The Uneven Odds for Promotions With Hybrid Work
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,601,123 (+0.24%)       Melbourne $996,554 (-0.47%)       Brisbane $965,329 (+0.91%)       Adelaide $861,275 (+0.19%)       Perth $827,650 (+0.13%)       Hobart $744,795 (-1.04%)       Darwin $668,587 (+0.50%)       Canberra $1,003,450 (-0.84%)       National $1,033,285 (+0.03%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $741,922 (-0.81%)       Melbourne $497,613 (+0.04%)       Brisbane $536,017 (+0.73%)       Adelaide $432,936 (+2.43%)       Perth $438,316 (+0.13%)       Hobart $527,196 (+0.43%)       Darwin $346,253 (+0.25%)       Canberra $489,192 (-0.99%)       National $524,280 (-0.05%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,012 (-365)       Melbourne 14,191 (-411)       Brisbane 7,988 (-300)       Adelaide 2,342 (-96)       Perth 6,418 (-180)       Hobart 1,349 (+24)       Darwin 236 (-2)       Canberra 995 (-78)       National 43,531 (-1,408)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,629 (-186)       Melbourne 8,026 (-98)       Brisbane 1,662 (-33)       Adelaide 437 (-23)       Perth 1,682 (-56)       Hobart 209 (-4)       Darwin 410 (+7)       Canberra 942 (-14)       National 21,997 (-407)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $780 ($0)       Melbourne $600 ($0)       Brisbane $630 ($0)       Adelaide $600 ($0)       Perth $675 (+$5)       Hobart $550 ($0)       Darwin $700 ($0)       Canberra $690 (-$3)       National $660 (+$)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 ($0)       Melbourne $595 (+$5)       Brisbane $630 ($0)       Adelaide $485 (+$5)       Perth $600 ($0)       Hobart $450 (-$20)       Darwin $550 (-$15)       Canberra $565 (+$5)       National $591 (-$1)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,001 (-128)       Melbourne 5,178 (-177)       Brisbane 3,864 (-72)       Adelaide 1,212 (+24)       Perth 1,808 (-26)       Hobart 372 (-8)       Darwin 113 (-16)       Canberra 534 (-16)       National 18,082 (-419)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 6,793 (-238)       Melbourne 4,430 (-58)       Brisbane 1,966 (-63)       Adelaide 334 (+12)       Perth 642 (+1)       Hobart 150 (-4)       Darwin 202 (-4)       Canberra 540 (-10)       National 15,057 (-364)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.53% (↓)     Melbourne 3.13% (↑)        Brisbane 3.39% (↓)       Adelaide 3.62% (↓)     Perth 4.24% (↑)      Hobart 3.84% (↑)        Darwin 5.44% (↓)     Canberra 3.58% (↑)      National 3.32% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.26% (↑)      Melbourne 6.22% (↑)        Brisbane 6.11% (↓)       Adelaide 5.83% (↓)       Perth 7.12% (↓)       Hobart 4.44% (↓)       Darwin 8.26% (↓)     Canberra 6.01% (↑)        National 5.86% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)        Hobart 1.4% (↓)     Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 27.0 (↑)      Melbourne 28.2 (↑)      Brisbane 29.1 (↑)      Adelaide 24.2 (↑)      Perth 33.4 (↑)      Hobart 30.3 (↑)      Darwin 36.2 (↑)      Canberra 27.0 (↑)      National 29.4 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 26.7 (↑)      Melbourne 27.3 (↑)        Brisbane 27.2 (↓)     Adelaide 24.4 (↑)      Perth 37.1 (↑)      Hobart 28.9 (↑)        Darwin 42.7 (↓)     Canberra 30.5 (↑)      National 30.6 (↑)            
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The Uneven Odds for Promotions With Hybrid Work

Those who prefer—or need—to work from home may find co-workers in the office benefiting more.

By RACHEL FEINTZEIG
Tue, Jul 13, 2021 1:55pmGrey Clock 5 min

The playing field at work is shifting.

For more than a year, remote employees at many firms were in good company: Everyone was at home. Now, some colleagues are returning to the office five days a week. Others are testing out a hybrid schedule, or opting not to go back at all. If you’re the one leaning into flexibility, how do you make sure you’re not unintentionally leaning out of your career? And what happens if certain subsets of the workforce, like mothers, are less likely to return to the office?

“During the pandemic it was, ‘You’re forced to work from home,’ ” says Brian Kropp, who leads human-resources research at Gartner. “Now you’re choosing to work from home. You’re choosing not to be here.”

