Companies that Embraces Remote Work will Replace Every Company that Doesn't
Companies who adopted technology 20 years ago replaced every company that didn’t.
Companies who adopt remote working will replace every company who doesn’t in 20 years.
The reason is incredibly simple: talent and efficiency.
Talent
Unless you are Google, Amazon, Facebook or Microsoft remote teams will be far more talented than any office-based team you can build. Talent wars will be won by companies that have great remote work capability, who will wield it to dominate the next decade:
??Fixed Location
A physical office means you can hire the best person you can afford in a 30-mile radius, disqualifying you from 99.9% of the world’s talent.
Remote teams can hire the best person they can afford on the planet.
?Great Talent
The most talented people are stipulating remote work as a condition of employment. Companies who don’t provide this won’t be able to attract the best people.
Companies who don’t give this to their existing workers will lose their most talented people to their biggest competitors.
??Changing Preferences
The smartest people I know personally ALL plan to work remotely in the next decade.
The most interesting companies I know personally *ALL* plan to hire remote workers in the next decade.
Remote will be the dominant workplace of the best companies and people.
Efficiency
Office-first companies won’t be able to compete with remote-first companies in terms of efficiency, both economic and operationally. Not only will remote-first companies increase their average level of talent with each hire, they will be far more cost-efficient. City living is subsidized by companies, leading to a lower disposable and quality of life.
??Real Estate Cost
Office-first companies spend $18,400 on average, per workplace, per person
The best remote setup on the planet costs $2,000 per year, coffee included.
Remote is $16,400 less a year, per team member, or a $16.4m saving per 1,000 workers.
??Asynchronous Fist
Offices are instantaneous gratification adult kids clubs where it’s impossible to focus and do deep work without distraction.
Remote gives you the optimum workspace you need to do your best work.
?Output over Time
The only metric bad middle managers use to measure performance is time spent in the office.
Remote work is about how much work you get done focussing on productivity.
Why Now?
Remote work is the biggest workplace revolution in history and nothing will deliver a higher quality of life increase in the next decade than this. Workers having more flexibility to decide their work schedule, able to operate when they are most productive rather than a fixed day, enables a far better future of work than the one we currently experience. Organizing work around your life is a huge transition with major implications. Gone is the requirement to beg your bosses permission to go to an appointment, it is the ability to drop and pick your child up from work every day with time in the afternoon to go for your recharging run.
Being handcuffed to an office and expected to live in a high cost of living city with a low quality of life is a remnant of the industrial revolution. The devolution of offices into almost factory-like conditions as distraction factory adult kids clubs is complete. The office has become the worst place on the planet to get the isolation and focus you need to do deep work.
Make no mistake, remote work is exploding to prominence right now. We are living through the inflection point today. Shortly, workers will realize their power and influence to demand remote work.
How Do I Develop a Remote Strategy?
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President at WorldWide Polymer Compounding LLC
4 年The cheapest, most appreciated benefit any company could offer
Strategic Partnerships | Tech Alliances & Ecosystems | Channel & Business Development | Partnering with innovative companies to bring disruptive services and solutions to market
4 年100% agree
Software Engineer / Lead / Manager, ?????
4 年For solving complex, difficult, innovative problems in the software world, you still can't beat being in the same room with a few folks from time to time. Doesn't have to be every day, but I've found you can't replace that high-bandwidth, body-language-reading interaction. As someone who lives alone, I also find the informal in-person exchange with colleagues to be beneficial for teamwork, productivity and mental health. Again, your mileage may vary. Just saying it's not a general rule that remote work will "win" every time. And as an engineer, I never thought I'd find myself saying that!
COO @ Grobstein Teeple LLP | Accounting & Consulting Services
4 年Great article - remote work is the biggest workplace revolution.
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4 年Strategic Exits Corp discovered that virtual companies sell for more money and their founders retain more of the proceeds. Virtual companies are agile, more profitable and impervious to the pandemic. Their numbers had been growing slowly until the pandemic shone the spotlight. Established companies are trying to go virtual but are struggling under the inertia of decades in the office. Now we are reading that large numbers of newly remote workers miss the office. As social distancing continues, and large organization struggle, virtual companies remain the key drivers of economic growth.