The new work-from-home trend is going to change our economy we can’t even imagine yet. Facebook believes 50% of its employees could be working remotely on a permanent basis within 5 to 10 years. Facebook already has plans to build “hubs” of remote employees in areas like Dallas, Atlanta, Pittsburgh, Portland, and Philadelphia. Shopify plans to keep its offices closed until 2021 and most will permanently work remotely after that. Twitter offers employees the option to work from home permanently, too. Many more companies will use a similar strategy.
The COVID-19 crisis suddenly created a massive shift in work habits. Millions of people were suddenly forced to work remotely. Many companies are adjusting well to the change. Most workers already use technical and digital tools (like Slack, Microsoft Teams, Zoom, cloud document hosting, etc.), that help remote employees stay connected. Companies who are new to such tools have been forced to adapt quickly.
A vast majority of employees live in cities or highly densified centers that are extremely overcrowded and expensive. As a result, hiring in this region is extremely competitive. The job market there is tight. Housing expenses are sky-high. But this is going to change. Working remotely has suddenly been normalized at a huge number of companies. Companies are starting to hire remote workers from all over the country.
Here is a list of the top 5 advantages:
1. Fewer drivers on the road leading to less traffic and pollution
2. Less time spent commuting
3. Employment spread around the country
4. Smaller offices needed
5. Cost-saving
But there will be cons, too.
Here are the top 5 disadvantages:
1. Less connection to our co-workers.
2. Less socializing.
3. Less exercise.
3. Local businesses depending on office workers to buy their products will struggle.
4. Not all workers have a good place to work at home.
It’s definitely not going to work for everyone. But for many people, it’s working really well considering the circumstances. Companies will continue to adapt. In the future, more employees will have the option to work from home 2-3 days a week.
Remote work is reshaping how business is done across the world, and the effects will last long after the end of the lockdown.
Sven Franssen