Many of us have been dutifully plugging away from home, trading time in transit for longer work hours, office coffee breaks for boosted productivity.

But the boss might not see it that way. Managers consistently label in-office workers higher performers and give them bigger raises and promotions, Mr. Kropp says, even though data shows there’s really no difference between the two groups. If anything, remote workers perform slightly better and are more engaged, he says.

A January Gartner survey of 4,258 employees found that 43% of remote workers and 49% of hybrid workers were highly engaged, compared with 35% of on-site workers. Still, many bosses assume off-site employees are doing less.

“There’s still this belief that a lot of senior leaders have which is, ‘I want them in person,’ ” Mr. Kropp says. “It’s not founded in science or data. It’s all founded in personal belief and personal experience.”

Nearly 60% of 581 professionals surveyed by search firm Korn Ferry in April said that it would hurt their career advancement if they admitted to the boss they’d rather keep working remotely.

But given the choice, many employees still want to—especially parents. A McKinsey & Co. survey, conducted in December and January with 5,043 employees, found that employees without children under 18 were nearly three times as likely to prefer on-site work. A January survey from Gartner found some differences by gender, too: 26% of female caretakers preferred to be fully remote, compared with 18% of male caretakers.

Bosses favoring office workers could stall career growth for parents, especially mothers.

“Without intervention, what’s likely to happen is those gender wage gaps are likely to get worse, not better,” Mr. Kropp says. A missed promotion and raise now can snowball in a few years. Companies should start analyzing compensation of home workers and office workers the same way many now examine pay by gender, Mr. Kropp says, to ensure disparities don’t emerge or widen.

Lisa Ervin initially thought increased flexibility sparked by the pandemic would be good for young working mothers, who might be less likely to drop out of the workforce if they could be home when their kids got off the bus or throw in a load of laundry during their lunch break. (Women tend to carry more of the household burden than men.) But now Ms. Ervin, the senior manager of total rewards for an animal-nutrition company in the St. Louis area, worries women might find themselves unable to climb in organizations if everyone else is heading back to the office.

“Are they collaborating without her?” she wonders about her daughter-in-law and other young moms working remotely. “Are they really going to have a video call every time they need to meet and discuss things?”

Some working parents of both genders told me they know going remote is a risk—and they’re OK with that. Jessamyn Edwards, a product designer with a tech company, described moving from a cramped two-bedroom apartment in Mountain View, Calif., last March to a house in rural Spring Grove, Va., as a revelation. She can easily breast-feed her youngest daughter during the day, and is close to her parents and nature. She took our call outside, noting when a snake slithered past.

“I know the remote part isn’t going to help me, but I’m willing to sacrifice it right now,” she says.

The 43-year-old has adjusted her work style to try to make up for the fact that she’s now across the country. She likens herself to a court transcriptionist, recording every scrap of feedback and stray action item during meetings. A meticulous labelling and filing system ensures nothing falls through the cracks.

“I want them to feel that reassurance that I’m not just off doing whatever,” she says. “I’m somebody you can count on.”

Joy Lin, a career coach based in Los Angeles, says remote workers must be more direct about their career goals and accomplishments, since bosses aren’t just going to pick up on those things by osmosis from the next desk over. Don’t gloat, but don’t be shy about mentioning the obstacles you overcame to persevere with a project.

“You become known as a problem-solver,” she says.

Some companies are testing out initiatives aimed at keeping everyone equal. Citrix, which makes software for remote work, has long offered some employees location flexibility. But being remote came with disadvantages, says Traci Palmer, the company’s vice president of people and organization capability.

“Those individuals who were remote, they’d be left out of sidebar conversations,” she says. “Meeting’s over and by the way, they keep talking, and decisions are made.”

She would know. After moving to Reno, Nev., to help care for her mother a few years ago, Ms. Palmer found herself unable to get a word in during a virtual meeting with staffers at the firm’s Fort Lauderdale, Fla., headquarters. She also noticed that remote employees were often skipped over when it came time to assign big new projects.

“The thought is, ‘Oh, they’re remote. I’m not sure they’re going to be able to do that, since they can’t be in person,’ ” she says.

As Citrix transitions to a hybrid model this summer, it’s rolling out an internal application that teams will use to set rules around things like decision-making and meeting etiquette. The hope is that workers will build team contracts—everyone has to sign off on the agreements—that put remote and in-person workers on equal footing.

