Even Zoom Is Getting Tired of Zoom: Are the Days of Remote Work Coming to an End?

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Will remote work once again be reserved for the lucky few? Read on to find out. 

When the COVID-19 pandemic hit U.S. soil, many companies were quick to tell employees to pack up their desks, take home their laptops, and gear up to work remotely for the foreseeable future. Little did anyone know back then that the foreseeable future would, for many people, mean three years and counting.

But while many companies have made a point to hang onto remote work arrangements, a growing number of businesses have, over the past year and change, been calling workers back to the office. Many companies feel that their workers are most productive in an office, not at home. And clearly, communications giant Zoom concurs.

Although Zoom is credited with making remote work feasible both during and beyond the pandemic, even it agrees that enough is enough. In a recent statement, Zoom announced that it will be enforcing a structured hybrid approach that requires employees who live near an office to be onsite two days a week. And in the coming months, a growing number of remote work arrangements at other companies could come to an end to at least some degree.

That could result in a huge lifestyle change for many people. And it could also bring forth some unwanted financial consequences.

The financial upside of working from home

For many people, the appeal of remote work stems from not having to deal with the time and stress of a commute. But there are financial benefits to working remotely, and losing those could throw a lot of people for a major loop.

Time-related savings aside, not having to commute could mean saving hundreds of dollars a year on gas or public transportation fees. It could also mean spending a lot less on auto insurance, since vehicles that aren’t used regularly are often eligible for discounted premium rates.

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Then there’s child care to think about. Parents of very young children often have no choice but to pay for daycare no matter where they’re working. But remote work could mean shorter hours at a daycare center — and lower bills. Returning to the office could cause those costs to skyrocket.

And then there are the less obvious costs of reporting to an office, like being tempted to buy lunch and feeling compelled to participate in after-hour events. Plus, for some people, working in an office means having to maintain a business wardrobe, and there’s a cost there, too.

The time to prepare is now

Many companies will no doubt choose to uphold remote work because it benefits them. Companies who hire remote employees can expand their talent pool and, in some cases, save money on office space. Plus, when employers are flexible with their employees, they’re often rewarded with better performance.

But the reality is that a growing number of companies are growing less enamored with remote work. So if you’re currently doing your job from home on a full-time basis, it’s best to at least entertain the possibility of that changing — unless your employer has emphatically stated that remote work is here to stay.

You may, for example, want to start setting aside some extra savings in case you have to start paying for a transit pass again, or in case your child care costs go up due to needing more hours of coverage.

Ideally, if your company decides to make changes to its remote work setup, it will offer up plenty of notice. But even that’s not guaranteed, so it’s best to financially prepare for a big shakeup — just in case.

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