Remote working has become more and more important to employees since the pandemic. 59% of people expect the ability to work from anywhere, and 44% said that remote working was one of their top three factors when choosing their ideal company [Source: Oyster].
There's a reason why the best companies to work for are going fully remote. I'll give you a hint as to why that might be (hybrid work is not working 🤫). Companies are beginning to realize that hybrid is the worst of both worlds and here's why:
- It complicates business operations. Not only does it make communication logistics twice as hard, but companies are also paying overhead for office space and equipment in the office and at home.
- Hybrid work makes it harder to hire top talent. Rather than having the ability to hire the best talent from all around the world, potential candidates are still tied to a central office.
- Creating an equitable experience is difficult. Employees working on-site are more likely to get more significant pay raises and bonuses than their remote counterparts.
In our recent event, Changing How We Work: Why Remote Companies Will Win, Tony Jamous, Co-founder and CEO of Oyster, and Chris Herd, Founder & CEO of Firstbase, joined Welcome's Co-Founder and CEO, Roberto Ortiz, to discuss the benefits and impact a distributed workforce has on their people and the global economy, and why they believe remote companies will win.
Watch the full event here for more ideas and remote working best practices.
Remote work makes it possible to hire the best talent wherever they may be, making it possible for businesses to be competitive without being located in a talent hub. According to Jamous, 1.5 billion knowledge workers will come into the workforce in the next ten years, primarily in emerging economies. It's the most significant demographic shift since the industrial revolution. Combined with the maturity of the internet and the platforms responsible for making remote work happen, millions of people will be able to participate in the global economy. Economist Brian Kaplan says, "If you remove the concept of borders from the talent pool, the world GDP can triple." "I don't see any scenario in the future that doesn't enable companies in the West to tap into the massive talent pool coming online in the next ten years," commented Jamous.
For Herd, he cares less about the future of work and more about the future of living. "Let's not just talk about work, but what's the impact? What's the outcome? How can we bridge to a better future of living for millions of people? The office today is a distraction factory with ping pong tables and game consoles. The reason for that is they want to keep you there for longer because they think that's the way to maximize productivity. But, perhaps there's a better way of working. If you start to trust people and give them what they want, the implication is that they have a higher quality of life. Let's not aim for a better future of work; let's aim for a better future of living."
There are plenty of reasons remote work will come out on top, but it won't be without some thoughtful planning. "Companies that are just going to replicate the nine-to-five and track people's clicks are never going to get any of the true benefits of remote work," says Herd. "I think they'll have to get over that hump and recognize the status quo can be different."
According to Jamous, there are three things that companies must do to make remote work well.
3 Things Companies Must Do to Create a Successful Remote Work Model
Going fully remote exposes all the gaps, but a good process, tools, and ways of working will help close them. Jamous breaks it down into three things he believes all remote companies must do to adopt a successful remote work model.
1. Intentionally Build Trust
When working remotely, it's harder to build trust between colleagues. To start, you need to create emotional safety so people aren't afraid to make mistakes or to say something wrong. Creating emotional safety begins at the very top. As a leader, how you react to bad news and offer support will determine how the rest of the company acts.
Secondly, you should default to assume that your employees have good intentions. Some managers might feel they can't trust remote workers to get the job done if they can't see them at their desks. If that's the case, you may want to ask yourself, why would you hire someone you don't trust to do a good job?
2. Be Specific in How You Measure and Define Results
Because you're no longer assessing people based on their presence in the office, you must clearly communicate how the company will measure and define success. One hundred years ago, when we moved from the Industrial Revolution, we brought some of the same managerial processes from the factory to the office. It's not about how much time is spent in the office but rather how well the job gets done and if projects and tasks are completed in a timely manner. Set goals and communicate them from the company to the individual level.
3. Clearly Define How You Work Together
Determine the tools and rules when collaborating with the company and clearly communicate them. Train people on what they are and model them as a leader. Finally, don't use a 'set it and forget it' attitude; know that tools and rules should evolve over time.
Watch the entire event here for more ideas and remote working best practices.
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