Why Companies Need a Remote Strategy to Survive

I've always been an advocate for remote work. Before I started Firstbase, my assumption was that the remote revolution would be driven by talent—by great people demanding the option to work where they choose as a condition of employment. These last few months have changed my perspective.

Enter the COVID-19 pandemic. Nearly every company across the world faced the need to send employees home quickly. The going-remote timeline for implementing remote programs jumped 10 years into the future. While the transition was forced, companies realized that remote work works—and not just for employees.

The same companies that planned to spend billions on commercial real estate suddenly saw the virtue of remote work. Mark Zuckerberg, CEO of Facebook, predicts that within the next decade, “Facebook—a company that until recently paid new hires a bonus of up to $15,000 to live near its Menlo Park headquarters—could be a largely remote workforce.” The benefits of working in an office—access to coworkers and company data, for example—can be replicated remotely, at least to some degree. Productivity, too, can be at least as high in a remote office. A Stanford study demonstrated that

"Working from home boosts employee happiness and productivity.”

"We've tracked all of our key performance indicators, and there has been no change,” said Kirt Walker, CEO of Nationwide. I believe company executives are realizing that the benefits of a remote workforce—access to more talent, significantly reduced capital expenditures, and the competitive advantages these provide—can never be replicated in the office. Companies need to recognize the benefits of remote work and transform their companies accordingly. Yes, talent will increasingly make remote work a condition of their employment, but unless organizations adopt remote work programs, they will be replaced by remote-first companies.

Here’s why?