View the Podcast: Remote Working Trends
Our thoughts on Kerry Hannon’s Podcast:
Recently, we listened to a podcast on Morningstar with author Kerry Hannon about remote working trends. Now that we are months into a sort of “new normal” in work and life, trends are beginning to emerge. What does this mean for you, and how can we all thrive in this season?
Hannon notes several positives that have bolstered worker morale. Starting with autonomy, one’s ability to self-govern their own schedules and office location, which people desired in most jobs prior to the remote working trend. People generally enjoy the flexibility to work when it best suits their lifestyles and routines. Employers are also noting cases where workers are putting in more hours than they did when working in person last year.
Another advantage is cost savings. Work from home is cutting back on expensive office rental space, eating meals out, travel, and costs associated with commuting. These savings are going to both employers and employees in some instances. There are some new remote working expenses like Zoom subscriptions, laptops, hotspots, etc. and higher utilities for the workers like internet and electricity bills, but the net result is a positive cost savings for most businesses. Some payroll expenses are going down as well to compensate for a reduced cost-of-living. When a worker doesn’t have to live as close or travel into an expensive city center, they are experiencing savings. Employers are adjusting their pay considerations accordingly.
Hannon said that some of the cons were less obvious, but potentially just as important as any of the pros. Certain industries, like technology, rely on rapid innovation from employee collaboration and these synergies are being stifled or taking longer to emerge. Sometimes, there’s no substitute for getting minds together in a room. Also, work from home is not a reality for a large portion of the workforce. Industrial, retail, hospitality/leisure, construction, healthcare/first responders, and many others simply cannot work remotely.
Perhaps you have noticed similar observations in your own life or communities. If we touched on anything new, we hope it helps in your decision-making process as a worker or business owner. Hopefully the work-from-anywhere trend has been a good transition for you. Remember to keep work and leisure in balance and set good expectations and plans.