The Remote Revolution

The World Has Spoken - Are you Tone Deaf?

According to a LinkedIn poll that is currently still taking votes, only 8% of the 31,000+ responses plan to "return to the office" after the world has bounced back from the Pandemic.

Only 8%, whoa!

That means 92% want to work remotely at least a few days a week, indefinitely.

"The best companies in America will set the tone, and those who want to turn back the clock will be relegated to the dustbin of history."

This quote by Matt Higgins sums the current situation up nicely.

Virtually all businesses must pay attention to this, or run the risk of being marginalized and even going out of business.

Let me define "businesses": Anyone selling a product or service ranging in size from 1 employee to Fortune 100 companies with tens of thousands of sales reps (advisors) and employees.

Yes, I am making bold of a statement. Businesses are run by people. People have a say in how they want to work, sell, service, etc. If the majority of people want to work and consume things differently then we must pay attention to this, period.

Businesses that don't, well the "dustbin of history" has plenty of room.

The History of Remote Work

Remote working has been around for some time. It was actually coined back in 1973 by a NASA engineer.

Later, companies like IBM and JC Penny started testing it out, with great success. Entrepreneurs have been doing it "forever" as garage go-getters.

In 2000 the DOT Appropriations Act was enacted which legitimized remote work and mandated companies to create policies around remote/tele work and communications.

Cleary this idea of remote work has been around for some time, but the world doesn't change overnight most of the time, until it is forced to. COVID-19 was the force that changed it all in 2020.

In fact, another survey conducted in March of 2020, reports: "A Gartner, Inc. survey of 317 CFOs and Finance leaders on March 30, 2020* revealed that 74% will move at least 5% of their previously on-site workforce to permanently remote positions post-COVID 19."

The shift is clear yet some are not embracing it.....

What Tone Will You Set?

More and more companies and the people within them are embracing this shift and doing something about it.

As you know I am in the "financial advisor" universe and serve them in multiple countries, helping them embrace the new virtual world we find ourselves in. Not once have I heard an advisor talk about how they can't wait to get "back to the office" 100% of the time.

I also am still a practicing advisor who specializes working with a group of people who used to travel a ton for work. My clients are also telling me that moving forward it will not be the same. Some even joke that it will be harder for them to reach their status with the airlines since they aren't flying nearly as much, lol! I hear this as I am also struggling to maintain my status on Delta Airlines.

The tone I am hearing (being tone-deaf in this situation is a choice) more and more is that people are coming to realize the tremendous efficiencies and value that are derived from at least a hybrid remote work model. For example, one of my clients, a tech company founder with over 1,000 employees, was your typical "startup". They had an awesome office built with a cafeteria (kegs included), ping pong tables, an outdoor deck, etc. It was awesome!

I recently asked him, "what are you going to do with your office?" He responded by saying that 2020 was their best year ever and that they did it all by working from home! The office, as cool as it was, was no longer a necessity and if anything it was a drag on the company.

Clearly the tone has changed, but only for those choosing to listen to it.

Old Habits Die Hard

A challenge I see is that older industries, and some of the people in them, appear to be stuck. Specifically financial advisors and the large financial services companies they represent.

Old habits die hard, but they also roll down hill.

It's my impression that financial advisors want to evolve, well at least most of them, and that they are frustrated since the bulk of them are attached to large legacy financial services companies. These companies are old school. Some still teach advisors an elevator pitch that they should literally use in an elevator!

But, I understand why this is the way it is. These companies have been around for a long time. They invested heavily in doing things a certain way, one that revolves around in-person interactions. I get it, it's cool. But how long can they rest on their laurels?

When the world pivots all of a sudden they were not exactly read for it and are now playing major catchup, or are they?

Some companies are and more power to you! But, some appear to be sticking their heads in the sand.

How to Embrace The Remote Revolution

First, change your mindset. Things have changed. How we work and live have changed.

Embrace these changes. Sure, there will be some growing pains, but the benefits of making this shift will far outweigh the pains of doing so.

• More time with loved ones
• More time to pursue passions, hobbies, interests
• More efficiencies for businesses
• Lower expenses
• Less time in the car sitting in traffic
• The potential to make more money & reach more customers
• The list is almost endless

How can we really argue with any of this? It's logical. It just makes plain good old sense.

And as a friend of mine used to say, "if it doesn't make cents, it doesn't make dollars."! You get the point, things are better in a hybrid/remote world.

It doesn't mean no or less human interaction, it means more interaction with the ones we want to have it with. It means a better life-work balance.

Specifically, here is what I have found to get the most out of a remote environment:

1. Have the right physical infrastructure (computer, webcam, mic, desk, dedicated space, etc.). If you are hunched over a small laptop on the couch all day you are going to get tired of remote work really quickly.
2. Set boundaries. Just because you can work more hours doesn't mean you should. Block your schedule. Make time for work but also make time for play, for family, for just chilling.
3. Use Video. Use video conferencing as much as possible. Although it's not the same as in-person meetings the act of making eye contact and seeing each other, albeit via a digital medium, still feeds the desire for human connection more than a phone call.
4. Spend more time with those you really want to be with, in person. Go meet friends. Go spend more time with your family. Go for a hike, a surf, snow-shoeing, fishing, whatever. Go meet new friends you have made virtually, in person.

Will You Thrive Or End Up In The "Dustbin"?

I am not just asking this of individuals, but large companies as well. Will you be one of those that is listening to and helping set the tone, or will you be tone-deaf and end up in the garbage? It is a choice.

I believe we are in the midst of a large shake up for many industries, in particular the financial advice industry. It is my prediction that advisors, and the companies they represent, who embrace the new "remote tone" will be the ones to thrive moving forward.

What do you think? Where are we headed? Is Remote just a fad, or here to stay?

Sending positive vibes your way.

Cheers,

Derek Notman