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Here is a link to the actual study (PDF via GDrive)
One of the authors of this paper is from the Chicago School and the Hoover Institution. Both are pro-business, anti-worker think-tanks that have been this way for decades. They also don't do any research of their own, but cite other papers that show the 5-20% reduction.
However, the methodology mentioned in the papers is suspect. First, they show that remote workers have the same productivity, but work longer hours. So the net output doesn't go down, they just spend more time working. Which raises the question: How many more breaks were they taking throughout the day? Being remote means a much more flexible schedule, so it's not uncommon to take longer breaks if you're a salaried worker.
Another study was IT professionals shifting to remote work at one company at the start of the pandemic. This one showed an 18% reduction in productivity. But considering the timing of this and that company culture and procedures can contribute to this, it doesn't seem to be a valid data point.
Then they bring up some common criticisms of WFH, which I've seen and refuted since I started working from home 2009: People can't communicate, working in groups is harder, and people can't control themselves. Yawn.
Honestly, the fact that they cherry picked hybrid work as being equally productive shows me this isn't about productivity, it's about keeping offices open. Which makes sense considering one of the authors is affiliated with groups that want to prop up the commercial rental business.
This really isn't a study, so much as a lit review. Sort of. Anyway, in the fully remote section they cite three studies that argue show a fall in productivity. The first (Emmanuel and Harrington (2023)) found an 8% drop in call volume as a call center shifted to fully remote work at the onset of the pandemic. But their comparison group was a group of call center employees who were always remote. So even if you buy the argument that the change call volume is solely attributable to a drop in productivity, you cannot conclude that the productivity shift was caused by working from home, the group that shifted from on-location to remote work did 8% worse than the group than the always remote work!
The second study (Gibbs, Mengel and Siemroth (2022)) is, again, an analysis of call-center employees (this time in India) who shifted to remote work at the onset of the pandemic. They find no change in productivity, but that employees are working longer hours at home, which they argue means a real 8-19% drop in productivity.
The final study (Atkin, Schoar, and Shinde (2023)) is another firm from India which involved a randomized controlled study which finds an 18% drop in productivity for data entry work.
So, just taking their lit review at face value, one of their studies directly contradicts their argument, yet they somehow present it as if it is evidence of a causal relationship between working from home and productivity. Another study shows no effect, so they break out some razamataz math to try to turn no effect into a negative effect. Only one of the three studies shows a plausible effect.
Since these are the only three papers they cite to support their argument that fully remote work causes a drop in firm productivity, let's look at them in more depth.
If you go to their references section, you find that there is not a Emmanuel and Harrington (2023) cited. Hey, that a bad sign. There is an Emmanuel and Harrington 2021, but its an unpublished paper. Maybe it got published and they just forgot to update the cite? I plugged the title into google scholar, and find one result, with no copy of the working paper, and no evidence of any sort of publication record from any journal. Plugging the title into regular google returns a "Staff Report" of the federal reserve bank of NY. So not a peer reviewed article. They employ whats known as a difference-in-difference design to compare employees who shifted from fully in person to fully remote. They report a 4% reduction in productivity for these workers, not the 8% reported in the original article. I just skimmed the article, so maybe they get their 8% figure someplace else. What is interesting to me though is that their DID models seem to show there is not any difference between the different groups for most of the periods of observation. IDK. I'd have to read more in-depth to make up my mind.
It seems like these conclusions, whatever you make of them should really only be applied to call-center work during the pandemic.