The Future of Remote Work

The Covid-19 crisis has shaken the world and brought remote work firmly into the center of business’ survival strategies and future success.

If you asked most managers around the world how much of their work was done remotely six months ago, you would probably not get an affirmative response from many.

Remote work has, until very recently, been considered either a temporary solution when personal circumstances of workers demanded it, or an arrangement confined to the world of freelancers and ‘Digital Nomads’.

Fast forward to a month ago, and large chunks of the world suddenly found themselves in government-imposed lockdowns seemingly overnight, with little warning and with a timeframe that is still uncertain.

For service industry businesses that rely on human interaction – such as restaurants, hotels and bars – this has created a severe problem. However, for companies normally run from offices, which rely on the provision of services that are essentially digital in nature, it has also provided an opportunity.

This opportunity is rooted in the possibilities offered by remote work. And as shall be seen in this article, remote work is set to both expand and evolve in the coming years, and will most certainly outlive and persist beyond the Covid-19 crisis.

This is due to its ability to provide benefits in three very important ways.

1. Remote Work will Optimize Operations

Many companies are going to initially have a tough time adapting to remote work arrangements. Some will fail. However, in the long run, those that are able to embrace it are going to find that a lot of what was presumed to only be possible through being physically present in the same space can be done just as well – if not better – from home.

There are a number of software solutions that are designed to optimize remote working. These include content sharing and employee management platforms such as Asana and Slack, which make the organization and evaluation of tasks streamlined and simple.

By focusing on tasks completed instead of simply time clocked in, work can be made faster, and time can be wasted less.

That being said, in order to fully excel and optimize your business strategy in remote work situations, it will be imperative to prioritize communication between you, your employees and between themselves above all else.

2. Remote Work Cuts Costs

Now that many businesses are entering their second month of continuous remote work arrangements, two things will begin to become apparent:

• The first, is that all that money spent on office rent is probably not fully necessary. With a bit of effort and organization, many teams can be incentivized and trusted to work just as well – if not better – from home.
• The second pertains to optimization. A task-based system can produce results and project completion faster than a time-based system, and can incentivize employees to work more effectively.

We expect that the rise of remote working will see with it a more dynamic, productivity-based approach to salaries and remuneration that leads to better time management and improved outcomes for companies and their employees.

3. Remote Work Boosts Competition (and Innovation)

It goes without saying that many businesses are facing a very difficult time at the moment. The prognosis of economists does not look good for a wide range of sectors of the global economy, with demand for products and services falling dramatically as a result of the crisis.

However, it’s not all doom and gloom. Trillions of dollars are being spent by governments to stimulate their economies, and once the immediate health crisis is over, it is inevitable that the economy will eventually bounce back.

The companies that will survive and thrive when that happens will be the ones that have been able to adapt quickly using the digital capabilities and potential they arm themselves with. This will allow them to be more resilient, and to create more dynamic products and services that their markets will require.

Companies that are able to adapt quickly to remote work arrangements are going to find themselves better positioned to recalibrate their strategies and product offerings to meet the needs of their customers. The most innovative and responsive companies are going to be the ones that emerge from the crisis stronger.

Digital Maturity & Transformation are not simple undertakings, but are both possible – and now increasingly essential – in today’s economic landscape. Get in touch to find out how Bocasay can be your partner on this journey.