The New Norm Is Here In 2020

We are seeing things now that we never thought possible with remote work.

Microsoft has announced they will be hiring from anywhere!!

That means someone who would normally get hired and move to the Microsoft campus, can now be hired and work remotely.

This gives Microsoft a huge advantage.

They can hire the very best talent in the world and not ask them to relocate.

This is a game changer for all companies that want the very best talent! We all know that the companies with the best talent win.

Flexible working is a tremendous offer in recruitment. It contributes to diversity and improves the talent pool. They can attract talent with the right work-life balance.The savings to Microsoft on business travel will be in the hundreds of millions of dollars.

Twitter says nobody has to come back to the office. They can work remotely forever.

Facebook and Amazon are implementing remote work wherever possible, and they are interviewing using video conferencing. Amazon’s technical and HQ staff are working from home.

In the client facing sector of financial services before the pandemic there was only a small (6%) chance of getting a client to meet about planning remotely. Now it’s 65% and that figure is growing.

We are currently seeing changes that previously we wouldn’t have been able to get clients and companies to do, and now it’s the new norm.

Companies are realizing that employees can be trusted to work from home and they are thriving. It allows a better work life balance and people can work as needed on projects even after normal work hours.

One of the early challenges companies were worried about was collaboration. Some have done well with software like Slack or Zoom meetings. Companies are doing training via video and online software.  

Even smart companies have moved to socializing online. Work from home teams meet on a daily basis first thing in the morning for a half hour to an hour to meet up around the water cooler. This allows for teams to get to know each other more personally and grow stronger bonds. The time is optional but gives people the ability to have social interactions with the team they work with.  

Google has told employees they can potentially work from home until next year. Big tech has set a work from home trend, that smaller tech firms will be quick to follow. Many such companies in San Francisco are now planning for remote work, at least part time. There are also real estate savings to be made on office leases.

However, it’s not just tech that all this applies to.

Financial services moved to remote working quickly in March 2020.

There is a significant number 61%, who intend to make this change permanent where possible. It is attractive because staff have maintained productivity.

Accounting departments can work from home easily, but for traders it’s more difficult because of the systems they need.

Commercial bankers have switched from business over dinner, to business over video link.

Banks, insurance companies and asset managers have had to work remotely. Apparently, it’s helped with dealing with the volatile market, and there’s no hurry to go back to the previous arrangements.

Because the technology to work from home is now in place and proven, largely facilitated by the adoption of broadband, it is more likely to be adopted post pandemic.

Capital One said work from home until Labor Day.

Nationwide Insurance intends to close 5 offices and have 4,000 staff working from home permanently.

Sagicor, the largest insurance company in the Caribbean, expects staff to work remotely until 2021.

Some RIA’s are leaving the office permanently.

90% are working from home and finding that work is not much affected by Covid-19. In fact doing remote meetings outside normal office hours has been more convenient to clients.

Pearl Financial Planning hasn’t renewed it’s office lease, and is planning remote business from now on.

74% of CFO’s are to move some staff to work remotely permanently, and about 25% to work part time this way.

It’s not just a cost cutting exercise. There will be benefits to the environment.

Flexible working is rapidly becoming the new way across many companies and institutions. It was forecast as early as 2017, but the pandemic made it a necessity and accelerated the change.

Remote employees have actually been found to put in 1.4 more days a month, being less distracted and more productive.

New styles of leadership are needed in an increasingly digital workplace.

Millennials are now replacing retiring baby boomers and are digitally aware.

Having staff working from home is the new normal.

It will be part of a profitable future, and is a developing opportunity.

Remote and flexible working makes employees lives and companies better, and business resilient to future crises. It is here to stay.

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