‘I’m not sure I’m buying it as a boss’: Barbara Corcoran has no time for the remote work hype — why working from home could be holding back your career and your paycheck

Business investor and Shark Tank's Barbara Corcoran remains skeptical about the performance of remote work.

With over five decades of experience managing employees, dating back to her founding of The Corcoran Group in the early 1970s, this renowned business person has developed a unique perspective on workplace relationships.

Don't miss

Auto insurance rates in the US have skyrocketed to unsustainable levels - and the trend shows no signs of slowing. But just under 2 minutes can lead to big savings on your monthly premium payments.
in retirement
Get reliable quarterly income through this $1B private real estate fund regardless of your current financial status.

Corcoran mentioned that she prefers to work in an office.

I'm not entirely convinced that people are more productive at home, to be honest," Corcoran said, sharing his perspective from the office standpoint. "When I'm in the office, I find that my team members are more focused and motivated there.

While working remotely has its advantages, it can also have a downside for those looking to advance their careers. Being physically distant from the office may mean missing out on important opportunities to earn raises or get promoted.

As more businesses transition to hybrid and remote work models, does working from home have a significant impact on one's career advancement and compensation?

Is Corcoran right?

Some people may be right to question the benefits of remote work, as study results suggest that working from home may actually hinder career growth. As the COVID-19 pandemic led to widespread remote work, the modern workplace has changed, and some remote workers may continue to face difficulties that come with staying outside of the office.

According to the Wall Street Journal, using data from over two million workers provided by Live Data Technologies, a report found that employees who worked remotely were given promotions at a rate 31% lower than their in-office and hybrid colleagues over the past 12 months.

Approximately 90% of surveyed CEO's agree with this viewpoint, stating that they are more inclined to offer promotions or key responsibilities to employees who physically present themselves in the workplace.

Even for leaders ahead of the curve like Corcoran, personal interactions still hold value, but that doesn't necessarily mean remote workers are at a disadvantage.

Regular check-ins with managers, video calls, and open communication can help keep you top of mind for potential opportunities by making proactive connections.

The cost of living in the US continues to spiral out of control.

The happy medium

Corcoran acknowledges that there are valid points to be considered when it comes to remote working - not necessarily about increased productivity, but about the drawbacks of a daily commute.

She questioned why traveling to work by car and losing time each day was even a necessary routine, essentially just a back-and-forth cycle.

Research by Global Workplace Analytics, conducted in collaboration with Own Labs, found that hybrid workers can save approximately $19.11 in expenses per day, which is equivalent to an annual savings of about $5,000.

However, working on-site also has its own expenses. On the job, employees usually deal with considerable costs such as covering transportation, buying lunch, providing for work clothes, and making arrangements for childcare or pet care.

While avoiding commute-related costs may make remote work more alluring, abandoning office interactions altogether isn't necessarily the best choice. Some experts warn that the initial financial benefits could potentially be offset down the line if remote workers miss out on potential raises or career advancement opportunities.

Experts at CNBC believe the key to success comes from finding a balance. They suggest that the most effective method involves a mix of flexibility with a focus on being present in person.

I suggest that leaders focus more on remote and hybrid work while making regular personal interactions with team members happen, like team gatherings, individual meetings, and social events.

the McKinsey Global Institute.

Employees can benefit from combining remote work and stay on track for career advancement with higher pay as a result.