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working remotely

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By Leah S. Dunaief

Leah Dunaief,
Publisher

Many people in their pajamas are now summoned to get dressed, leave their homes and work full-time in the office. The working-remotely imperative is being phased out as COVID-19 fades and the new year begins. No more pajamas in front of the computer, disguised with a proper work shirt as far as Zoom revealed. Remote work is becoming a unique chapter of the pandemic past.

Or is it?

Let me take you back to July 1965. I had just given birth to our first child in a Westchester County hospital, just north of NYC, and was in something of a new mother daze when my supervisor from work appeared at my bedside. I had been employed as a researcher in the editorial department at Time Inc until that past weekend, and the baby coming a little early surprised us all, apparently including my boss.

She was an attractive woman in her 40s, trim and almost six feet tall, and she supervised some 20 staffers. For a couple of seconds, I thought I might be imagining her, but she pulled up a chair, as if this visit was an ordinary occurrence, and we had the following conversation.

“Hello, Leah, congratulations to you and your husband.”

“Hello, Bea. What’s happening?”

“Oh, I thought I would drive up here to congratulate you properly, see the baby, and ask you if you would like to continue working.”

“What?”

She laughed. “I know you live in the Bronx, about 30 minutes from the office (which was in the Time-Life Building at 50th and Sixth Avenue) and right on the D line (subway). We could bring you the material and the books you need by messenger. Then, when you finish each batch of work, we could repeat the process. For questions, we could call you and discuss by phone. What do you think about that?”

I blinked. Was this really happening?

“I think I will be taking care of the baby,” I offered after a long pause.

“We thought about that. Mia (a staffer in the department) no longer needs her nanny, and she could  continue her work with your baby in your apartment. She is from Haiti and speaks little English, but I believe you speak French, yes?”

“A little.” I was now in a different daze.

“Then this could work. You will be able to stay at home with the baby and work comfortably in your apartment while the nanny takes care of your son from 10-6 (our business hours) in the next room. She will come Mondays through Fridays. She is very responsible. She has five sons of her own.”

Then she said those prescient words without knowing she was 60 years ahead of her time.

“You will be working remotely.”

And so it went. A few days after we brought our son home, the first batch of work arrived from the office via a cheerful messenger, and I was set up at a desk in the bedroom to continue my job. 

The nanny, Madame Bayard, also arrived and lovingly greeted and cared for our baby until I would appear. This unusual arrangement continued for almost two years. I would return to the office perhaps once a month for meetings and to touch base with my editor of the moment, but otherwise I did indeed work remotely, even from my parents’ bungalow in the Catskill Mountains the following summer. We gave Madame Bayard the time off, and while my mother cared for our son, I worked on a comfortable chaise in the shade of a tree, driving to the office only a couple of times in two months.

This idyllic arrangement ended when my husband finished his residency, and we moved to Texas, where he served at an Air Force base during the Vietnam War.

I finally left the employ of Time-Life. It was now too far for even a messenger to reach me. But today, my grandson and his wife both have satisfying jobs that call for working remotely.

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Martin Cantor, director of the Long Island Center for Socio-Economic Policy, says declining labor participation on Long Island gives him cause for concern. Photo of labor demonstration from Pixabay

On Monday, Sept. 5, Americans took off from work in honor of the contributions made by laborers throughout their national history. This Labor Day was an opportunity to catch up with Martin Cantor, director of the Long Island Center for Socio-Economic Policy. During an exclusive interview, he discussed some of the labor trends on Long Island, the success of remote work and the role of unions today.

How would you describe the current state of the labor force on Long Island?

First, we still haven’t recovered all of the jobs lost during the [COVID-19] pandemic. We’re about 30,000 jobs shy. However, we have a strong labor force — I think we have about 1.5 million people in it. Still, our labor participation rate is not as it once was prior to the pandemic. There are still people on the sidelines.

What labor trends on Long Island do you find most troubling? Also, which trends are most encouraging?

The most troubling is that a lot of our workforce has not come back. The economy cannot expand unless our workforce participation rate increases, and that gives me concern. The other thing that gives me concern is that the Federal Reserve is going to aggressively go after inflation by increasing interest rates. With employee productivity at record lows, that could mean layoffs in the future.

