By Nicole SahinMarch 2021
Reading Time: 5 minutes
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Remote work is not a passing fad. The advent of global remote work and its widespread acceptance means humanity’s greatest resource, our brains, can be harnessed for maximal impact. Tapping into the greatness of our human potential – via global remote work – will empower the emergence of a better society, for all of us.
Why forward-thinking companies won’t go back
The global pandemic has shined the spotlight on fissures in our societal systems. But it has also opened a window to what is possible: a more connected global community, where people are working efficiently towards shared missions – from anywhere and everywhere in the world.
Most companies will never go back to an office-first environment, likely because their employees don’t want to, and from a business standpoint, there is no reason to do so.
PwC surveyed CEOs and found 78 percent agree remote collaboration is now the norm, and Gartner also reports that over 80 percent of companies plan to allow employees to work remotely at least part-time after the pandemic. In a study commissioned by Microsoft, Boston Consulting Group and KRC Research found that 82 percent of executives reported productivity levels either remained the same or increased after shifting to remote work.
The tide is turning, and that’s good for everyone. It means there will be more opportunities for more people to build better solutions.Most companies will never go back to an office-first environment, likely because their employees don’t want to, and from a business standpoint, there is no reason to do so. Click To Tweet
Three ways remote work creates opportunity
Your geography and your immediate network used to be key limiting factors defining a person’s opportunities. The widespread acceptance of global remote work has changed that.
There are three central reasons the rise of the remote workforce may help level the playing field on a global scale:
- Remote work can create jobs in countries and economies where there are few.
What if who you are and what you have to offer mattered more than where you are? If you put limits on location, you’re putting limits on the talent you invite to your team.
Companies that are remote-first know this, and that’s why they set out to hire the best in the world, versus the best in a commutable distance from their office.
By spreading the net wide, you can tap into highly qualified talent pools, many of which are found in emerging economies. According to Global Talent 2021, a survey by Oxford Economics, 54 percent of college graduates will come from emerging markets, including Indonesia, South Africa, Morocco, Brazil, and Mexico.
The World Bank estimates that with the growing world population, 600 million more jobs must be created in the next decade. “Above all, job creation will be the key factor for emerging countries to reduce poverty, improve people’s lives, and reach the Sustainable Development Goals by 2030.”
You don’t even have to think internationally to know this can have an impact. According to The NPD Group, 28 percent of Americans have considered relocating due to the ongoing pandemic, and U.S. households that say they plan to move in 2021 increased by 20 percentage points from 2020 to 56 percent.
Remote work is allowing workers to move from major cities back to their smaller towns and more rural communities in America, bringing their buying power with them.
- Remote work has the power to disrupt the traditional flow of capital.
When the pandemic began, concerns about venture funding and the continuity of investment activity mounted. After all, the venture capital industry is one largely powered by personal relationships and proximity.
While there was an expected dip in the spring of 2020, Q3 saw $36.5 billion invested – a seven quarter high.
Deal flow and venture capital cash has never been more plentiful. Why? Venture capitalists never truly needed to meet entrepreneurs in person to spot a winning business plan. Today, sights are set internationally for U.S.-based venture capital – 30 percent of projected unicorns are located outside of the U.S.
Venture capital holds international influence. When local talent has access to capital, they can solve local problems, create local jobs, and make global change.
- Remote work can advance ideas, technology, and innovation – on a global scale.
Paper was invented in China in the year 100 B.C, but it wasn’t until 1,000 years later that all of Europe and Asia were using it.
Technology itself is a marvel, but what’s even more astounding is its power to spread ideas – faster and more effectively than in any other time in history.
From 2004 to 2014, emerging economies with access to innovation driven by developed markets boosted domestic productivity by 0.7 percent a year.
An exchange of knowledge, ideas, and skills flows both ways. With talent gaps that grow ever larger, companies based in developed economies face a skills deficit that will significantly harm their growth. A Korn Ferry Institute study suggests that the financial and business services industries in the U.S. and UK could suffer a US$1.3 trillion revenue loss due to the talent shortage.
Companies are powered by people. People drive innovation. And remote work can bring the best companies and the brightest people together.
The challenges ahead
As of October 2020, only 59 percent of the world’s population had Internet access. The infrastructure required to support a global remote workforce is clearly one of the top obstacles to overcome for a complete shift.
In addition, many communities with Internet infrastructure don’t have the resources to access it – costs may be too high, they may not have a connective device, or they may simply not have adequate infrastructure at home. If they do have all of the above, what if they don’t have the education required to get a remote-based job? There are deeper issues that must be solved, and simply announcing the beginning of the remote work era won’t do it.
On a cultural level, it may seem intimidating. The idea of competing with the world for a job sounds challenging for people who have grown up with easier access to opportunity, such as here in the U.S. And yet, no one ever said the “American dream” was easy street. The American dream’s promise is that with hard work, you can make it. Why shouldn’t that be reality for everyone, everywhere?
Yet, as the tide continues to turn, and more companies embrace remote first mindsets, people will begin to relocate back to their home cities and countries, and innovation will follow.The American dream’s promise is that with hard work, you can make it. Why shouldn’t that be reality for everyone, everywhere? Click To Tweet
Creating opportunities for everyone is a worthwhile mission
You can grow a profitable business and make positive change. In fact, by doing so, you may do greater good in the world than you could have ever imagined.
The mission behind Globalization Partners is simple: We want to break down barriers for everyone, everywhere. By giving companies the ability to hire anyone, anywhere, quickly and easily, and provide all the advantages of full-time employment, like benefits packages and HR support, another barrier is crossed with every new team member our customers onboard.
From job creation, to cultural advancement, to more connections between people, to stronger economies – it’s up to the next generation of founders to see the opportunities there for them, and work to make them available to all.