Revelio Labs x Lightcast: Remote Work Can Solve the Talent Crisis
Remote workers offer enormous potential to employers
Worldwide, 153 million people have jobs in roles highly suitable for remote work, but only 18% of them actually are remote.
Countries specialize in different roles that are highly suitable for remote work. For example, Egypt has a high concentration of accountants, and Indonesia of marketing specialists.
Firms based in high-wage regions are expanding their talent pool and saving costs by hiring workers in low-wage regions.
Since 2016, demand for remote workers has increased by 400%, and the number of workers living and working in a different state has risen by 40%. Lightcast and Revelio Labs joined forces to understand how remote work has changed over time and what it means for employers. You can find the full-length report here.
To grasp the full potential of remote work in the world, we wanted to know how many workers could easily be working remotely, as they work in roles that are extremely suitable for a remote setting. 153 million people have jobs in roles highly suitable for remote work, but only 18% actually are remote. The US has 33 million workers in highly remote suitable roles, followed by India, China, and Brazil.
Employers seeking specific remote talent may want to know where to source talent based on their own time zone or regulatory constraints. We analyzed which countries specialize in roles that are highly suitable for remote work. For example, India has a high concentration of Technology Analysts, whereas Egypt has a high concentration of Accountants. Bangladesh sees a high concentration of Graphic Designers while Indonesia has a high concentration of workers in marketing.
Hiring remote talent not only widens the talent pool, it can also be cost effective. During the pandemic, we saw an increase of employers and workers in certain region pairs, such as employers in North America and workers in the Caribbean. It is easy to see how this pair makes sense - there is big overlap with time zones and languages spoken.
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In addition, employers can save 80% on average on remote talent working in Central America and the Caribbean. Other such pairs with high wage arbitrage opportunities include Western Europe and North Africa as well as Pacific Islands and Southern Asia.