Working from home is emerging as one of the concerned issues that have been brought to light by the current global outbreak. It is essential to comprehend how this shift influences the economy of the United States for both the employees and the business world.
Before we venture deeper into this discussion, it would be constructive to look at different views along with dispassionate and well-structured facts to try and build-up an appraisal of what the future might be like. This paper will not only look at the first impact of this change but also the second-order on the American economy.
The Rise of Telecommuting
Telecommuting has seen a tremendous growth in the past few years more especially within the recent past. The concept of remote work was first initiated due to force majeure, but now organizations and employees see the effectiveness of distant work.
One of the various findings made from research results that reveal the fact that working from home can increase productivity of the workers. This is because there could be minimal interferences and the working conditions may be suitable for workers hence resulting to increased efficiency.
The given benefit also states that the availability of workers on the nationwide level increases the range of opportunities and gives the employers a choice of premium employees irrespective of the location they are situated in. This has in turn resulted into the inclusion of a diverse workforce in organizations.
Technological Advancements
Technological development has also progressed at a fast pace, which acts as a critical support system for working remotely. There are tools available like video conferences, cloud solutions, and software for collaboration through which the employees can interact and work from anywhere.
These technologies have thus abbreviated the required physical presence in an office so that the working teams can collaborate even when hired from different locations.
The same has also proved to be beneficial to businesses mainly because they are able to conduct their activities without necessarily having to incur the expenses of paying for physical commercial buildings.
Work-Life Balance
The first positive impact of remote work is with regard to enhancement of work-life balance among the employees. Some of the advantages of having short durations to work include: Most time is saved, and people do not spend a lot of time stuck in traffic thus having ample time to be with families and engage in other activities.
Apart from these rewards, business have experienced better employee turnover and satisfaction, employees are always loyal to their employers. This has a positive effect in relation to company culture and future development.
It is, however, pertinent to appreciate the fact that work-life balance is a virtue that must be learnt; it entails discipline and proper time management principles. It is important for employers to look into how they can establish ways in which they can support and educate staff in order to accomplish this equilibrium optimally.
Economic Consequences
Telecommuting is one of the striking phenomena that defy arts of current society and economy of United States. This is evident where the need for commercial real estates has dropped significantly in today’s economy as compared to before the realization.
With more business adopting the work from home culture, companies do not require large office spaces, thus changing the property market. Such change may spread to other related industries like supply of office equipments and materials, cleaning and maintenance services, and firms that source their clientele from office going individuals.
Consequently the impact of remote work is extensive and encompasses several aspects of the economy at large. Thirdly, spending patterns of employees that work from home also differ from the rest of the employees.
For instance, there could be a rise in sales of office furniture and computer systems for home use, as well as other items that can be used online, but a reduction would be felt in clothes for work and costs of transportation.
Urban vs. Suburban Shift
It has also affected residential real estate in that employees who now work from home require larger houses with enough space for working. Since remote work is now possible, you get to choose where to live and hence, people can move to the suburbs or villages where the cost of living is lower and quality of life higher.
This shift may positively impact the economy in the small towns while it may negatively affect economy of large cities. This may spell the beginning of a shift in the local governments and infrastructures.