The effects of the recent pandemic on the economy have people wondering what the future holds for their businesses. While the future of the economy is as uncertain as always, one of the major effects of the pandemic that seems to be permanent is that the telework evolution turned into a telework boom overnight. Those businesses that keep up with the change will be able to safeguard the future of their company against uncertainty.
The workplace has been evolving into telework gradually for years, but the pace has been incremental. Still, even for businesses that previously had no telework strategy in place, the concept has been on their minds as something they could expect to implement in the future.
The pandemic has flipped the switch on how we think about telework.
Companies have now invested in remote work technology that they weren't planning to implement this year, but have been forced to do so. Now, these companies will be looking to see a return on their investment according to many market watchers. Some benefits businesses can expect to reap from their sudden investment in telework tech include:
- Reduced overhead with less money spent running an office, from renting a smaller space to saving on energy bills.
- A wider talent pool from which to hire
- Ability to expand across geographies more easily with “satellite locations” in remote employees' home offices
- Reduced IT infrastructure costs as they move away from on-premise servers to cloud based solutions
What's more, workers have grown accustomed to working from home and will increasingly expect some work from home privileges. Human Resources managers who want to attract top talent in the future know that telework will be key to their strategy moving forward.
Here are 2 key points from an article by CNBC
- Companies in technology, financial services and insurance have invested in remote work tools, and there's no indication they'll be returning to the old way of doing business.
- The first batch of employees to return to the office will be the ones who are itching to get back, but even that won't start happening for weeks or months.
Businesses that adapt well to the sudden telework boom will reap the benefits for years, while those who can't adapt will struggle with the new normal.
Have you adapted your Payables and Receivables processes to the telework boom? Looking to automate AP and AR for your Microsoft Dynamics GP system? Fidesic can help you kill two birds with one stone. Easy-to-use, seamless integration into GP, accessible from anywhere. Learn More »
