Remote work: The Rise of the Global Nomad

A new study on global work (also called distributed work or digital nomadism) concludes that it is here to stay. Global work refers to employment where workers perform their roles remotely for companies based in a different country. 

The main takeaways are that global work is:

Global work is thriving: Conservative estimates suggest that the market size in 2023 was around $1.5 billion, with at least one million global workers employed through global HR and Employer of Record (EOR) companies. The number of remote workers has grown by 500% since 2020, with talent now sourced from over 150 countries. If this trend continues, and revenue per worker remains stable, the global workforce could grow to over six million workers by 2028. This trend runs counter to predictions of a widespread post-pandemic return to office-centric work models.

Global work is geographically diverse: The regions known as LATAM (Latin America) and EMEA (Europe, Middle East, and Africa) are becoming significant hubs for global hiring, with respective growth rates of 21% and 6% in 2023. Countries such as Morocco, Switzerland, Vietnam, and El Salvador are particularly notable, with Morocco showing a remarkable 27% increase in global work contracts. Regional distribution of global workers reveals that a large proportion hail from EMEA.

Global work appeals to all ages: Contrary to stereotypes, global remote work is not limited to young digital nomads. While the 25-34 age bracket remains the largest demographic of digital workers, our analysis reveals that workers of all ages are increasingly embracing remote work opportunities. In the U.S. specifically, the distribution of workers hired by foreign companies is evenly spread across the 25-34, 35-44, and 45-54 age brackets.

The authors of the report say that while the return-to-office (RTO) trend will continue to be in the conversation, “our findings point to something different: global business expansion is on the rise, and remote, distributed work is a clear byproduct. A new era of business growth is underlying the increase in distributed jobs worldwide, as many companies (particularly small and medium-sized) are embracing global work as a core part of their growth strategy.”

ADDITIONAL INFORMATION:

The Rise of Global Work: How Distributed Hiring is Redefining the Workforce REPORT