Remote Work Shows Increasing Financial Promise

Remote work promises to reshape the economic environment and improve the lives of individuals worldwide, found a study by the Economist Impact and DocuSign. Its benefits include increased workplace performance and reduced absentee rates to a diversified and expanded workforce, digital commerce advancements and a surge in service offerings, among many others.

The “Unlocking the Potential of the Anywhere Economy” study found that remote work has the potential to revolutionize the global landscape, enhancing productivity by 10% and contributing an estimated US$2.6 trillion annually to the world's GDP by 2030. This analysis was based on insights from executives from two global surveys taken in Australia, Brazil, Canada, France, Germany, Ireland, Japan, Mexico, the UK and the US.

“Digitalization has made business more distributed and less coupled to time and place. But even greater transformation lies ahead as new technologies drive an extraordinary surge in productivity and expansion of the global economy over the coming decade,” says Allan Thygesen, CEO, DocuSign.

The flexibility afforded by remote work allows individuals to harness the power of technology to contribute to their work from any location, at any time. This not only triggers better productivity but also fosters a profound human aspect by enabling a more effective equilibrium between work and personal life.

Remote work also enables a much-needed shift in workforce diversity and participation. By transcending geographical limitations, remote work opens doors to a more inclusive labor force. The Economist Impact's research highlights that an estimated 25 million additional women will enter the workforce by 2030 thanks to remote work. “Gender-based discrimination and burdensome caregiving responsibilities can disadvantage women’s advancement in the workforce, and the anywhere economy can help assuage inequity by opening up new opportunities,” reads the study.

This progressive trend extends globally, with a projected 5% increase in female participation rates. Countries such as Mexico and Brazil may even experience more substantial growth, with anticipated increases of 8% and 6.6%, respectively. The remote work model creates opportunities for greater gender equality and the integration of older adults, empowering a broader range of individuals to contribute to the global workforce and incentivize capital distribution.

The remote economy also exerts a profound impact on global economic growth beyond workforce dynamics. The study estimates that by 2030 remote work will contribute over US$2.6 trillion to the global GDP by 2030, led by a rapid expansion of e-commerce and the emergence of diverse digital markets and platforms.

The remote work revolution not only presents countless economic opportunities but also paves the way for a more inclusive and balanced workforce. As various studies have shown, remote work currently represents a monumental shift in how work is conducted, igniting economic potential on a global scale. By embracing technology and harnessing its potential, individuals and organizations can thrive in a new era of productivity and labor flexibility.