Over the past few months, many notable companies have charged forward with 5-day-a-week return to office orders. Yet, many of their workers have built their entire lives around working remotely. The have bought houses, altered childcare arrangements, and sold cars. Whether workers joined companies as remote workers or the remote work was a product of the pandemic, the financial impact of changing these arrangements isn’t negligible.
Our recent poll reveals which expense would create the biggest financial burden if current remote workers were called back into the office 5 days a week.
By far, the largest financial burden would be related to commuting costs. More than 63% of respondents stated that this would be the biggest burden for them. Train passes and new cars have an immediate impact on monthly budgets. Train passes into New York City from New Jersey and Connecticut can cost upwards of $500 per month. This doesn’t include local MTA subway transportation costs, train station park, or a new car to get to the train station.
Seventeen percent of respondents cited additional or new childcare as their biggest financial challenge. Demographically, these respondents were globally younger than those who listed commuting, daily expenses (14%), or new living arrangements (7%) as their biggest challenges.
Commenters shared how RTO orders would affect their lives significantly. One respondent shared that they would need a second car and a train or bus pass; adding $500-$1000 per month in additional costs. Another simply said that he couldn’t choose one with the most financial impact because cumulatively, they would all crush him financially.
A third commenter felt that they would have no other recourse other than to quit their job. Even though he was hired specifically as a remote worker, he felt as if he didn’t wield any real power to fight a RTO order. For a fourth, it wasn’t just the thousands of additional dollars in childcare per month – it was finding childcare. Daycares and preschools often have months (to years!) long waitlists and private nannies are too far outside of the budget.
The key takeaways- larger companies won’t feel the impact of employees who opt to resign over returning to the office. Yet, these policies can impact smaller organizations significantly. Companies have an opportunity to use their remote policies to recruit and retain talent. Or, they could lose key employees who simply cannot bear the additional financial burden.
Talk with a Talener team member today to work through how RTO orders could impact your recruiting goals.
