The Upward Trend
Work-from-home trends have been increasing for years.
- 44% growth in the previous five years
- 91% growth in the previous ten years
- 159% growth in the previous 12 years
And in a post-COVID-19 world, these numbers may see their most substantial spike ever.
The Reason for the Rise: Technology
Internet bandwidth and speed, faster mobile data transmission rates, as-a-service conference and communication platforms that allow for low barriers and in the increasing adoptions of easy to use videoconferencing technologies are just some of the architectural reasons behind the trend. But technology evolution alone doesn’t explain the pace of growth.
The Reason for the Rise: Employee Behavior
Employee behavior around these technologies influences the trend as much as the technologies themselves. In a recent survey of employee behavior at an international Fortune 100 company compared meeting behavior over the last five years. Interestingly, when employees are all in the same office building, on the same floor, they are eight times more likely to attend by ‘dialing in’ from their desk as opposed to assembling in a conference room than they were five years ago.
Employees that might be sitting only feet away from each other are still connecting using meeting technologies. Since they are using the technologies as a primary medium of connecting anyway, it becomes far easier to leverage those technologies in a work from home culture without losing productivity.
The Reason for the Rise: Travel Trends
With a focus on cost efficiency and productivity, travel just isn’t what it used to be. In-person client meetings that were once a necessity are moving to WebEx, Zoom, and other platforms at an increasing rate. Gone are the days of wasting two days with travel for the product demo when a quick screen share and Q&A gets the job done in an hour. Even events are exploring virtual venues with webinar growth reaching nearly 2300% growth in participation rates since 2007.
The Reason for the Rise: Employee Satisfaction and Recruiting
Employee satisfaction scores increase when they have flexible work arrangements, and they average more hours worked per day when they work from home. Less time in transit and ease of access to quickly check in on business activities before and after hours can lead to enhanced productivity and happier employees for some roles.
Finally, there is the recruiting consideration. To be an employer of choice for the years ahead, flexible work arrangements will be essential to specific job functions.
Getting up to Speed
Now is the time to examine your company’s technology infrastructure and the tools your employees need to work effectively in remote environments. Tablets, laptops with reliable cameras, fast routers, and larger/extra monitors are just some of the near-term technology needs companies may need to invest in to enable a more decentralized working environment. And if you are anything like most business leaders, you haven’t planned or budgeted for this shift in office dynamics.
A strategic approach to technology financing can not only help you gear up to meet the rapidly growing demand, but also preserve cash, protect limited budgets and assist in keeping you on the cutting edge of rapidly changing technologies.
TimePayment is committed to help small businesses and ready to provide easy access to the equipment and technology you need. We’re all in this together. Let us know how we can help.