Remote work dries up

Still working from home in your sweats? Better hang on to that gig if you want to keep the lifestyle because few new jobs will afford you the same luxury.

Driving the news: Only 9% of new job postings on LinkedIn were fully remote in August, according to a report from the company. 

  • That’s down from a peak of 21% of jobs in March 2022.

Why it matters: The era of fully remote work appears to be coming to an end, whether workers want to be back in the office or not. 

  • A growing share of companies are opting for a hybrid model that requires employees to be in at least a few days per week, Indeed senior economist Brendon Bernard told The Peak.

Yes, but: Companies that do offer remote jobs may find that it gives them a competitive advantage in hiring top talent at lower salaries.

  • LinkedIn says its remote postings attracted half of the traffic to job listings on the platform, and one survey of Canadian workers found that a quarter of them would take a pay cut averaging 16% to continue working remotely.

Zoom out: Employees may not love it, but the gradual phase-out of remote work will be welcomed by the many sectors that were hobbled by the trend—everything from downtown retail (which lost customers) to transit services (which lost riders) to commercial real estate (which lost tenants).