A new idea for helping employees with financial wellness: telecommuting.
With unemployment at the lowest level in decades and wages stagnant, the chance to telecommute is allowing U.S. workers to move to more affordable areas while maintaining their salaries, according to a survey conducted by Redfin, a technology-powered real estate brokerage.
Of all eligible survey respondents, more than half (51.1%) work remotely sometimes or always after moving to a new metro area, compared with just 44% who worked remotely before the move.
“The job market is very tight and employers want to hold on to people, so companies are much more willing now to allow workers to move,” says Redfin Chief Economist Daryl Fairweather. “Plus, technology has enabled employers to let staff work remotely in a cost-efficient and productive manner.”
One way employers may be battling salary increases and supporting retention is by offering employees the ability to work remotely instead of higher wages, Fairweather adds.
Survey respondents listed varying reasons for packing up their lives. The most common primary justification was more affordable housing (25.7%). In second place came proximity to family/partners (21.2%). This was followed by retirement (17.9%).
While only one-quarter of participants move for affordability, almost 60% said their ability to afford non-housing expenses and leisure activities improved after their relocation.
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