For many of us, the COVID shutdown in the first quarter of 2020 opened our eyes to new possibilities in work/life balance. Before then, relatively few people had explored the advantages of remote work. Fast forward to today: what felt strange in 2020, became habit in 2021, and a lifestyle in 2022. Remote work has become the latest battle-line between old-school management techniques and modern reality.

Corporate messaging during that time has made for interesting reading: Early in the pandemic, companies scrambled to offer newfound flexibility to employees, while promising a ‘return to normal’. As successive variants continued to strike, companies found themselves moving the goal-line on ‘normal’ to accommodate. Many companies openly discussed ‘resetting expectations’ to allow long-term remote work or hybrid accommodation for employees, only to walk them back as the pandemic began to fade in 2022.In short, corporate America opened Pandoras Box and is trying like hell to close it.

In a recent Business Insider interview, Morgan Stanley’s CEO James Gorman offered his perspective, “Employees who want to continue working from home are in ‘Jobland’ and need to return to the office – or ‘Careerland’ – if they want to focus on building their skills.” In short, he suggests that a desire for remote work is proof that someone is less ‘serious’ or ‘committed’ to their career. Frankly, it’s hard to parse whether Gorman is making an observation or a threat.

Not long after the announcement, the CEO of Goldman Sachs, David Solomon, made a similar decision to bring his employees back to the office full-time. During a financial conference last year, he referred to remote work as an “aberration that needed to be corrected as quickly as possible.” His theory being that the financial sector is an innovative, collaborative apprenticeship culture, and the work-from-home option is not ideal and should not be considered a ‘new normal.’ When Goldman re-opened their New York headquarters to willing employees in February, Goldman management discovered that only 50% agreed it was time to return.

Though the concept of ‘careerland’ and an ‘innovative, collaborative apprenticeship culture’ seem like an enticing ‘promised land’ to leadership, statistics show that nearly 72% of workers believe that working from home has not affected their ability to be promoted or make upward connections in their company. For instance, in a poll by Pew Research, 44% of workers felt they were more productive and successful at meeting deadlines while working from home.

Why do employees and executives disagree? In a study conducted by Slack’s Future Forum, executive leader Brian Elliot made this conclusion between employees and executives, “Executives have a better setup at work,” said Elliott. “They probably have an office with a door. They probably don’t have the same childcare issues as many employees. The risk that we run, as a society, even in a hybrid-work setting, is executives don’t listen to employees looking for flexibility and a real proximity-bias sets in among people who are at the office and those that aren’t.”

In an article by MSNBC, human resources professional Gia Ganesh spoke about the shift in psychology between executives and employees during this transition, “Humans have a need for control and as an executive, you feel you have better control and visibility if everyone is in front of you.” Ganesh also believes that there is a real chance for a dip in productivity if executives require a hard line of returning to the office. Are companies willing to compromise their productivity for the sake of having employees return to the office?

What do employees really want?

In the Future Forum Study, Elliott said “the data shows hybrid settings allow for better work/life balance while also increasing workers’ sense of belonging among the colleagues. Modern technology connects co-workers — including those who may have worked remotely before the pandemic — that levels the playing field among employees. That sense of fairness, not based on face-time or who happens to have a chance meeting in an executive-suite elevator, boosts overall work satisfaction.”

Pew Research put together a study in February of 2022 on the topic of workers and their decisions to remain remote or return to the office. They found that 61% of employees voluntarily choose remote work, while 38% work from home because their workplace remains closed. Interestingly, these numbers have swapped from earlier in the pandemic when only 36% of employees working from home were doing so by choice. Clearly, the battle for “return to normal” is far from over.

Everybody gets to choose!

There is great value to be found in a corporate office environment. For some, working in an office is practical and productive, for others the buzz of a busy office can be exciting and motivating. Offices can provide real and valuable apprenticeship opportunities, work collaboration, or the camaraderie of seeing co-workers face-to-face. And yet, for many, the pros and cons are more nuanced. Both home and corporate office environments offer solid opportunities. The question is: What works best for you?

At IA Solutions, our mission of ‘Curating well-being’ counts for advisers as well as our clients. As part of that mission, we endeavor to offer our advisers as much work flexibility as possible. As a result, we consider virtual work to be foundational to our organization. We believe that a positive work-life balance is necessary – especially in a business that elevates the value of advice.

Additional Resources:

Business Insider – “Morgan Stanley CEO James Gorman Urges Bankers Return to Office”
https://www.businessinsider.com/morgan-stanley-ceo-james-gorman-urges-bankers-return-to-office-2022-3

CNBC - “Goldman Sachs Wants Workers in Office 5 Days a Week and Other Companies Could Follow”
https://www.cnbc.com/2022/03/14/goldman-sachs-wants-workers-in-office-5-days-a-week-and-other-companies-could-follow.html

Pew Research - “Covid-19 Pandemic Continues to Reshape Work in America”
https://www.pewresearch.org/social-trends/2022/02/16/covid-19-pandemic-continues-to-reshape-work-in-america/

Future Forum - “Future Forum Pulse Report October 2021”
https://futureforum.com/wp-content/uploads/2021/10/Future-Forum-Pulse-Report-October-2021.pdf

Additional Reading:

Census.gov – “Working From Home During the Pandemic”
https://www.census.gov/library/stories/2021/03/working-from-home-during-the-pandemic.html

Harvard Business Review – “How to Overcome Return to Office Resistance”
https://hbr.org/2022/02/how-to-overcome-return-to-office-resistance

Harvard Business Review – “Why Companies Aren't Cutting Back on Office Space”
https://hbr.org/2022/01/why-companies-arent-cutting-back-on-office-space

Graduate School of Stanford Business – “Pandemic Blew up the American Office For Better and Worse”
https://www.gsb.stanford.edu/insights/pandemic-blew-american-office-better-worse

NPR – “Companies Call Workers Back to Office But Will Also Allow Work From Home ”
https://www.npr.org/2022/03/08/911128317/march-back-to-office-work-from-home