means more time for work. A University of Chicago study this year backs this up: the average commute time savings for a remote employee is 72 minutes, and they invest 40% of that saved time into more work.

To help settle the debate, we partnered with Boston Consulting Group -- a world-class management consulting firm -- to analyze the relationship between public company revenue performance and flexibility. If there is a big difference in productivity between on site and remote workers, it should show up in the financial performance of public companies over time.

In this report, we also explore the latest trends in flexibility in the United States by industry, region, company size, and company age. We hope you enjoy!