Faced with bleak balance sheets, businesses will be forced to cut labor costs. With many demonstrating they can function as usual with a remote workforce, they could strike a deal with their full-timers: Allow them the lifestyle of working from home in return for becoming a contract worker.
, have already announced that many of their employees will be allowed to work from home at least through the end of the year.
According to Heidi Shierholz, the former chief economist at the U.S. Department of Labor and current director of policy at the, if we succeed in restoring "a million jobs a month — which would be absolutely unheard of — it would still take almost two years to get back to where we were." Another huge cost savings potential is not having to pay for workers who are tied to a particular locale. If an employee can live in Flagstaff, Arizona, or Kennebunkport, Maine, a company would no longer need to pay for San Francisco or New York costs of living. If a person is able to work as an interim employee and perform remotely from essentially anywhere, the salary requirement may differ by as much as 30%. That could have a tremendous macroeconomic impact on business.
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