While remote work is an umbrella term for working away from a specified office location, a fully remote model refers to a business that operates completely decentralised. Employees are not tied to a location and work exclusively remote.
Other terms used to describe working remotely include telecommuting, teleworking, Working From Home (WFH), Working From Anywhere (WFA) or mobile working. While a company may have a proportion of fully remote staff, this does not mean they operate under a fully remote model.
The remote-working model is extremely flexible and often cost-effective, and many companies plan to stick with it even after the pandemic has ended. The benefits of remote working, including greater flexibility for employees, lower costs of office space and increased productivity, have led some companies - including Twitter, Facebook, Adobe, Oracle and Spotify - to announce that they plan to allow employees to work from home indefinitely, if they wish.
Fully remote companies typically find creative ways to be close virtually through frequent interactions, for example, a virtual office, and still ensure to meet-up in person a couple of times a year for company-wide offsites.