Work from home
This past week, a handful of large companies announced that most employees will work from home from the remainder of the year. Google and Facebook are amonng the companies making this shift and it's likely that a number of companies will follow suit of the large tech leaders.
I've worked primarily from a home office for the past decade and I've paid attention to the slow growth over that time. While I hadn't foreseen a viral pandemic as an impetus for adopting work-from-home on a wider scale basis, it has felt that growth is inevitable. There are challenges - and far too many benefits to ignore.
Employees are able to live farther away, which reduces the need to live in high-cost areas and provides flexibilty to open new opportunites to those unwilling or unable to relocate. Commute time is essentially elmininated, reducing traffic and providing extra time for employees - whether spent on work or pesonal. Companies benefit in the same manner, with reduced salary demands and a greater number of potential employees.
And of course, businesses can save an enormous amount on large, centrally located commercial real estate space. Most businesses won't entirely eliminate office space. It's likely businesses will move to a hybrid model with the ability to host employees on-site and enable work-from-home. As businesses adapt to this model, it's less likely that the trend reverses - even in the wake of the pandemic.