The modern workforce is evolving. Hybrid and work from anywhere (#wfx) continues to be a hot topic but is slowly embraced across industries that can accommodate it. This week I attended an industry networking event organized by Payoneer (NASDAQ:PAYO).
My key takeaways:
- Digital freelancing and the nomad workforce is here to stay.
- Recruitment for traditional, corporate work settings is a pressing issue as qualified workers choose to work independently or with the same or optional flexibility as remote workers.
- There is a labor supply gap for computer, IT and Tech-skills which are in high-demand in the sector.
- WFX or WFO depend on how service levels are guaranteed for clients
- WFX or WFO depend on infrastructure, data security policies and industry regulatory compliance
According to a March 2021 Study of BCG and The Network entitled, ‘Decoding Global Ways of Working‘, The Philippines ranks highest (Up to 49%) when it comes to the level of enthusiasm for fully remote work.
What WFX, WFO options tell us
Every business has to take stock of where it is and where it wants to be in the new normal. A closer look at its resources and where optimization can be of most benefit.
Even the giant multinationals are trimming budgets and looking for alternative ways of working and improving organization-wide processes. Lean teams, workflow efficiency and consistent end user experience increase profitability.
In this uncertain times, companies have to adapt to this new way of working by offloading chunks of (now becoming optional) operating expenses if it is to attract and retain talent–and stay afloat.
Companies need to come up with objective and structured approaches to manage the risks and challenges brought about by this shift in work arrangements. My top 12 concerns are:
- Impact of WFX and/or WFO on corporate mission, vision and value proposition
- Real estate for IT/BPM is a volatile market.
- IT/BPM systems and infrastructure need to be revisited.
- Stricter data security and privacy policies need to be enforced.
- Contractual and regulatory compliance need to be closely monitored and adhered to (labour law, insurance, choice of workplace, safety concerns, taxation, etc.)
- Employee compensation and benefits packages will be adjusted.
- Human Resource functions need to be revisited to suit remote workers
- Learning and Development and career progression
- Overall employee experience, engagement, retention and loyalty is at risk
- Communication channels become hybrid (controlled/closed and open)
- Productivity and efficiency measures need to be tighter and transparent
- Work-life balance, wellbeing, job satisfaction, job security
Finding that healthy balance between work arrangements that will impact employees, the company and its customers is key. If there is anything that we all learned in the last two years, it is that flexibility and agility has its tradeoffs.
The boat may be rocking but it is not rudderless.
I am interested to see how the biggest players address these. Changing the corporate blueprint takes a lot of heavy lifting. Is it worth it? I think so.
One can argue that Work from Anywhere (WFX) is just a trend, but companies that prepare and plan accordingly by making it part of their business strategy is way ahead of the game.
Staying the course, adjusting the sails, following your true north. I believe it is always worth it to ride the wave of change and advancement without sacrificing quality service and positive experience across the board.
Disclaimer: The views expressed in the article above are those of the authors’ and do not necessarily represent or reflect the views of the company. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.