Hard to believe but it’s been one and half year since Covid emerged into our lives and then grew into a pandemic. It’s 2021 now, and we still haven’t got it off our backs. Given the prevailing second wave of coronavirus, the industries that had hardly started working from office are also going fully remote, as the government released new guidelines and also it is important for every citizen to be safe and practice precautionary measures to avoid getting infected. Read along to know the definitions and interpretations:
What is Work from Home?
This can be awarded as the most popular term of the year 2020. And it is very well known and understood. Simply comprehended, work from home means Working from Home. It can also be abbreviated as WFH. Previously this was a rare concept and was considered as a perk but covid has imposed a Work from home economy where we know this is going to stay and we need to make our way around it. As we know, nothing interesting is ever completely one-sided, similarly this also has both benefits and disadvantages.
When thinking about the impact of work from home, it can be from a varied point of views like employers, employees, industry wise also but most importantly it has a huge impact on the economy. Given the current situation, lockdown is prevailing in most of the big cities around the country and due to that people are working remotely. Below are given a few points that how it is actually affecting people’s day-to-day lives and statistics of the economies reports too:
Travelling has been affected drastically, the thought of international travel has started to feel like a dream, as it’s not been possible for some people to do so in their summer breaks. Because the workforce is at their home, the travel in the cities is also very less. This helps in climate change and emissions. Also, in saving the fossil fuel which is one of the natural resources that we have in very limited quantity on this planet. As there is less use of fuels, we, as citizens pay less tax, but decreasing the income of the government.
It’s been almost two years and there are companies who are operating fully remote ways. As there is no workforce to go to the office premises, the companies have started to think whether they require the office. This has brought a fall in the demand for real estates and office spaces are rented less and buildings will lose tenants. This will also affect the economy’s real estate industry and there are possibilities of prices getting highly fluctuated.
As the workforce doesn’t travel, from public transport to food trucks around the subway everything is getting the suggestion of shutdown. Due to the e-commerce industry being at it’s all time high, this is also affecting the small and local businesses. The small food trucks, coffee shops, restaurants and stalls that rely upon the pedestrian traffic majorly would be in crisis if this situation extends for more period of time. The businesses who are financially fragile are more at risk but none of all are immune to the risks. Many businesses might have to evolve a bit according to the situation, this can possibly be the saviour for their existence.
It is actually a great measure of safety by the employers that allow their employees to work from home. The employees that are asked to work remotely can balance their work and home life, by being available on both sides. The commute stress is relieved, they do not have to travel to their offices. Some companies also allow flexible hours to their employees, which is like cherry on the cake, this way they also get to manage their working hours. Setting up a workstation at their home also makes them try and adapt other ways of being attentive and increase productivity like customizing their home-desk. It is also commercially beneficial for them.
When allowing work from home to their employees, employers are also benefited handsomely. As there is no one at the office, they can reduce the overhead expenditures drastically, the expenses that come under this category can be electricity bills, office supplies, niceties like coffee time snacks etc. Employees who have the perk of working from their personal spaces have increased morale and tend to understand their responsibilities better as compared to the ones working from a traditional environment.
In this blog we have included most of the major aspects that should be brought in the limelight. Are you an employee or employer or a business owner? Do share your thoughts on this topic with us!