Another week, another ‘Wave’ ???

5 news items from the world of work and workplace you can digest in 5 minutes.

This week:

1. Revenue growth 4x faster at companies with full flexibility
2. EY considering closing a HQ due to remote working & climate change
3. Remote work props up zoomtowns and promotes equity

Good for Growth: Letting people work from home is good for companies’ revenue growth, reports Bloomberg A three-year analysis, co-led by Boston Consulting Group, found that sales at ‘fully-flexible’ employers grew at a much faster rate than those that didn’t embrace remote work. Companies that allow remote work have experienced revenue growth that’s four times faster than those that are more stringent about office attendance, adding fuel to the debate over productivity and performance in today’s workplaces. The analysis of 554 public companies that employ a collective 27 million people found that “fully flexible” firms — which are either completely remote or allow employees to choose when they come to an office — increased sales 21% between 2020 and 2022, on an industry-adjusted basis. That compares with 5% growth for companies with hybrid or fully onsite workforces. The study included companies across 20 sectors, from technology to insurance. Read Full Article.

Flexible Sectors: HR and Recruitment is the best sector for flexible and remote working, with eight in 10 employers offering remote-first or fully-remote jobs, according to flexible jobs platform Flexa. Flexa ranked organizations based on their working locations, hours and flexible benefits, cross-referencing the flexibility advertised by companies against employee feedback. This gave the HR and recruitment sector a score of 88 out of 100. It found that 60% of HR and recruitment firms are remote-first, where staff predominantly work from home but occasionally have team meet-ups, while 20% are fully-remote with no requirement to be in the office. 84% of HR and recruitment companies offer enhanced parental leave, compared with 48% of employers across all sectors. Molly Johnson-Jones, co-founder and CEO of Flexa, said: “The HR and recruitment industry’s bread and butter is people, so it’s no surprise the sector is leading the way when it comes to flexible working. HR professionals are most in tune with what workers want – and what they want is flexibility.” Read Full Article.?

Downsizing for the Greater Good: EY is considering closing one of its major HQs because of remote working and climate change. The Big Four accounting firm is reportedly looking to vacate its massive 10-story building near London Bridge that houses 9,000 employees and move to an environmentally friendly building to help towards its goal of being carbon neutral by 2025. EY moved to a hybrid model in the U.K. in 2021 which gave staff the freedom to work remotely at least two days a week, with an expectation that they would work at client sites or in the office the rest of the time. A representative for EY told Fortune: “As a growing business with over 20 offices across the U.K., we continually review our real estate footprint.” Read Full Article.?

Zoomtowns & Equity: Remote work props up zoomtowns and promotes equity, reports All Work. Data suggests that remote work benefits workplace equity and boosts local economies that offer lower living costs. These “Zoomtowns” are areas attracting remote workers with appealing amenities and cheaper living, despite fewer local job opportunities. Full-remote work increases long-distance migration rates, influencing housing market dynamics and urban planning. The Economic Innovation Group’s analysis suggests that the distinction between full and hybrid remote work is more than just operational; it has profound implications for the housing markets and equity in the workforce.?Read Full Article.

Focus on Happiness: When Salesforce CEO Marc Benioff shared whether he’s gained any insights over his yearslong negotiation over return-to-office rules, Benioff said it really comes down to overall life satisfaction. “People need to focus on being happy.” Every person's different,” he said. “But I think to optimize the workforce, you have to realize it’s not a one-size-fits-all agenda.” Benioff has insisted—despite the mandates—that his message to his people is to mix in-person and remote together. “It’s great to be together and also get productivity at home. Our engineers are extremely productive at home. We have lots of people who are extremely productive at home. But there also have to be salespeople who are productive in the office. We need to make it all work.” Read Full Article.