Speaking of layoffs, do you believe there is already a labor shortage on Long Island?

No, I don’t think there’s a labor shortage. I think that if there’s any kind of a shortage, it’s people not wanting to come back to work. 

How does the cost of labor factor into these growing economic concerns?

Well, the cost of labor is very important, and that’s part of what caused the inflation. Not only did we have all of that extra money that the federal government put in, but we arbitrarily increased the minimum wage. That led to higher prices in the marketplace. 

I’m not denigrating the minimum wage [$15 an hour on the Island] — it’s only $31,000 a year. It’s very difficult for one person to pay for rent, food and electricity living on the minimum wage, but it did have an economic impact.

Do you think that the gradual development of remote work will have a positive long-term effect on the labor force?

Well, it depends where you are. The quick answer is yes. Two things have happened during the pandemic. Number one: Employers learned to have a different business model that didn’t require everybody to come into the office. They were able to reduce the amount of space that they needed to rent. 

The other thing was that employees found they could have a better quality of life by working remotely. They didn’t have to commute two hours a day to get into the City. On the other side of the coin, Goldman Sachs just announced that there’s no more remote work and everybody has to come into the office in New York City.

Do you think a schism is emerging between those who work from home and those who go to the office?

I wouldn’t call it a schism, but I will tell you that how people work and how businesses operate have changed. I think that congestion pricing in the City is a big influencer on all of that. 

If people don’t want to ride the trains, they usually drive in and have to pay more money. They might insist on working remotely. They also might insist on getting higher wages from employers. Some businesses might relocate out of the City because it is too expensive and too onerous for their employees.

So I think you have several things that will impact where people work and how people work.

How has the relationship between workers and public transit evolved here on Long Island?

I will tell you this: The Long Island Rail Road is [operating] at about 50% less than its prepandemic ridership. I took the train about three weeks ago, and the train was empty. Even when I jumped on the train at Penn Station at about 4:30 — which is normally packed — the train was empty. 

What accounts for the popularity of labor unions today?

People have felt this was a very difficult time during the pandemic. Some people have taken a look at life’s choices and are saying, “Hey, I’m not getting paid enough to do this stuff.” They want better benefits, a proper workplace environment and a salary commensurate with their skills. That’s why unionization is at one of its highest points in years.

What is your long-term forecast for the regional economy on Long Island?

Our regional economy is doing well. Historically and even currently, Long Island has always been able to fend off bad economic times. I think we are doing fine and we will be doing fine. 

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Photo by Pixabay

By Michael Christodoulou

Michael Christodoulou
Michael Christodoulou

During the COVID-19 pandemic, many of us have been forced to work from home. But once we’ve moved past the virus, many workers may continue working from home. More than one-third of companies with employees who started working from home now think that remote work will stay more common post-pandemic, according to a Harvard Business School study. This shift to at-home work can affect people’s lives in many ways – and it may end up providing workers with some long-term financial advantages.

If you’re one of those who will continue working remotely, either full time or at least a few days a week, how might you benefit? Here are a few possibilities:

  • Reduced transportation costs – Over time, you can spend a lot of money commuting to and from work. The average commuter spends $2,000 to $5,000 per year on transportation costs, including gas, car maintenance, public transportation and other expenses, depending on where they live, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. If you are going to work primarily from home, you should be able to greatly reduce these costs.
  • Potentially lower car insurance premiums – Your auto insurance premiums are partially based on how many miles you drive each year. So, if you were to significantly reduce these miles by working from home, you might qualify for lower rates.
  • Lower expenditures on lunches – If you typically eat lunch in restaurants or get takeout while at work, you could easily be spending $50 or more per week – even more if you regularly get coffee drinks to go. By these figures, you could end up spending around $3,000 a year. Think how much you could reduce this bill by eating lunch at home during your remote workday.
  • Lower clothing costs – Despite the rise in “casual dress” days, plenty of workers still need to maintain appropriate office attire. By working from home, you can “dress down,” reducing your clothing costs and dry-cleaning bills.

As you can see, it may be possible for you to save quite a bit of money by working from home. How can you use your savings to help meet your long-term financial goals, such as achieving a comfortable retirement?

