Allstate Corp. plans to sell its headquarters building, marking the U.S. finance industry’s firmest endorsement yet of the desire to offer hybrid work after the pandemic.
With many employees choosing to work remotely, the insurance giant will sell its offices in Northbrook, Illinois, according to an emailed statement Friday. The complex in a Chicago suburb has several buildings that total 1.9 million square feet on a 186-acre (75 hectares), Allstate has said in regulatory filings.
Working from home was a significant change for most actuaries. While some are looking forward to returning to work in the office, few would like to return to working in the office most or all of the time. After COVID-19 restrictions are fully lifted, approximately 65% of full-time respondents would prefer to work from home at least 3 days per week: 28% would prefer to work from home three days per week, 23% would like to work from home every day, and 14% would prefer to work from home 4 days per week.
In general, respondents who identify as women have a slight preference to work from home more frequently than do respondents who identify as men.
Those who substituted some or all of their typical in-person work for telework tended to have higher household incomes than those who did not switch to telework.
In the highest-earning households — those with annual incomes of $200,000 or more — 73.1% switched to telework (Figure 1). This is more than double the percentage (32.1%) of households with incomes between $50,000 and $74,999, a range that includes the 2019 median U.S. household income ($65,712).
Lowest-earning households were less likely to switch to telework. Only 12.7% of households earning under $25,000 reported teleworking in lieu of in-person work.
Author(s): JOEY MARSHALL, CHARLYNN BURD, MICHAEL BURROWS
Smith-McLallen: In a broad sense, what the nonessential business closure policy did was to create a situation that limited interpersonal contact for nonessential workers who were staying at home. But it also limited contact for essential workers who were perhaps commuting with fewer people, for example, and not necessarily exposed to all of the people who were staying at home. That secondary protective effect was very effective at reducing cases.
Another thing about that secondary protective effect is we might think that if there would have been no nonessential business closure — if the nonessential workers had gone out to work — their infection rates would have been the same as we observed among the essential workers. There would be no difference. That’s what the results of our study speak to. However, there is a real possibility that the rates for everyone would have been considerably higher, even higher than what we observed in the essential worker population, just because of the increased contact and exposure across the board.
What I think policymakers should take from this research is that with new strains of the virus being discovered, if we reach a point where we need to aggressively limit contact and transmission, nonessential business closure policies can be effective. And now we can quantify just how effective they can be.
After decades of expert predictions that technological change would reshape the nature of employment, in just ten months the Covid-19 economic shutdowns have made full-time corporate employment from home a reality for tens of millions of American workers. Just how many of these workers will remain employed at home after the pandemic ends remains an open question, but it’s clear that many workers have become convinced that there’s little reason to go back to the old model of everyone in the office all the time. In a Gallup poll in the initial stages of the shutdown last April, 46 percent of workers said that they were working full-time out of their homes. Millions have since gone back to the office, but 33 percent of respondents told Gallup that they were still working from home last fall. More to the point, about a third of all those who worked remotely told Gallup that they would like to do so permanently, even after the pandemic. In another poll, taken by the consulting firm PricewaterhouseCoopers, 29 percent of workers said that they wanted to work permanently from home.