CEO and Co-Founder of DailyPay.
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As a new wave of safety restrictions sets in across the country, organizations continue to work hard to transform their workplaces for the new future of work. Despite the immense and unexpected challenges and opportunities Covid-19 has posed for businesses, many have found that remote working works. Our company, DailyPay, conducted a survey in June 2020 of 673 hourly employees across the U.S. that revealed 84% of those who could work remotely would if given the chance, and 48% said they are more effective when working remotely. These numbers shouldn’t be too surprising when considering that what we’ve lost due to the pandemic hasn’t been wholly negative. Gone are the hours-long in-person meetings with heads of multiple departments vying for the floor. Gone are long daily commutes. Gone are the open office workplace distractions.
Millions of Americans are currently working from their couches in their Zoom shirts — and things haven’t fallen apart. In fact, according to one survey, almost 60% of Americans think Covid-19 has actually changed the way we work for the better. So what’s the problem? As many organizations ready their return-to-work plans for 2021, they’re potentially missing key workplace insights that could improve business results. Business leaders should use this moment to rethink and rebuild inefficient processes and systems, reinvent roles and expectations and create the real workplace of the future.
Critical Opportunities Emerge In The Face Of The Covid-19 Challenge
The coronavirus is very likely the single greatest challenge business leaders will face in their lifetime. While the pandemic may be temporary, some of the changes it has instigated will — and should — be permanent. Whether your business has accelerated or been challenged, leverage this unique moment to check in with employees, evaluate existing processes and take advantage of new opportunities:
1. Accelerate digital transformation. The pandemic forced many businesses to pick up the pace of their digital transformation projects. According to a recent survey, 95% of IT professionals in a recent global survey said their organizations changed their technology priorities during the pandemic. Additionally, 71% of respondents said digital transformation projects were implemented within weeks rather than the months or years it would have taken before the pandemic.
No industry was left untouched. Restaurants launched apps for curbside pickup and contactless payments, banks established remote sales teams, schools shifted into online education, healthcare providers embraced telemedicine and manufacturers used robotics to assist scaled-back factory teams.
However, that same study found that 76% of IT professionals expressed concern about the long-term impact of rushed digital transformation projects. So while you should continue to use this opportunity to push these projects forward, you should do so with a critical eye toward specific pain points and assemble a task force to strategize long-term improvements.
2. Create better employee experiences. Gallup data revealed that the job-hopping moniker often attributed to millennials isn’t really fair. These employees are as likely as any other generation to remain loyal to their workplace — if their workplace gives them a reason to be loyal. They’re looking for opportunities to learn and grow, a sense of purpose and high-quality managers.
3. Embrace the hybrid work environment. Permanent remote work may not be feasible for all organizations, but a hybrid approach likely is. Identify which roles and processes can be performed virtually, as well as which working styles best suit individual employees. It’s critical to understand that every employee has unique preferences and needs, which impact their efficiency and productivity — and ultimately, your bottom line. You’ll also want to redesign physical office spaces to better prioritize the work that needs to be done in person, like collaboration, while allowing employees to do heads-down work from home.
4. Master the micro-event. Similarly, businesses across industries have reimagined corporate events, conferences and business travel. Even when restrictions ease, people won’t want to gather in large groups for some time. Because of their ability to connect more people at a lower cost, micro-events will likely become the new norm, even after the virus has been contained. These events combine in-person and virtual activities. For example, conference speakers might gather in-person at the same location, while attendees stream talks online and participate in digital Q&As. Likewise, business travel will remain limited for some time, but you may soon be able to conduct hybrid meetings, in which local employees gather in-person and video conference other clusters.
5. Revisit creative cost containment and benefits. As organizations continue to grapple with the economic downturn, they’ll seek to lower operational costs, forcing them to get creative in the ways they reward employees. With more remote employees — a benefit in and of itself — you can reduce office space and save on rent. Common culture perks, like happy hours and free snacks, can be replaced with virtual events and employee recognition tools. Without the confines of geography, you can also hire more diverse talent for less in markets with lower costs of living.
You’ll need to replace in-office benefits with new ones to lock in employees who will soon have more career options with the rise of remote work. Educational stipends, fitness app memberships and rewards like gift cards for great work can go a long way in making your employees feel valued. No-cost tools for employers like on-demand pay technology can give your employees more financial security and flexibility. Again, focus on creating a better employee experience by providing employees with opportunities to learn, grow and get rewarded for their work.
Covid-19 has revealed several key opportunities for your business to become more agile, cost-effective and experience-driven. It’s time to stop thinking about returning to work and start thinking about reimagining the way we work.
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