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Ron Bauer, Founder of Theseus Capital, Working from Home
Before the pandemic, our lives consisted of getting stuck in traffic, to make it to our office, to sit in a chair for 8 hours and take that same route back. When quarantine hit we were sent off to suddenly shift our work life into the four walls of our home. A brand-new concept that may have not been so inviting to some, became a breath of fresh air for others. Down the line, as we sat and struggled to adjust to the madness of the world, we were also noticing how drastically our work life was able to change for the better. We could, in fact, successfully work from home. Today, it’s been coming to light how much these two-plus years’ worth of pandemic changes have really – and very dramatically – altered the future of work.
It must be stated that these changes were different for everybody. Those with kids or no workspace in the home definitely experienced their moments where work and life balance didn’t sit right. However, it wasn’t all bad for those who had low to no child responsibility, had a home office space or were able to create a more even flow. Even now, those with kids who returned to their normal school life have become a little chummier with the idea. So much so, that heading back into the office is just not an option appreciated anymore.
What do businesses think of this? Some don’t think anything specifically great. Especially when it came to light how many office themes and ideas were, in reality, not really working at all. For instance, the realization that most meetings could be simply replaced by email, how people were able to complete their work on time and that there isn’t a need for middle management. Though, the real issues companies seem to have with this style of working is that it has been untested. They may have difficulty in monitoring performance, the costs of working from home could be higher, information security could be threatened, Internet speeds could be slow, and they could see a decrease of staff morale. However, realistically, there is a way to hone down on these circumstances that are considered “issues” and find a way to make them work as Yelp did.
This past June, the CEO of Yelp Jeremy Toppelman decided to transform his 4,400-person company into an almost fully remote business. Following his employee’s wants and needs, he implemented the change once receiving the results of a survey taken by his staff. In a blog post on Yelp, Toppelman states “86% of respondents said they’d prefer to work remotely most or all of the time, 87% report that working remotely has made them more effective at work, and 93% of employees and their managers report they can meet their goals remotely. “Furthermore, when the employees were able to go back to work, Yelp decided to take the slow road and presented employers with the “remote-first approach to give people an option to use an office if they wanted to do so. We’ve since learned that the vast majority didn’t need the space. Globally, about 1% of our workforce is choosing to come into the office every day.”
With this shift being (finally) a real focus on what employees want from their work life, it’s important to point out the positives and benefits that have come out of these situations. If businesses can step up and make the necessary changes to create better work environments for their staff, you never know, you could witness an increase in your productivity, sales, or however it is the company needs to thrive.
Ron Bauer, The New Work From Home Reality
Mental Health
It’s unlikely many would believe our work schedule pre-pandemic was accomplishing a lot for our mental health. With the average commute to work being just under 30 minutes each way (which research has already linked to negative mental health), that 8-hour workday (where not many people actually do the full 8 hours of work) and the stress that comes along with it all affects our mental health. When we take away that commute to work, we allow for healthier morning routines to be created, including exercise and meditation. We additionally allow employees to create their own work-life balance where they can be with their family or friends more frequently, consume healthier meals and create schedules that bring them happiness. All in all, for those that enjoy working from home, you could be noticing a positive increase in your mental health.
Productivity
As stated above, working from home doesn’t equal less productivity. While it may be hard to think that it could be just as good as or more productive than working in an office, a study has indeed found it to be true. Great Place to Work found that “more than 800,000 employees at Fortune 500 companies found that most people reported stable or even increased productivity levels after employees started working from home.” It seemed that as long as employees were feeling appreciated by their employers and were following strong leadership within the company, then productivity was not an issue when working from home.
Farther Recruitment Opportunities
When recruitment is significantly based on who is in close proximity, you could be doing yourself a disservice. A potential worker in a different state could possess all of the greatest qualifications to work for your company, but your company does not offer remote work so therefore they may be unavailable. Not only does that widen your staff potential, but now your recruitment staff save time and money, as well as your candidate, by doing a virtual interview rather than a face-to-face one. It’s a win-win situation if you want it to be.
Reduced Costs
The telecommuting life (using tools such as email, video apps, phones, and chats) has been saving companies a great deal of money. Even Global Workplace Analytics scoured over 4,000 studies to provide us with the biggest benefits of working from home. These include:
- Rent and utilities: If most of your team is working from home, you won’t need to pay for larger premises, saving money on rent and utilities.
- Cleaning services: With minimal staff onsite, your cleaning services bill is likely to significantly decline.
- Food: Whether it is providing a cafeteria service or serving refreshments during meetings, if you have remote employees, you will eliminate this cost.
- Taxes: There are three factors that determine a company’s tax burden: payroll, sales and property. Making changes to accommodate remote workers could also impact your tax burden.
Creating the Right Environment for Your Staff
When it comes down to your staff achieving what they need from home, it’s all about the environment that you create for your staff. Though there is some worry that businesses have been vocal about, there are ways to venture around this. Ultimately, the changes are gaining their way to the future of work. If your employers are satisfied and working just as productively from home, then making the necessary changes could lead to better mental health for your staff and just as good business for you.
ABOUT RON BAUER – THESEUS CAPITAL – www.thescapital.com
Ron Bauer is a venture capitalist, entrepreneur, business mentor and author, with over 20 years of experience. He is focused on the Life Sciences, Technology, EdTech and Natural Resources sectors, where he has created several exciting ventures side by side with some of the world’s leading entrepreneurs and scientists as well as world class academic institutions. Ron holds a Master of Business Administration (MBA) degree from the University of Cambridge.
Ron was the Co-Founder of Turkana Energy, which merged with Africa Oil (TSX: AOI) in July 2009. The company went on to have a peak market value of over $3 Billion CAD, having raised more than $1 Billion of equity after Tullow Oil successfully drilled Turkana’s oil concession.
Ron is a principal investor in many biotech, tech and natural resources companies. Recently, he was a principal investor in 180 Life Sciences (NASDAQ: ATNF), Pasithea Therapeutics (NASDAQ: KTTA), Stran & Co (NASDAQ: STRN), Genflow Biosciences (LSE: GENF), Hemogenyx Pharmaceuticals (LSE: HEMO), and Cognetivity Neurosciences (CSE: CGN).
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Photos provided with written permission from owner Colton Barter.