Shockingly enough, forcing people back to the office isn't leading to higher profits

Date:
Mon, 05 Feb 2024 11:08:40 +0000

Description:
Workers arent happy about going back to the office, and companies arent
seeing any benefits anyway, says report.

FULL STORY ======================================================================

A new report has revealed that return-to-office mandates, implemented by many of the worlds most influential companies in the months and years that
followed the pandemic, arent actually leading to greater profits.

As the world started to return to normal, CEOs shared the many claimed benefits of working in the office, not least because impromptu meetings could improve collaboration and productivity (a keyword used by business execs that ultimately means profit).

However, according to the analysis of 500 companies by researchers at the University of Pittsburgh, profit isnt booming as anticipated.
Return-to-office mandates dont work

Despite claims from managers that remote work hampers productivity and diminishes company performance, the study found that employees opposed this viewpoint.

Greater flexibility and the elimination of commutes have the opposite effect in many cases, not only giving workers more time to do their work but also making them more likely to work additional hours. Remote and hybrid working have also been found to be beneficial for workers wellbeing.

The report summarizes: Results of our determinant analyses are consistent
with managers using RTO mandates to reassert control over employees and blame employees as a scapegoat for bad firm performance.

Challenging the belief that office-based working would enhance company profits, Ding and Ma of Pittsburgh Universitys Katz Graduate School of Business found no significant changes in profitability and stock market valuation after the companies had implemented their new rules.

Besides financial implications, the study also revealed surging worker dissatisfaction among those asked to return to the office.

Headlines of companies asking workers to get back to the office have
continued in recent months, but are now being matched by another wave of layoffs that are being put down to tough economic conditions. More from TechRadar Pro Weve rounded up the best hybrid working tech you need Support your hybrid workforce with the best online collaboration tools It's official
- the "return to the office" boom is dead, this academic believes



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Link to news story: https://www.techradar.com/pro/shockingly-enough-forcing-people-back-to-the-off ice-isnt-leading-to-higher-profits


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