Industry Insights

How Did Covid-19 Change Remote Working?

How Did Covid-19 Change Remote Working?

 

 The rapid spread of COVID19 forced countries into lockdown periods and simultaneously demanded that even the most reluctant companies adopt a #WFH strategy. Workers have been required to quickly upskill and embrace the use of remote technology in daily life. Once seen as a tool for employees to escape the office and management supervision, remote working has now become the saviour to many industries in the midst of a global pandemic. The COVID-19 pandemic shows that advances in technology have made remote working possible for those who were previously considered unsuitable for such arrangements. Sources: 1,3,7

A prominent hypothesis for the future of work is that employees are currently experiencing a decoupling from the physical office. Empowered by new digital technology and a workforce now apt at being remote, companies have the opportunity to reduce CAPEX by reducing office space. For those who currently work remotely, it is hard to imagine a return back to the 9-5, sandwiched between time-consuming and expensive commutes. Sources: 4

 

 

Social media giant Twitter has already announced plans to permanently support employees who are willing to continue working from home and there is talk that many other tech giants want to help facilitate remote working in the foreseeable future. Not all companies can or will maintain distanced work policies until the end of the coronavirus pandemic, but many will integrate compressed working weeks. Letting teams work remotely can have a positive impact on employees, results and the environment. Sources: 0, 5

Often immune to global challenges, the World of Venture Capital has also been impacted by COVID and the need for remote working. According to the VC & Founder COVID-19 Sentiment Survey, nearly half of VC respondents said they have already invested without meeting the Founders face to face. That trend looks to continue, with 60% committing that this could continue, even after lockdown is over. Sources : 9

“After the pandemic, more Americans are likely to divide their time between working from home or in a company office” CNBC spoke to Michael Cramer, co-founder and CEO of Cisco Systems, to learn more about how the pandemic could change the way we work forever. Sources: 8 “As more people work remotely, companies could open regional hubs and provide access to co-working spaces where their workforce is concentrated, rather than having the majority of their workforce in a central office.”

Rick Gillis, spokesman and author of Quotient, predicts that companies that move permanently to remote areas will want to pay virtual employees a stipend for their home office space. Sources: 0. While it is impractical to assume that companies will retain a highly remote workforce, many companies are expected to create more flexible working conditions to enable part-time teleworking. Flexible work policies could increase demand for hot-desk office models such as virtual offices and remote work. Sources: 0

While businesses have been struggling to find a way forward whilst restrictions are in place, many will find themselves in a better position post COVID-19. Sources: 7, 8

 

 

Cited Sources

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