For one thing, you could boost your investments. Let’s suppose that you can save $2,500 each year by working remotely. If you were to invest this amount in a tax-deferred account, such as an IRA or your 401(k) or similar employer-sponsored plan and earned a hypothetical 6% annual return for 20 years, you’d accumulate more than $97,000 – and if you kept going for an additional 10 years, you’d have nearly $210,000. You’d eventually pay taxes on the amount you withdrew from these accounts (and withdrawals prior to age 59½ may be subject to a 10% IRS penalty), but you’d still end up pretty far ahead of where you’d be otherwise.)

You also might use part of your savings generated by remote work to help build an emergency fund containing a few months’ worth of living expenses. Without this fund, you might be forced to dip into your retirement accounts to pay for something like a major home repair.

Becoming an at-home worker will no doubt require some adjustments on your part – but, in strictly financial terms, it could lead to some positive results.

This article was written by Edward Jones for use by Michael Christodoulou, ChFC®,AAMS®,CRPC®,CRPS® of the Stony Brook Edward Jones.

Edward Jones, Member SIPC

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Photo from METRO

By Leah S. Dunaief

Leah Dunaief

Perhaps the worst is over. With this first phase of recovery for Long Island, suddenly there is hope that the strange pandemic life we are leading will pass into history. Of course, we are far from home free. The virus is still just as contagious and the threat is still real. We continue to ache for those whose lives have been cut short by this virulent disease, and our hearts go out to the families who lost loved ones without even a farewell or proper service. 

But we have, to a great extent, adapted to a coexistence with the virus as we wear face masks, habitually practice social distancing, wash our hands frequently for at least 20 seconds each time and otherwise limit our interactions with family, friends and colleagues to regular Zoom sessions. 

Working remotely, for those who can, has proven not to be so bad and will probably carry over well beyond sheltering-in-place. And for those on the front lines of response, the intensity, if not the fear, may have somewhat diminished.

We are thrilled to see the stores open up, if only for curbside or doorway pick up of items. Some of the establishments have constructed barriers to keep customers safely apart or added ultraviolet lighting to kill the microbes. And perhaps those on unemployment can now be called back to work. 

Some may not return even though they are required to respond to their employer’s call. Ironically, they may be doing better financially by being on unemployment, at least for the short term. The federal government has put itself in competition with small businesses, who can’t pay workers as much, and sometimes the Feds win. Those small businesses that have received the Payroll Protection Plan money are able to call back workers and to pay them until their eight-week period runs out.

Gov. Andrew Cuomo (D), who has built up quite a following for his daily briefings and won positive ratings for his down home manner, offered this as he rang the opening bell at the New York Stock Exchange Tuesday: “Wearing a mask has got to be something you do every day. When you get up, when you walk out of the house, you put the mask on. This is cool.” 

He also admonished people not to be rude to those who might not be wearing masks, that we should encourage them to do so nicely and politely. He did go on to add, recognizing that he was, after all, governor of New York State, “But it’s New York. We have to be careful that nice and polite stays nice and polite.” 

Cuomo met with President Donald Trump (R), a longtime fellow New Yorker, Wednesday, and urged spending for infrastructure as a way to provide many jobs. That goal was mentioned by Trump shortly after he took office in 2017 and is considered one of the few subjects on which there could be bipartisan support. In particular, Cuomo advocated for an AirTrain to La Guardia Airport, a rail tunnel under the Hudson River and a northern extension of the Second Avenue subway.

It is most unfortunate that, along with the deadly consequences of the novel coronavirus, there is an underpinning of highly partisan sentiment in the country. Traditionally, when there is a crisis, Americans pull together. Certainly that was true during Pearl Harbor, 9/11 and Hurricane Sandy, for example. But the nature of this pandemic is asymmetrical in that areas of greater density tend to be more stricken, while those more rural or away from the big cities and the coasts are more lightly touched. 

It is hard for those not in the throes of the ghastly metrics of death and affliction to feel the extreme stress of those who are. It just so happens that the divide between red and blue states overlays our map, not perfectly, but remarkably. Suffolk County, considered a red county, yet in a dense area, is an exception with its high casualties. 

So we have those demanding an “opening” of the economy vs. those who are concerned about contagion. We must unfailingly continue to practice what has worked to win us entry thus far into Phase One. 

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