THE PRIVATE INVESTOR
SUMMER ISSUE - 2021
The world has changed immensely from this pandemic — the way we work, the way we look, the way we think. As we enter a new era of human life, I decided to reflect onsome of the experiences I encountered throughout the pandemic,and look towards the future.
In 2015, I wrote an article for NEMA’s magazine (“NationalExempt Market Association”) entitled “A changing landscape.”When I look back at that article, it could not hold more truetoday. Not only has the landscape changed, but so much morehas changed forever…and some aspects will continue to change.
Our work lives
Output focus: Over time, the main KPI (“Key PerformanceIndicator”) we focused on was working hours. Time will beeventually be replaced for judging performance by productivityand output. Great employees will be the ones who deliver whatthey promise on a consistent basis and advancement decisionswill be decided by capability rather than longevity.
Responsibility focused: The need to meet an 8 hour day willevaporate and will be replaced by clear tasks and responsibilities.Employees will do what needs to be done rather that spendingtime trying to look busy as part of the office.
Asynchronous work: Offices provide the illusion andgratification that synchronous work is being done all the time.In reality, as the world shifts toward globally remote teams, toolsthat enable asynchronous work to become synchronous are themost important. Many startups will try to tackle these kind oftools.
How thePandemicChanged UsForever
By Tommy Baltzis, CFA, CPA, CA
Overworked: Many companies worry that employees won’t workenough when working remotely. The opposite will be true andbecome a real problem. Remote employees burning out becausethey work too much and have trouble “disconnecting” will needto be addressed.
Our personal lives
Lifework balance: The rise of remote will lead to peoplere-prioritizing what is truly important to them. Organizing theirwork around their life will be the first noticeable switch. Peoplerealizing that there is more to life than work will lead to a deeperpurpose in other areas of their life. People will realize that we nolonger have to sacrifice work for living…we can organize workaround our lives. We should also expect to see a massive increasein part-time and freelance work.
Rural living: Individuals will seek to move to smaller cities,where they will find a lower cost of living and higher quality oflife. We should expect these regions to quickly innovate in orderto attract these type of individuals before other regions develop.Better schools and faster internet connections are some of theaspects that will be required to innovate.
Hobbies renaissance: Remote working will also lead to a risein people seeking and participating in hobbies in their localcommunity. This should lead to deeper and more meaningfulrelationships which will overcome societal issues of lonelinessand isolation.
Health and wellness: Working remotely has reduced the dailycommute and we can estimate that employees will have 25 extra