Nearly a quarter of remote workers earn over $100,000 a year, compared to 7% of office workers
It’s never been easier to log into work from anywhere in the world, and a new report suggests that working remotely could be more lucrative than clocking in at an office.
According to the latest State of Remote Work report from Owl Labs, 24% of remote workers earn $100,000 or more, compared to just 7% of those who work in an office full-time. In fact, 6% of remote workers reported pulling in over $200,000, whereas just 1% of those who always work in an office reported the same earning power.
Experience matters when it comes to remote-work privileges, with senior leadership, founders and chief executives citing they had flexible arrangements at higher rates than workers at other experience levels.
The industries with the highest shares of remote workers include health care (15%), technology/internet (10%), financial services (9%), education (8%) and manufacturing (7%). By department, remote workers are more likely to work in facilities and operations, IT, customer support, sales and administrative roles.
A background in STEM and an ability to manage workers from afar can pay off in terms of scoring a high-paying remote job. Remote.co recently listed senior software engineer, director of law and policy, senior full stack developer and corporate controller as some of the highest-paying remote positions on the market as of this summer.
With the potential for both companies and workers to benefit financially — companies can leverage the perk to boost their compensation package and keep office overhead low, while workers can save time and money on commuting — it’s no wonder the potential to work from anywhere is becoming more common. Even major Fortune 500 companies offer fully remote jobs, including Amazon, Dell, General Electric, Oracle and Wells Fargo.
Of course, the benefits of flexible work arrangements go beyond the company’s bottom line. In Owl Labs’s report, 71% of remote workers say they’re happy in their job, compared with just over half of those who work on-site. Remote workers say the best benefits to their arrangement include better work-life balance, increased productivity, avoiding commuting and less stress. In 2018, the benefit of greater productivity topped the list, indicating a growing importance of keeping personal and professional matters separate.
The flexibility to work from anywhere may come at a cost, however: Remote workers say they work more than 40 hours a week at higher rates than those who report to an office. To make a remote-work job more productive, make sure to set up a proper office and stick to a schedule to remain accountable to your boss, team and goals.
Still, remaining flexible is something business mogul Richard Branson says is beneficial to workers at any level.
“It’s critical to get the balance between work and play right,” the self-made billionaire, who works from home for half the year, said in a video blog. “Find time for yourself; work hard but also play hard.
“Too many companies don’t realize the monotony of a lot of people’s day-to-day life at work,” he continues. “I try to encourage chief executives worldwide to make sure that there’s as much flexibility in the workplace as possible.”