News: Remote working could lead to $700 Bn in economic benefit

Workforce Management System

Remote working could lead to $700 Bn in economic benefit

Global Workplace Analytics predicts that following the pandemic, as much as 30 percent of the entire workforce will work from home at least a couple of times a week
Remote working could lead to $700 Bn in economic benefit

According to a report by Trends Exchange industries are expecting a great shift in corporate work culture, going from commuting to the office to telecommuting from home. Capitalizing on this trend is a long list of Remote Work Companies providing software and services to make telecommuting effective. When the pandemic wanes, companies across the nation will have a great decision to make: Do they maintain work-from-home practices in some capacity to capture the immense economic benefit?

Global Workplace Analytics predicts that following the pandemic, as much as 30 percent of the entire workforce will work from home at least a couple of times a week.

Global Workplace Analytics predicts if employees who held telework-compatible jobs (50% of the workforce) and wanted to work at home (79% of the workforce) did so just half of the time (roughly the national average), the economic benefit would total over $700 billion a year in real estate, electricity, absenteeism, turnover, and productivity

Reuters reported that Zoom experienced a 20x increase in March 2020 user base, ballooning from 10 million daily users to 200 million daily users. Fierce Healthcare found that Teladoc increased its paid membership base by 61% from Q1 2019 to Q1 2020, going from 27 million users to 43 million users.

The next software companies that will see growth due to remote work are companies solving specialized, but common, pain points experienced by remote teams.

Remote headhunting services like FlexJobs, Remote.co, and Workfrom make the remote hiring process more efficient. Onboarding a new employee remotely is made easier through software like Connecteam and Adeva. Monitoring employee productivity is made possible through Hubstaff and Time is Ltd.

"There's an incomprehensible amount of opportunities for entrepreneurs in the remote work industry. Whether that means providing remote worker perks, selling home office setups, or designing daycare models for telecommuters, remote work is the current shift in corporate culture." – QuHarrison Terry, Growth Marketer at Mark Cuban Companies

The data and insights in this article were gathered by Trends Exchange. They have created a report which details the emerging remote work trend, potential business models and ideas, the major players in this space, as well as the Wall Street incumbents who will benefit from this trend.

Read full story

Topics: Workforce Management System

Did you find this story helpful?

Author

QUICK POLL

How well prepared were the companies to tackle the scourge of the second wave of the pandemic?

Are you reinventing your company ‘Culture’ in the hybrid world of work?

READ the July 2021 issue of our magazine to gain insights into the Digital Culture Reset.