There is no doubt that life after the pandemic will be forever changed. However, there are certain aspects of the professional landscape that are coming into focus. The after-effects will be far-ranging, but, without a doubt, one of the megatrends triggered is the sudden work-from-home (WFH) phenomenon. Companies who may have questioned employees’ productivity in their home environment have been forced to dive headfirst into the remote workforce to keep business running as usual.
While initially enabling remote workers for business continuity, organizations have pleasantly found that many professionals are often just as productive (if not more so) at home as they are in brick-and-mortar office buildings. Some sectors are more work-from-home (WFH) ready than others. High-tech companies are one such example because many are already familiar with collaboration tools, cloud-based applications, and distributed teams. Many of these technology companies are bound to major metropolitan areas where salaries are generally higher, but so is the cost of living. So that is where many employees wind up living, shopping, dining, and banking.
While technology companies are good candidates as early adopters of a WFH standard, that doesn’t necessarily mean they all were before the pandemic forced an unwitting WFH proof of concept. If what has long been suspected is true, and companies see themselves building more long-term value from employees, we could hear of more companies doing what Twitter announced recently. Post-pandemic, coming into an office every day may be optional, and the entire company will have the opportunity to work from home.
If this is the first domino of many to fall, it could lead to a migration away from costly locales in search of a higher quality of life. Thus, community financial institutions with premium digital customer engagement capabilities will have the best chances of retaining the business of these “transient” members. It is far less costly to keep a current member than to go out and acquire a new one, especially if they are leaving the community you serve.