For years Researchers and Business Leaders from across the globe and Industry were discussing and studying about the growth, implications and its increasing interference in our economic system change in the service sector. This corona Crisis has acted as a catalyst for slow pace of growth of Remote Economy and now it's becoming a part of mainstream economic system change and has radically changed the Business mindset and its acceptance. Work from Home will getting better acceptance. Freelancers, Digital Nomads and Remote Workers and work from home professional will be the future of the workforce.
Covid19 crisis has forced even the big business houses to take it seriously. Indian IT giant TCS has already declared to make remote workers as its major workforce. TCS has announced that 75% of its total workforce will be working from home by 2025. This is just one early trendsetter and many more big businesses are going to follow the same.
Remote Working has its pros and cons and it's still under the nascent stage where the actual benefits can be proved from a profitability point of view. The only visible savings for the organization will be the infrastructure cost and cost other value-added services been provided by the organization apart from salary and other benefits. There are still doubts about achieving efficiency and optimum resource utilization, which may in-turn affect delivery and business profitability.
Pros of Remote Working
If organizations will plan to move a major part of the workforce as the Remote Workers, this will not only save a huge infrastructural cost but will also improve the retention rate of employees. As per some of the experts working from home will improve productivity and may improve resource utilization.
Employees are gaining flexibility and autonomy which HR experts claim can increase their sense of responsibility for their work and firm. The remote economy also makes it possible for the company to have a diverse and highly skilled workforce that, with no more geographical constraints. As a remote worker, you are likely to stay long term and handle most of what life throws at you. Also, you'll have more time for deep work. It teaches you some serious impressive communicational skills. It keeps you healthy and away from the gender gap wage issue.
Cons of Remote Economy
Some employees may find a problem with Remote Working life. Virtual employees often don't go into the workplace and miss out on the social aspects that are there. Remote workers can learn from parties to daily corridor talks they spend their day on their own, working from home or a remote site. While this adds flexibility, it can also cause isolation from the other workers and the feeling of being removed or left out. This leads to Isolation and a lack of cultural solidarity.
Remote employees tend to work daily to receive their satisfaction in-person, which can contribute to stress because most people enjoy feeling secure and healthy in their regular job. There is also stress of being isolated from other workers and it can be difficult to communicate if there are concerns or issues with a project.
Communication can be a major bottleneck in critical decision making. Though the new age tools of video conferencing like Zoom or Google meet may provide almost physical meeting experience nothing can replace an in-person discussion. There will be increased communication gaps and the actual inputs may sometime be missed out in remote meetings with Virtual employees
Remote Economy will mature as time goes on and people will learn to cope up with the limitations. But it's here to stay and will become part of our corporate culture and the Covid19 crisis has given further thrust to make it common among Businesses and employees. We’ll have to learn to live with Remote Working as it's becoming a new normal now