“Remote work is going to tip the balance of global economic power in a way that few are yet to understand.” Opinion | Barbara Turley
International remote work has democratised opportunities for people to gain employment without being uprooted, as businesses look to tap into a reservoir of young - and cheap - global talent.
The pandemic has triggered a great ‘working from home’ (WFH) experiment.01:29.Dimon was saying , "I'm about to cancel all my Zoom meetings.Former catcher Ray Fosse is interviewed before a baseball game between the Athletics and the Detroit Tigers in Oakland, Calif on May 26, 2015.
Whilst the number of remote workers in the US has steadily been on the rise since 2000, what was once a fringe employment practice has come into the mainstream virtually overnight.While the WFH experiment has been a success in the West, it is about much more than British or American managers working from their spacious second homes in idyllic rural locations.It's been a game changer not only for workers in the world’s richest countries (where the biggest employers with the most lucrative jobs tend to be) but for global employment, and therefore global social mobility in poorer countries." VIDEO 1:47 01:47 CEOs are at their wits' end to figure out how to get their employees back to work Squawk on the Street Bank of America CEO Brian Moynihan had said in June, during the week when Goldman Sachs first required workers to return to offices, that there was a desire to return among remote employees.By breaking down the proximity and visa barriers to employment, businesses can unlock whole new pools of talent around the world.However, for this to work, new systems, management styles and processes fit for the ‘remote world’ need to become commonplace.He was 74.
The first step is, of course, for managers to realise that remote work works."It was interesting, I was at this wedding over the weekend and a bunch of young kids working in our industry for a competitor, and they're all.For years, CEOs have been concerned that working from home would lead to a loss of productivity.But as managers have been forced to relinquish total control over their staff, there does not seem to be very much evidence of that feared loss in productivity.In fact, several studies conducted in America seem to suggest that remote working has boosted productivity, with those who work from home spending 10 fewer minutes per day being unproductive.tired of working out of their rooms.Similarly, a study by Stanford of 16,000 employees suggests that working from home seemed to increase productivity by up to 13 percent.Fosse fractured and separated his left shoulder, and he told The Associated Press in 2015 his body still ached 45 years later.
However, I believe that we are only at the beginning of this journey.When harnessed properly, adopting a holistic WFH structure can widen any company’s talent pool and allow them to get the most out of their employees."Our people after 18 months are fatigued and they performed brilliantly, but I think I as a leader question the sustainability of innovation, the sustainability of engagement and culture building in a perpetual remote office or remote environment and that's why we're very focused on getting our people back to the office," Bessant said.If employees are working from home, it doesn’t matter whether that home is ten minutes or ten time zones from the office.And it doesn’t matter what passport or work visa they possess.WFH becomes WFA - work from anywhere - but more importantly, you can be from anywhere." There are many aspects of the world of work that have "forever changed," Bessant said, especially for leadership and management, and empathy going from a soft skill to a core skill, "the ability to see things through other's eyes, even when you can't see them right in front of you at a desk or at a table.He batted.
This presents a strategic opportunity for businesses.Employers are facing a shrunken labour force, which has invariably driven up wages.In April of 2020, an eye-watering 4 million people quit their jobs, a phenomenon referred to as the ‘Great Resignation’.The US is not alone in this, the UK is facing a 20 percent increase in unfilled job vacancies from pre-pandemic levels.This has invariably driven salaries up; in major cities, graduates straight from university are commanding salaries of up to $120,000.He was the type of franchise icon who always made sure every player, coach, colleague, and fan knew that they were part of the A’s family.
Businesses do not have to bow to these inflated wages any longer when there is a talented, hungry international workforce waiting for employment.The Philippines model Cross-border hiring has become a societal norm, as well as an economic necessity.As the saying goes, if you can do your job from anywhere, anyone can do your job.Smart business leaders can, and should, leverage this paradigm shift to their advantage.That is exactly what is happening, and overall it is a good thing.A lot of that was a result of the rigors of being a catcher.
I have experience working with virtual teams in the Philippines, for example, who have world-class admin skills and near-fluent English literacy, as well as cultural proximity due to being a former US colony.The Philippines is an interesting test case for an exploding remote work culture; there are already remote working hubs across cities like Manilla and Naga, but I expect this to explode over the coming years.Firstly, substantial education reforms mean that the Philippines is making remarkable progress; between 2008 and 2015, the net enrolment rate rose from 88 to 95 percent, and from 60 to 66 percent in secondary education.This means that for primary education, the Philippines is on par with the world’s most developed economies, such as the US.As essential as education is broadband, and internet penetration in the Philippines is only going one way.That’s something that I take with a lot of pride.
As of 2020, 79 million Filipinos have access to the internet, which is over half of the population.The language barrier is extremely low too.The Philippines is one of the largest English speaking nations, with the majority of the population having at least some degree of fluency.Filipinos are an example of a work-hungry, industrious population waiting to be fully integrated into the global economy - and remote work is making that possible at a scale unimaginable two years ago.This will unleash a burgeoning middle class, transforming their economy and society.Just the fact it was an All-Star Game, they always vote on the All-Star Game highlights or lowlights, and that always seems to be at the top that people talk about.
And the Philippines is just one example; Kenya, Indonesia, Brazil and Saudi Arabia have all been tipped to be talent sources because of their young, digitally savvy workforces and relatively low labour costs.Crucially, this will be high-skilled, business-critical work that is valued by the company retaining the individual's services.It will be completely different to the kind of unskilled labour that in the past has created potential pitfalls around labour exploitation or lack of benefits for the workers.These will be professionals in important roles in high growth businesses in industrialised nations - in numbers never seen before.Remote work is going to tip the balance of global economic power in a way that few are yet to understand..
The artificial control of labour flows through work visas no longer has the power to hold economies back.And businesses in industrialised nations will never look back, once they have realised how big the global talent pool is - and how competitively priced it is too.Disclaimer: The viewpoints expressed by the authors do not necessarily reflect the opinions, viewpoints and editorial policies of TRT World.We welcome all pitches and submissions to TRT World Opinion – please send them via email, to opinion.editorial@trtworld.
com AUTHOR Barbara Turley is an investor and former banker, and founder of The Virtual Hub (thevirtualhub.com).Related News.
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'Very focused on getting our people back to the office': Bank of America global strategy leader Catherine BessantWall Street leaders aren't ready to bank on a work world that goes more remote than in-office, and Bank of America is no exception. Isn't there a gas shortage Good luck. Offices are finished. ...and then having to replace a bunch of open positions
Ray Fosse, catcher knocked over by Pete Rose at 1970 All-Star Game, dies at 74Fosse also helped the Athletics win the World Series in 1973 and 1974, and he later became a popular broadcaster for the A's. That would be the 1 way he didn't want to be remembered. Hey e ru one Here, I fixed it: Ray Fosse, former MLB catcher and longtime broadcaster, has died at 74, his wife says.
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