The pandemic has forced millions of Americans to work from home and experts say this can spell the end of business as usual for many bustling office buildings across the country.
Even after a vaccine is developed, many workers will continue to work remotely, abandoning their office cubicles for good. And that could be a good thing for both employers and employees alike.
According to CNN Business, 68% of large company CEOs plan to downsize their office space, especially in high-rent locations such as New York and San Francisco. According to a survey conducted by KPMG, 8 out of 10 Americans who transitioned from an office to working remotely said their teams adapted well, and 7 out of 10 said they are actually collaborating better. KPMG is a global network of professional firms that helps companies mitigate risk and find opportunities to improve their growth and quality of service.
"We've proven we can be very effective and productive in virtual work environments," said KPMG CEO Paul Knopp, according to CNN Business. The survey suggested, even if a vaccine were to be approved tomorrow, the shift toward virtual work space and digital transformation is here to stay.
"This is a long-term trend. It's here to stay," Knopp confirmed.
Companies in the fields of technology, financial services, and insurance have invested big bucks in remote work tools, and there is no indication they are returning to the old way of doing business, according to CNBC.
Zoom meetings have replaced long commutes and workers in big cities are not in any hurry to get back on crowded buses and trains, especially in the midst of the still virulent coronavirus pandemic. Facebook has announced most of its employees are allowed to work at home through the end of 2020, according to CNBC.
Analysts say companies save money on office and real estate costs by relying on remote workers. According to Global Workplace Analytics, employers can save $11,000 a year for every employee who works remotely even for half the time.
According to Thrive Global, employees will also reap health benefits from working at home. Experts say work-related stress will decrease as more people have time to enjoy planning active time during their day instead of commuting. No commuting also means less exposure to environmental toxins and vehicle emissions. Working from home allows you to take needed breaks and improve mental health, say experts.
For employers, employees and small business owners, working from home may result in a healthier lifestyle and workforce, says Thrive Global.
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