For example, the company’s Costa Rica-based customer-service team, which piloted the app this spring, opted to always begin meetings by calling on remote participants first to ensure they have a chance to speak. Other groups might require all employees to turn on their own camera for meetings, even if some folks are in a conference room together.

The goal is to avoid regressing to pre-pandemic norms, Ms. Palmer says.

“How are we going to make sure everyone has a voice?” she asks. “For once in our life we were all equal.”

Level Up

How remote employees can make sure they’re not forgotten—and how bosses can keep things equal, according to career and human resources experts.

Tips for remote workers

Establish an in-office ally on your team, someone who will remind the group to dial you in when impromptu decisions start being made.

Stay in the flow. Catch up with colleagues and keep your boss abreast of your agenda and accomplishments.

If you’re interviewing for a new job and want to work remotely, ask which senior leaders work from home. That will give you a sense of whether the company really values flexible work, and what career paths are possible without coming into the office.

Tips for managers

Test out hybrid work yourself. You’ll build empathy for remote workers.

Analyze pay and promotions in your department to ensure you don’t have a gap between remote and in-office workers.

Let tech help you. Some companies are experimenting with covering meeting room walls with 36-inch screens, so everyone dialling in appears life-size.



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The U.S. and Chinese governments should take action to lower future borrowing, as a surge in their debts threatens to have “profound” effects on the global economy and the interest rates paid by other countries, the International Monetary Fund said Wednesday.

In its twice-yearly report on government borrowing, the Fund said many rich countries have adopted measures that will lead to a reduction in their debts relative to the size of their economies, although not to the levels seen before the Covid-19 pandemic.

However, that is not true of the U.S. and China, which will continue to see a surge in borrowing if current policies remain in place. The Fund projected that U.S. government debt relative to economic output will rise by 70% by 2053, while Chinese debt will more than double by the same year.

The Fund said both countries will lead a rise in global government debt to 98.8% of economic output in 2029 from 93.2% in 2023. The U.K. and Italy are among the other big contributors to that increase.

“The increase will be led by some large economies, for example, China, Italy, the United Kingdom, and the United States, which critically need to take policy action to address fundamental imbalances between spending and revenues,” the IMF said.

The IMF expects U.S. government debt to be 133.9% of annual gross domestic product in 2029, up from 122.1% in 2023. And it expects China’s debt to rise to 110.1% of GDP by the same year from 83.6%.

The Fund said there had been “large fiscal slippages” in the U.S. during 2023, with government spending exceeding revenues by 8.8% of GDP, up from 4.1% in the previous year. It expects the budget deficit to exceed 6% over the medium term.

That level of borrowing is slowing progress toward reducing inflation, the Fund said, and may also increase the interest rates paid by other governments.

“Loose US fiscal policy could make the last mile of disinflation harder to achieve while exacerbating the debt burden,” the Fund said. “Further, global interest rate spillovers could contribute to tighter financial conditions, increasing risks elsewhere.”

A series of weak auctions for U.S. Treasurys are stoking investors’ concerns that markets will struggle to absorb an incoming rush of government debt. The government is poised to sell another $386 billion or so of bonds in May—an onslaught that Wall Street expects to continue no matter who wins November’s presidential election.

While analysts don’t expect those sales to fail, a sharp rise in U.S. bond yields would likely have consequences for borrowers around the world. The IMF estimated that a rise of one percentage point in U.S. yields leads to a matching rise for developing economies and an increase of 90 basis points in other rich countries.

“Long-term government bond yields in the United States remain elevated and sensitive to inflation developments and monetary policy decisions,” the Fund said. “This could lead to volatile financing conditions in other economies.”

China’s budget deficit fell to 7.1% of GDP in 2023 from 7.5% the previous year, but the IMF projects a steady pickup from this year to 7.9% in 2029. It warned that a slowdown in the world’s second largest economy “exacerbated by unintended fiscal tightening” would likely weaken growth elsewhere, and reduce aid flows that have become a significant source of funding for governments in Africa and Latin America.

An unusually large number of elections is likely to push government borrowing higher this year, the Fund said. It estimates that 88 economies or economic areas are set for significant votes, and that budget deficits tend to be 0.3% of GDP higher in election years than in other years.

“What makes this year different is not only the confluence of elections, but the fact that they will happen amid higher demand for public spending,” the Fund said. “The bias toward higher spending is shared across the political spectrum, indicating substantial challenges in gathering support for consolidation in the years ahead, and particularly in a key election year like 2024.”

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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