Will Hybrids Drive the Economy?
As for employers, some found remote work fairly easy to inspire, manage, and evaluate. Others felt their teams, dispersed by geography and otherwise out of sync, became less productive. This sentiment appears to be widespread in occupations such as banking, finance, and law. American Enterprise Institute analyst Brent Orrell calls it a move that appears to be driven by a mix of tradition and a concern for new hires who need regular coaching on work practices and expectations.  Of course the smart money will be wagered on some kind of midpoint. Many workers will resume a regular schedule. But not all. One recent academic paper published by the National Bureau of Economic Research projects that home-based work will account for 20% of full workdays in the United States, up from 5% before the COVID crisis. Amanda Mull, a staff writer for The Atlantic, predicts that many professionals will ask for hybrid schedules: three days a week in the office, two at home. Such developments would have major consequences. The NBER paper estimated that if a fifth of workdays happened at home, consumer spending in major city centers would decline by as much as 10%. Think fewer workers parking their cars in decks, eating out for lunch, or running errands on the way home. Think major employers shrinking their footprints the next time they renew their leases.