COVID’S Effect on Business: What You Can Do to Make Your Business Future of Work and Online Ready
January 25, 2021
The private sector kept the economy open during COVID-19. The effect? Businesses now realize that a lot of work can efficiently and effectively go online. The advent of COVID-19 created a seismic shift towards remote work, which dramatically changed the way businesses run and the way we work.
Statistically, of those employed pre-COVID-19, only 15% worked from home. Now over 50% of workers have remote positions. This includes 35.2% who reported they worked in an office, then abruptly switched to work from home due to the pandemic [1].
The growth of remote work was accelerated by the pandemic, but it did not originate there. In the past five years, remote work has grown 44% [2]. Experts also predict that this increase will remain after the pandemic ends. Global Workplace Analytics, a research-based consulting firm, predicts that remote work due to the pandemic will result in a significant upswing in adoption of remote work post-pandemic. They estimate 25-30% of the workforce will work at home on a multiple-days-a-week basis by the end of 2021 [3]. “Before the crisis, surveys...showed 80% of employees want to work from home at least some of the time. Over a third would take a pay cut in exchange for the option…. The genie is out of the bottle and it’s not likely to go back in” [4]. This could be great for business and employees because 73% of people believed they were more efficient when working from home [5].
However, the movement towards remote work presents new challenges for businesses. Raúl Castañón-Martínez, a Senior Analyst at 451 Research, stressed that “while there is an increased awareness about remote working, the majority of organizations are not prepared for its wide-spread enablement – and many are still evaluating requirements and solutions” [6]. One issue that has been identified is the resultant skill gaps workers suffer. From a survey conducted by McKinsey & Company, 44% of executive and managerial respondents say their organizations will face skill gaps within the next five years, and another 43% report skill gaps that already occur [7]. The businesses who address these skill gaps will see these efforts translate into increased productivity and profitability.
Challenges can present new opportunities for growth. Businesses that thrived during the pandemic enabled their digital workplace to be accessible and adaptable for remote workers. To make your business ready for the future of work you must address three areas to properly equip the digital workplace: workforce development (upskilling through e-learning), workforce management tools (scheduling, onboarding, and data analysis), and communication and collaboration (video conference and collaborative documents tools).
Remote work is prevalent in today’s business climate and looks like it’s here to stay. Given that, what are the main considerations businesses should address to facilitate the movement towards remote work?
Key Considerations in Moving to More Remote Work
Employees need training in soft and hard skills
Accessibility and flexibility
Positive employee experience
Ability to analyze data
COVID-19 has accelerated the growth differential between companies with and without a digital backbone and the team to use it. According to Roy Maurer, Online Manager/Editor and Talent Acquisition at SHRM, the top four soft skills needed for remote work are Adaptability and Resiliency, Self-Motivation, Communication, and Collaboration [8]. Additionally, in a recent McKinsey report, respondents saw a need for organizations to address potential hard skill gaps such as data analytics, IT management, and executive management [9]. These soft and hard skills are important for your employees to learn if you want your workforce to stay competitive. These skills can be learned through an online platform with courses, certifications, micro credentials etc. to prepare for the future of work.
It is important that the online platform is flexible and accessible to make the transition easy for employers and employees. Using an online platform that is intuitive and customizable to your business’s exact needs will become an immeasurable asset during employee upskilling.
It is time to take the necessary steps to get your business ready for the future of work. The companies who will come out on top will adapt and be better for it. Studies have shown that 96% of remote workers desire some form of remote work post-pandemic. Further, 81% say they would be more loyal to their employer if they had flexible work options [10]. Remote work allows employees to avoid a commute, reduces stress, have a 91% better work life balance [11] and most importantly from a business perspective, increases productivity 79%. A positive employee experience will drive employee retention and make your company more successful overall. Having employees with the right skills and the right attitude are two important assets that the right online platform can help you attain quickly.
The ability to analyze data is a must have in an online platform. Picking a platform that delivers understanding is important to make sure companies know they are doing the right thing. Organizations that use the best technologies in financial reporting, for example, have grown annual net income 80% faster than organizations not investing [12]. A necessary part of a high functioning platform is having AI and machine learning. AI and machine learning provides up to date information and unmatched insights that employers can use to understand their pain points. It also benefits employees by creating a custom experience that helps them learn and work in the most effective way,
Amesite Offers a Single, Easy to Use, Scalable Solution
Amesite provides solutions to your problems in a single, easy-to-use platform for compliance and training. With Amesite you can:
Deploy a fully managed enterprise learning platform plus customized courses that enable you to deliver job-specific certifications for your staff quickly and efficiently. With Amesite, you just hit the easy button, and you can scale an entire remote work curriculum in 30 days
Uses AI and machine learning to identify trends and make informed decisions while upskilling your teams with comprehensive data analytics and customizable dashboards.
Attract and keep employees engaged with social media-inspired interface design and the most up-to-date content. Build employee networks that improve your organization's success.
COVID-19 has changed the workplace in innumerable ways. And its effects will be felt long after it has ceased. The best way to deal with change is to change along with it. Amesite is here to help you facilitate that change, and to provide solutions to the problems–and possibilities–your company faces.
