The New Work Week
As we head further into 2021 and the Global Pandemic we are seeing more and more things change. After this is all over, will these changes to our lives remain? Will we be able to stop wearing masks when we go into stores or will that stay the same for years to come? The workweek has also been affected and many folks are of the opinion that perhaps this new way of working might be a better way overall.
Just over half of all organizations believe choice in how, when, and where we do our work is the biggest trend to emerge from the pandemic. A survey showed that across the world, including the United States, professionals want a more flexible work life. The Four-day work week is not a new concept but it has grabbed hold of the attention of many managers and executives as a solution to the current pandemic and the way we do business.
The facts show that for most (80 percent) of organizations working flexibly does not actually have a negative impact at all. Now that we are in the second year of the Covid-19 and variants crisis we are seeing more and more people working different hours so that they can take care of their kids or do homeschooling or any number of other reasons. 91 percent of employers now offer more flexibility when it comes to working hours.
The trend seems to be shifting towards working smarter, not harder. For example, it was reported that Microsoft experimented with the idea of a four-day workweek in Japan. The results were astounding. Instead of decreasing productivity, it soared a further 40 percent! The whole experiment resulted in better efficiency as well as happier workers.
Before the pandemic, just 17 percent of employees in America worked from home 5 days or more per week. COVID accelerated the remote working trend. Lockdowns and quarantines ended in-person meetings and made commutes to offices impossible. Working remotely and starting to make your own hours jumped more than double the previous amount to 44 percent during the pandemic.
Eliminating an office entirely is also something we may see in the future with more businesses having no real brick and mortar storefront or office space. Remaining connected with colleagues and clients is easier than ever before using technology. Having no monthly rental and extra expenses could streamline your business even more and make you more money and your employees happier.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.