Nov 27, 2024
Barbara Corcoran, the seasoned businesswoman and star of “Shark Tank,” remains unconvinced about the effectiveness of remote work.
With 51 years of experience managing employees, dating back to founding her real estate company, The Corcoran Group, in 1973, the celebrity investor, 75, has strong opinions on workplace dynamics.
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On a recent episode of iHeartRadio’s “Way Up With Angela Yee” podcast, Corcoran expressed her preference for in-office work.
“Whether people are more productive at home — I’m not sure I’m buying it as a boss. When I’m in [the office], I like my people in,” Corcoran explained during the episode.
Remote work comes certainly with its share of benefits, but being "out of sight, out of mind" isn’t necessarily one of them. For employees focused on career advancement, being away from the office could mean missing out on key opportunities to increase earnings or secure a promotion.
As more companies continue to adopt hybrid and remote work policies, is working from home really affecting your career growth and earning potential?
Is Corcoran right?
Corcoran’s skepticism about remote work might hold true as some data suggests working from home could possibly hinder career advancement. While remote work became the norm during the COVID-19 pandemic, the workplace has since evolved, and some challenges persist for employees who stay out of the office.
A report by the Wall Street Journal — using an analysis of two million workers from the employment data provider Live Data Technologies — revealed that remote workers had been promoted 31% less frequently over the past year compared to those who worked in-office or had hybrid arrangements.
Nearly 90% of surveyed CEOs echoed this sentiment, admitting they are more likely to reward employees who physically show up with opportunities of promotions or important assignments.
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For leaders like Corcoran, face-time still matters. However, that doesn’t mean that remote workers are out of luck.
Proactive measures, such as scheduling regular check-ins, participating in video calls, and maintaining open communication with managers, can help increase visibility and ensure you stay top of mind for new opportunities should they arise.
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The happy medium
Even though Corcoran isn’t convinced that remote workers are more productive, she does understand the perspective of those working from home — and she emphasizes their concerns, particularly when it comes to the inefficiency of commuting.
“Why would you want to get in a car and go to work and waste all that time going in just to come home again. It doesn't make any sense,” she said.
According to a survey from Own Labs (in collaboration with Global Workplace Analytics), hybrid workers can save employees an average of $19.11 per day, which works out to around $5,000 a year.
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Yet, working on-site comes with its own costs. Employees often face significant expenses related to commuting, lunches, office attire, and even arranging care for children or pets.
These financial and logistical burdens make the prospect of remote work more appealing. Yet, completely forgoing office interactions isn’t ideal either. That being said, some experts argue that the immediate savings may come at a longer-term cost if remote employees miss out on raises or growth opportunities.
Henna Pryor, a workplace performance expert, told CNBC that the solution lies in compromise. She said the most effective approach is for leaders to embrace hybrid models that combine flexibility and intentional in-person interactions.
“For leaders, I recommend leaning into remote and hybrid work but making time for intentional face-to-face touchpoints — think team meetups, one-on-ones, and opportunities to strengthen social muscle,” she said.
A significant portion of the workforce is now balancing both in-office and remote work, with the average employee spending 3.5 days a week at the office, according to the McKinsey Global Institute.
By blending the best of both worlds, employees can reap the cost-saving benefits of remote work while staying competitive for promotions and pay raises.
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Victoria Vesovski is a Toronto-based Staff Reporter at Moneywise, where she covers the intersection of personal finance, lifestyle and trending news. She holds an Honours Bachelor of Arts from the University of Toronto, a postgraduate certificate in Publishing from Toronto Metropolitan University and a Master’s degree in American Journalism from New York University’s Arthur L. Carter Journalism Institute. Her work has been featured in publications including Apple News, Yahoo Finance, MSN Money, Her Campus Media and The Click.
