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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-11-30 C$ 64.79
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Globe says TD, rivals hear remote work fights inflation

2022-11-30 07:30 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Wednesday, Nov. 30, edition that a recent U.S. National Bureau of Economic Research study questioned whether remote work could help keep inflation down. The Globe's guest columnist Linda Nazareth writes that researchers asked businesses whether they were using more opportunities to work from home as a way to keep workers happy and moderate wage-growth pressures. Thirty-eight per cent of respondents said yes, they were indeed dangling work-at-home options as alternatives to offering more money. Earlier this month Bank of Canada Governor Tiff Macklem made it clear that he was eyeing the labour market as part of the inflation issue, saying the current level of joblessness was "not sustainable." If more remote work means less pressure on wages, Ms. Nazareth says that would presumably be a desirable thing. As well as the data from the NBER study, the past two years have provided ample evidence that many workers love skipping their commute and would make monetary trade-offs to continue working from home. Ms. Nazareth believes the smart move going forward for companies wanting to retain talent might be to give alternative work arrangements serious consideration.

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