Can startups win the war for top talent?
The ease with which you can buy nearly anything online is often taken for granted. In the past 30 years, the way in which we have grown to trust the internet could never have been imagined. According to Chris Herd in his article, he says that in the space of three decades the efficiency and effectiveness of virtual stores beat physical retail into submission. He believes the same is also happening with remote companies when stacked against in-person physically headquartered businesses today.
Between 2008 and 2018, remote work reached a huge rise of 400 percent resulting in almost 4 million remote workers in the US. A new report by a global compliance and payroll solution, Deel has revealed that the growth rate of hiring for remote work across Africa has increased by 800%. It is estimated that by 2030, 50–80 million jobs will be performed remotely a majority of the time.
A lot of companies have decided to completely go remote because a shift to remote work also vastly expands talent pools. Workers are no longer limited to living in close proximity to the office, and recruiters can go after talent from around the world.
Companies that refuse to go remote or are less remote than its biggest competitor risks losing its most talented people to that business. Jeff Bezos said, “Your margin is my opportunity.” Your office is your competitor’s opportunity.
A great resignation is happening, recent surveys report that around 40 percent of workers are considering quitting their jobs and that nearly 75 percent of the millions who have already left their jobs don’t regret it. High resignation is happening because employees do not want to work in a toxic work environment. Workers are leaving companies that treat them poorly, underpay them, or hinder their quality of life. Companies that force employees to go back to physical work could result in employers losing 39 percent of their workforce.
When employees have a flexible work-life balance, they will be able to produce great work, a new paradigm shift emerges. Companies should be ready to accept true organisational innovation.
One way for collaboration to really grow amongst employees according to the article is being close together. A study conducted on the main campus of a Fortune 500 company found that just 10 percent of all communication occurred between employees whose desks were more than 500 meters apart. This suggest that companies that span large buildings have already lost a lot of the collaborative value of being in the office together.
Research has discovered that the open office leads to more stress and less productivity. The office has really become a place of distraction from deep focused work. When employees have flexibility of how they work they tend to be more productive.
The combination of computing, great communication and collaboration software, and the internet has empowered new ways of working and living. In the face of this, companies that don’t adapt will lose talent to their competition, and companies that embrace remote work will replace companies that don’t.
Sync! is a great platform for remote work. On Sync! you can track your performance, connect with your team members, plan your finances and organize your business. Sync! is still in beta stage, sign up at www.teamsync.tools for free.