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Flexible Working Could Boost US Economy by as much as $4.2 Trillion Annually by 2030

Vlad Poptamas

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Photo source: KKTV.com
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Regus study reports that flexible working creates economic, personal and environmental benefits

Regus, the world’s largest provider of flexible workspaces, announced results of its study, which predicts a boom in flexible working that could contribute up to $4.2 trillion annually to the U.S. economy by the year 2030. The first-of-its-kind socio-economic study on changing workplace practices studied 16 key countries to delve into the state of flexible working now and through 2030. The analysis was commissioned by Regus and conducted by independent economists.

Regus found that approximately 13 percent of all employment in the U.S. will be associated with flexible workspaces by 2030. Additionally, the results of the study indicate that the largest increases in flexible employment between 2017 and 2030 are expected to occur in the U.S. (nearly 7.89 million jobs) followed by China (nearly 7.75 million) and then India (2.25 million jobs). Both statistics are the largest figures of any of the 16 key countries analyzed.

Together, the following six sectors are expected to account for nearly 85 percent of the total value expected to be generated by flexible and remote working in the U.S. by 2030:

  • Professional services – 22.1 percent
  • Business support services – 20.8 percent
  • Public administration – 16.8 percent
  • Information & communications services – 11.0 percent
  • Financial services – 7.0 percent
  • Health & Human Social Work – 6.9 percent

The study also found that flexible working doesn’t just benefit economies – it helps individuals and the environment as well. Regus estimates that workers who opt for flexible working in the U.S. could save an additional 861 million hours of time travelled per year by 2030. That is the equivalent of an extra day of vacation for each person working in the U.S. This decrease in transportation could result in an annual savings of nearly 100 million combined tons of carbon dioxide in the U.S. by 2030.

“Our study illustrates that flexible working will save businesses money, reduce operating costs and boost productivity, ultimately causing a ripple effect across economies,” said Darin Harris, CEO of IWG U.S. “As the demand for co-working and flexible office space continues to increase, it’s exciting to see how flexible working is transforming the way we work and live.”

“As this study shows, flexible working offers significant contributions to society, from giving people more of their personal time back, to boosting the economy via job creation and improved productivity,” said Steve Lucas, report author from Development Economics. “These projections show flexible working is a strong economic force that businesses and people should embrace in the years to come.”

Study Methodology:

  • The Regus analysis was conducted by an independent economic modelling company called Development Economics.
  • The study analyzed the socio-economic impact of flexible working in 16 countries: Australia, Austria, Canada, China, France, Germany, Hong Kong, India, Japan, Netherlands, New Zealand, Poland, Singapore, Switzerland, United Kingdom and the United States.
  • The study was broken up into two stages:

1. A literature review that identified pre-existing data on flexible workspace and the labor market in each location

2. An economic model that was used to calculate how growing demand for flexible workspace would impact various facets of the economy and society of each location

Editor - With a passion photo photography, webdesign and content, it made sense for me to also integrate news editing and press release publishing. I am also passionate about the car industry, so you will surely find some exciting news reporting from my side about the automotive industry.

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Corporate Responsibility

The Hotel Association of NYC offers free rooms to federal workers in emergencies

Niji Ng

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Photo by Tesa Robbins / Pixabay
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The Hotel Association of New York City announced that they will provide free hotel rooms to furloughed federal workers who need to travel to New York City for personal emergencies during the shutdown.

“As a leading hospitality voice for New York City, we don’t want to see anyone who needs to be here turned away because of financial hardships created by the government shutdown. Whether it’s a family situation or a health issue that requires people to travel to the city, we will do what we can to provide accommodations on a limited basis to those in dire need,” said Vijay Dandapani, president and CEO, Hotel Association of New York City.

The Hotel Association of New York City, Inc. was established in 1878 and is now one of the oldest professional trade associations in the nation. The association includes 280 finest hotels in New York City, representing nearly 80,000 rooms and more than 50,000 employees.

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Human Resource/Workforce

Lack of relevant skills affect job hunt

Niji Ng

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Photo Source: Gerd Altmann / Pixabay
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As per a survey conducted online by The Harris Poll, most of the Americans agree that employable adults are not working today because they do not possess the skills they need for the jobs they want.

Americans say the top reason employable adults can’t find work or have given up looking is they lack the skills for the jobs they want, according to the latest ASA Workforce Monitor.

The other top reasons Americans believe job seekers can’t find employment are the availability of fewer jobs in their specific field, trade, or skill, and limited job opportunities exist where they live. Flexible working hours and discouraged to keep looking are also the reasons for why job seekers cannot find employment.

“The ASA Workforce Monitor found that despite the tightest job market in history, the public perceives that many people can’t find work due to a skills gap,” said Richard Wahlquist, ASA president and chief executive officer. “This gap is real, but with close to seven million job openings in America, it’s clearly a job seeker’s market with an abundance of opportunity.”

Americans are divided in their opinions on the state of the U.S. job market, according to the latest ASA Workforce Monitor.

The Harris Poll conducted the survey online within the U.S. on behalf of ASA among a total of 2,021 U.S. adults age 18 and older. Results were weighted on age, education, race/ethnicity, household income, and geographic region where necessary to bring them into line with their actual proportions in the U.S. population.

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Human Resource/Workforce

Millennials putting offers on homes that need major repairs

Niji Ng

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Photo by Arek Socha / Pixabay
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As per the new survey from Clever Real Estate, the Millennial home buyers are thinking long term about where they buy. They value safe neighbourhoods and good school districts over walkability and short commutes. Millennials are 52 per cent more likely to buy a multi-family property compared to older generations. Millennials won’t shy away from a fixer-upper. Sixty-seven per cent would put an offer on a home that needs major repairs.

The 2019 Clever Real Estate Home Buyer Report surveyed 1,000 U.S. residents in the market to buy a home within the year. Over half of respondents were classified as Millennials. Seventy-eight per cent of Millennials are first-time home buyers and 38 per cent are not working with an agent to find a home .

Most Millennials value good school districts and safe neighbourhoods over walkability and short commutes. Only 9 per cent of Millennial home buyers are afraid of being tied down to a home. Millennials believe buying a home is a good investment, and they are thinking long term about their decisions.

In fact, Millennials are looking to get into real estate investing. Millennials are 52 per cent more likely to buy a multi-family home than older generations. They see the benefit of becoming landlords and generating passive income to help pay off their debt.

With Millennials struggling to pay off debt and save for a down payment, many home shoppers realise they can’t afford a huge mortgage payment every month. Due to their financial constraints, Millennials are also willing to take on properties that need repairs. Sixty-seven per cent would put an offer on a home that requires major repairs.

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