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☆ The job market enters a new phase as the Great Resignation ends
▼ + stars: | 2023-06-13 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

Amid a tight labor market, many were also able to find a better job, with better pay. The combination of a tight labor market and structural change from the pandemic catalyzed job reshuffling over the past three years, he said. The BLS shows the rate of job growth is up in the construction, manufacturing, health, education and food services industries. Despite the apparent end of the Great Resignation, the job market continues to hum along; the US economy added 339,000 jobs in May. The fact that quit rates are down indicates that there’s low confidence in the job market,” Kriegel said.

Persons: ”, Nicholas Bloom, that’s, “, Bloom, Nick Bunker, Jessica Kriegel, ” Kriegel, Bunker, “ There’s, there’s, ” Bunker Organizations: Los Angeles CNN, Federal Reserve, Stanford University, Bureau of Labor Statistics bolsters, Labor, BLS, Federal Reserve Bank of, Conference Board, Bed, Stanford, Workers, Gallup, Bank of America, Georgetown University Locations: Federal Reserve Bank of Atlanta

☆ Remote jobs are moving overseas and to smaller U.S. cities: ‘The same skills for 60% of the cost'
▼ + stars: | 2023-06-09 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

Remote jobs aren't disappearing — they're just moving out of expensive coastal metros like New York and San Francisco. Faced with labor shortages and rising wages, companies are hiring for more remote jobs overseas and in smaller U.S. cities. Where remote jobs are goingRemote hiring is expanding beyond its traditional strongholds, like India, creating new "Zoomtowns" overseas and in pockets of the U.S. Midwest. The number of North American companies with remote workers in Central America and the Caribbean, for example, has grown 300% between 2020 and 2023, according to new research from Lightcast. How to stand out in a more competitive remote job market

Persons: Nicholas Bloom, Kim Rutledge, Rutledge, George Denlinger, Robert Half, Layla O'Kane, Bloom Organizations: Companies, U.S . Midwest, Stanford, U.S, U.S ., Lightcast Locations: New York, San Francisco, Phoenix, Asheville, Boise, India, U.S, Mexico, Philippines, Central America, Caribbean, Lightcast, Austin, Monterrey, Bengaluru, California, Robert Half . Illinois , Ohio, Nebraska, Denlinger

☆ Remote Work and the Economic Future of Cities - The New York Times
▼ + stars: | 2023-06-02 | by ( Paul Krugman | ) www.nytimes.com time to read: +2 min

One might have expected telephones to reduce the demand for business travel — you didn’t have to visit your colleagues to communicate with them, you could just call. In fact, however, rising use of telephones went hand-in-hand with rising business travel: Workers began interacting more with people in other cities, but solidifying these contacts required occasionally meeting them in person. So how does all this apply to the remote work revolution and its impact on cities? And some of this work will still need to be done face-to-face, which will mean that people will still want to live in or near big cities. That said, remote work will surely shift metropolitan areas’ centers of gravity away from their central business districts.

Persons: Masa, Tony, hadn’t, Arjun Ramani, Nicholas Bloom Organizations: Workers Locations: America

☆ The real reasons stores are closing in big cities
▼ + stars: | 2023-05-12 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

These big chains and others have closed stores in major US cities recently, raising alarm about the future of retail in some of the country’s most prominent downtowns and business districts. How policymakers remake their downtowns — with retail as a crucial attraction — will be crucial to cities’ fiscal health and regional economies. People who are being employed in those stores are losing their jobs” because of crime, New York City Mayor Eric Adams, a Democrat, said in February. San Francisco lost around 6% of its retail establishments from 2019 to 2021, according to the think tank’s research. For example, chain-store closures in New York City have correlated to the products most frequently bought online.

☆ The Real Reason Rent Costs Are Sky High: People Left Their Roommates
▼ + stars: | 2023-05-10 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

Though rent growth has slowed in recent months, renters in large cities are still feeling the effects of the 2021-22 rent boom. Residents of these places are now asking the question: If so many people left, why is my rent still so expensive? The first was outbound migration, which led to weaker housing demand in city centers. "High house prices, high rents, and rising interest rates are probably pushing back against household formation," Ozimek told me. If more employees keep adopting remote work — which, I'll admit, is a big "if" — that indicates housing demand is bound to increase.

☆ Some remote jobs will still be hot in 5 years, and others 'might not exist,' economists say—how to know the difference
▼ + stars: | 2023-05-05 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

Remote jobs are vanishing. As of November 2022, remote jobs made up less than 14% of postings advertised on LinkedIn, down from a high of 20.6% in March 2022 — even though close to half of jobseekers prefer remote roles. The remote job market might be shrinking, but there is a silver lining for the millions of workers craving flexibility: Though some remote jobs will disappear, others will continue to be in demand for a long time. The remote jobs that 'might not exist' in five yearsCompanies are hiring fewer people for remote roles in the U.S. that can be outsourced to cheaper workers overseas or replaced with AI, says Bloom. Other remote jobs that "might not exist in five years" are in industries that prioritize office culture and see remote work as "less optimal, less productive," says Rachel Sederberg, a senior economist and research manager at the labor analytics firm Lightcast.

