Shifts in technology and in the ways people want to work are leading the charge into new-found paths. Emerging digital technologies such as machine learning and distributed ledger technology (DLT) are disrupting the workplace. Talent itself wants more flexibility in how, when, where, and for whom it works. Workers with the most in-demand skills are increasingly choosing to work remotely and on-demand.
Ubiquitous high-speed internet (more than 50% of the world is connected), widespread vaccination, and affordable access to high-quality training and education will increase participation and fuel the move to remote work arrangements on a global scale. Large companies like Amazon, SpaceX, and Facebook are investing heavily to create a space-based internet, which will eventually provide high-speed internet access for the remaining 50% of the world’s population.
In developed countries, the safety net is tied to traditional work arrangements. According to surveys, one of the main reasons for workers to still favor conventional full-time employment. The unbundling of the safety net from a traditional work arrangement, one of the last remaining puzzle pieces, is now gaining traction and will increase the supply of talent from developed countries.
As a consequence of Covid-19, a majority of knowledge workers have experimented with remote work. Large traditional organizations recognized that remote working works and will shift their work model towards it. As part of this change, organizations realize that they can access talent from anywhere and that the requirement for co-location is becoming mostly obsolete. While claims of the death of the office seem premature, the popularity of the option to work from anywhere will only continue to grow with lasting impact on the relationship between firms and their employees. There are signs this may not be a short-term phenomenon, but more of a permanent shift in favor of remote work even after a Covid-19 vaccine is in place. More than two-thirds (69%) of large US company CEOs plan to downsize their office space according to KPMG.
