For Small Businesses What Will the Future of Work Look Like?
Will it be more remote, more diverse, and more flexible?
By: Cicely Childs
3 minute read
Nowadays, more people are choosing to work remotely, either as their primary career or as an occasional arrangement or a part time job. As technology continues to advance, this trend shows no signs of slowing down. In fact, a recent study by the *Becker Friedman Institute found that 30% of workers responded they were more productive and engaged when working from home. As technology continues to advance, this is what we can expect the future of work to look like when more employees choose to work remotely and incorporate remote working into their regular office routines and daily schedules.
Where do millennials work?
Millennials are defined as individuals born between 1981-2000 and they seem to be driving the push for remote work environments. A **recent study shows that millennials are more likely to work remotely than any other generation. A whopping 84% of millennials say remote work is important vs. 66% of Gen Z, 75% of Gen X and 68% of Boomers.
This is likely because millennials value work-life balance, and flexibility over things like prestige and salary. Benefits are also important to this generation, nearly 60% of millennials say they would switch jobs for better benefits.
With the rise of companies who are promoting remote working, people are moving away from commuting to work, along with spending hours stuck in traffic every day to get there. Remote workers can use technology to still be productive during those long commutes or periods of downtime where you can't get anything done. With so many employees looking for a good benefits package, many companies are offering flexible work schedules and telecommuting opportunities as benefits that align with this new remote-first world.
How do workers collaborate?
Due to being in the post-broadband age, access to high-speed internet has grown exponentially over the last decade, giving workers everywhere access to information and each other with few barriers. With this access comes new tools and systems like Zoom, Google Hangouts, Skype for Business, Microsoft Teams, as well as video conferencing platforms like LifeSize that make it easier for employees to connect at all hours. Remote workers can also leverage and use social media platforms like Facebook and Yammer to collaborate remotely. All these new technologies open up opportunities for greater collaboration across borders and cultures.
In 2022 there will be nearly one billion employees globally who work remotely, at least part-time and about half of all employees at small businesses, which have less than 10 employees, also work remotely at least part-time.
These trends are becoming staples and standardizations that will lead to a world where most people in developed countries could live their lives never visiting an office again. Companies such as Google have already reached this point, for example, Google’s New York City headquarters famously houses only four percent of its workforce.
How does this benefit employers?
Remote work can benefit the employer even more than it does the employee. With employees working remotely from all over the world, employers can tap into a global talent pool that is different from what they have engaged in locally. As an Employer, offering flexibility to retain employees by giving them options around when and where they work, will result in higher quality workers, more productivity, and lower business costs. A recent study by ***Owls Lab found that on average, those who work from home are 47% more productive. In turn allowing the Employer to reach business goals quicker while spending less.
The end of paychecks
Finally, the biggest change for the future of work could be the end of the paycheck. With remote work, fractional work, and part-time work on the rise, salaried workers could become rare. The money you make will come from a variety of sources: your company, clients, investments or some other source. You'll have to learn how to manage your finances in a way that's unfamiliar to most people today like managing variables and fixed costs. This means you're responsible for determining what's important to you financially, so you can work at it 100 percent of the time.
For business owners, this means alignment with your workforce and having more opportunities to grow your company. Even for workers without a salary, you will want to attract and retain them for a long duration. Offering benefits are proven to improve fractional worker retention and Meridio makes it easy. Offering affordable healthcare to small businesses and their workforce can be as simple as 1, 2, 3. Learn more by visiting getmeridio.com.
* The Becker Friedman Institute
** The Axios Harris Poll 100
*** Owl Labs
Tags: #healthcare #healthbenefits #hradministration #smallbusinessbenefits #employeebenefits #remoteworkers