☆ Consultancies are coming off a pandemic boom. Are they still worth hiring?
▼ + stars: | 2023-04-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +9 min

Management consultancies helped design vaccination programs during the pandemic and are currently providing advice on how to rescue one of the world’s biggest banks. The $230 billion management consulting industry is a broad church: it includes companies offering everything from project management expertise to designing new organizational structures. Many big firms — think EY and KPMG — also conduct audits and advise on their clients’ tax issues, though these services are generally seen as distinct from their consulting work. In The Big Con, published in February, prize-winning economist Mariana Mazzucato and her co-author Rosie Collington argue that management consultancies “infantilize” governments by keeping them dependent on their services. Nearly 80% of firms surveyed globally have told the think-tank that consultants’ work is either of high or very high quality, she noted.

☆ Working from home: The latest on who is WFH and who isn't
▼ + stars: | 2023-04-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

In other words, 72.5% of private-sector organizations — up from 60% in the July-to-September 2021 period — said they did not have employees working remotely. The BLS survey also interpreted respondents’ answers as referring to a company’s formal telework policies, not whether some employees informally work remotely on occasion, such as responding to work emails from home. The same survey respondents said their employers plan to allow employees to work remotely 2.2 days a week, for those who can. “I have talked to hundreds of organizations about WFH [working from home] over the past three weeks, and this is now clearly stabilizing to a post-pandemic norm,” he said in an email. In Pew’s February survey, 35% of people who could work remotely were doing so full time, down from 55% in October 2020, but still well above the 7% of people working remotely full-time before the pandemic.

☆ Full-time office work is 'dead': 3 labor experts weigh in on the future of remote work
▼ + stars: | 2023-03-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

watch nowInitially, remote work was seen as a necessary measure to contain the spread of the virus. Twitter recently shut its Seattle offices as a cost-cutting measure and told employees to work from home, a reversal from an earlier position that employees work at least 40 hours a week in the office. "It's still an evolving trend, but the movement is very much toward increased remote work," Pollak said. Remote work may endure even in a recessionNot everyone agrees that the benefits of working from home outweigh costs. Evidence suggests employee mentoring, innovation and company culture may suffer if jobs are fully remote, Bloom said.

☆ Hybrid workers earn more than remote and in-person workers, according to new research—here's why
▼ + stars: | 2023-02-10 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

Hybrid workers who spend one to four days in the office a week earn more than people with fully remote or in-person jobs, according to recent data from WFH Research. The research, conducted by Jose Maria Barrero, Nicholas Bloom, Shelby Buckman, and Steven J. Davis, found that hybrid workers make at least $80,000 per year on average. For remote jobs, companies can source candidates from places that have a lower cost of living, whether it's a different state or a different country altogether, reducing their hiring costs and, in turn, remote workers' earnings, Julia Pollak, chief economist at ZipRecruiter, points out. People in remote jobs are also more willing to take a pay cut in exchange for better work-life balance, Pollak says. Citing workers' willingness to sacrifice higher pay for greater flexibility, Barrero expects the pay gap between remote and in-person workers to shrink in the coming months — but hybrid workers will continue to earn the most.

☆ Remote work hasn't actually saved Americans much time — they're mainly just working more
▼ + stars: | 2023-01-30 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Not having to commute could mean getting to partake in leisure activities — or more time to get work done. A working paper looked at how people working from home are using their time saved by not commuting. In the US, 23 minutes of this time saved goes to jobs, 19 minutes on leisure, and four minutes on caregiving. Looking at just the results for these wealthy democracies, the US stands out for its lack of minutes saved. This isn't just the case for remote workers in the US; other countries like France also saw workers using most of their saved time on work.

☆ Stanford work-from-home expert on the 2022 prediction he’s glad he got right: 'It’d be pretty horrifying if I got it wrong'
▼ + stars: | 2022-12-29 | by ( Natasha Piñon | ) www.cnbc.com time to read: +4 min

Long before the pandemic, Nicholas Bloom, a Stanford economics professor, was already studying the most effective work-from-home policies. So, armed with decades worth of research and thousands of pandemic-era interviews, what's the one prediction Bloom says it would've been "horrifying" to get wrong about 2022? With a year's hindsight and additional research, Bloom says this prediction has largely borne out, noting that it felt particularly easy to predict by the end of 2021. In it, he advocated for employee choice with regards to what days of the week they'd work in the office. "There's this famous saying that people overestimate technology in the short run, and underestimate it in the long run," Bloom adds.

☆ Why labor economists say the remote work 'revolution' is here to stay
▼ + stars: | 2022-12-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

ZipRecruiter, another job site, found a fourfold increase in job listings mentioning remote work, to a 12% total share. In all, remote work translates to roughly 4% more hours worked during a 40-hour week. "People really, really want remote work," Pollak said, adding: "It's difficult to put the genie back in the bottle." 'Significant variation' in remote work opportunitiesThat said, most jobs in the U.S. economy can't be done remotely. People really, really want remote work.

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