Yesterday I talked about broader economic issues. Today I want to talk about some of those impacts on work.
Zillow, as reported in the Washington Post, with research on home prices. Remote work is fueling suburban home values, rising faster than in urban areas, as laptop-working buyers prioritize affordability and larger floor plans over shorter commutes. The rise in suburban home values is a reversal of previous norms, and from the first 15 months of the pandemic, Zillow says.
And all that worker unrest… maybe it’s bosses too. Quoting from Axios. 70% of C-level executives told Deloitte pollsters that they seriously might resign for a job that better supports their well-being. 83% said they’ll expand their company’s well-being benefits over the next 1-2 years, while 77% said companies should be required to report “workforce well-being metrics publicly.” 20% of C-suiters said they’d banned after-hours emailing, and 35% said they make employees take breaks during the day
57% of employees in the Deloitte survey said they were fed up enough to quit too. And for those employees, there’s a disconnect. 4% of C-suite execs said they thought their workers were thriving from a mental health perspective — but only 59% of employees rated their mental health as “excellent” or “good.”
91% of the honchos said they saw themselves as caring leaders — but just 56% of workers thought their bosses cared about their well-being.
While talking about work-life balance, a new report focuses on the value Gen-Z – those born between 1997 and 2012 – place on it. Remember, they’ll make up 27% of the workforce in three years. The report shows that a generation that prizes family and well-being over money-making isn’t afraid to job-hop and sees civic participation as vital to advancing their values. On average, they spent about two years at a job versus five years for GenX and eight for boomers. There’s a lot more in this report.
This data is backed up by specific MSP data in the Evolving Landscape of MSP Business Report from Barracuda. 78% said they need to make substantial improvements to address employee wellbeing.
And I spotted a report out of South Africa on the SMB market there – I’ll note that that report also says the same thing. 95% of decision-makers have experienced stress due to work. Commissioned by Xero, the accounting package, there’s a notable focus on accountants as strategic advisors… including a push by one-third of customers into online strategy.
I’ve started to see some push-back remote work and employee power and am waiting for the data. It might be there… but then again, people buying homes is a big commitment. That’s not going to be given up lightly.
I’m going to dwell more on the mental health data here. Delivering IT services can be a pretty grueling job. Support roles are generally binary – you’re either not noticed, or you are fighting fires, which isn’t easy. With tech workers as hard to find, I’d struggle to see an example of overinvestment here. Labor remains the most expensive portion of the P&L for providers – so why not over-invest here?