Remote Economy: how increased working from home is changing the world as we know it

Technological advancements in the last decade have led to a rise in remote working globally. Allowing professionals to work outside of the traditional office, remote working is based on the premise that work doesn’t need to be executed in a specific location for it to be done successfully.

Below we will discuss just some of the ways the increase in remote working is transforming the world and how we do business.

Emphasis will be taken from cities:

Since the industrial revolution, cities have been industry hotspots and important parts of the global economy, according to a recent Statista report, in 2018 the urban population in the UK was reported to be 83.4%. As the world has transitioned into the digital age and into the remote economy it will have a direct impact on how and where people live, as geography would no longer be a factor when choosing a job. There will be less emphasis on living and working in big cities, and a possible rise in rural populations.

Housing markets will shift:

Employees will no longer need to live close to their offices, which will mean there will be less of a need to buy or rent properties in bigger cites. People will buy fewer homes in urban locations and live further afield. As there will be less constraints on where employees can live in order to get to work, it will mean they could seek areas with lower costs of living, however certain adjustments may be needed at home if the shift from office working occurs.

The move could lead to an increase in need for home offices. A home office enables you to get into the right head space and differentiate work from home and ultimately become more productive. If you don’t have the space in your home, there are many options to consider, such as implementing garden buildings from GBC Group as an outside office space, or perhaps converting one of your bedrooms in to a work space.

Few commuters mean less traffic and end of ‘rush hour’:

As the need to be in the office between the hours of 9 and 5 drops, so will the amount of time we spend commuting, which will then reduce traffic around commuter hours. Commuting not only wastes time and money, it also has a negative impact of employee moral and energy levels. Remote working will allow workers to save money spent on transport and gain hours back that would have spent on the commute. As not all careers allow for remote working, there will still be commuters, however the amount would be greatly reduced during peak hours.

Commercial rental demand will drop

As the need for workers to work in a physical office drops, so will the need for businesses to rent large commercial premises. This will save businesses large amounts of money by having the ability to either downsize or ditch the office all together; the office of the future could be anywhere. The move from traditional office spaces could open up opportunities to be more innovative and creative, as there will be larger budgets available.

As remote working rises, there is expected to be a shift in how people live and work which will have changes to the economy and wider environment. With the right preparations and technology available for employees, remote working can be a suitable alternative to travelling to an office every day.