23 Jul 2020
Has working from home changed us all for the better?
The biscuit tin has taken a serious hit, my Playstation scores have reached an all-time high and my alcohol consumption has definately increased. On the plus-side, the dog is delighted, my house is tidier and the bookcase is now populated with the most intelligent sounding books. Appearances are everything on Zoom calls!
The spread of the coronavirus has had a devasting effect on the global economy, consequently some UK firms have gone under and even more have been forced to furlough staff or make redundancies. For those of us still fortunate enough to have fully paid employment, there has been a huge shift in our working environment. This is particularly relevant in the financial services industry where roles are flexible and working from home is a practical option. Like many of my colleagues, working from home is a new experience and comes with its own unique set of benefits and challenges.
For those of us new to home working, putting together a suitable working environment separate from distractions may not be straight forward. Many people have the challenges of balancing the needs of family members, particularly those with children. Trying to maintain a degree of education and keeping children entertained over a long lockdown period whilst continuing some pattern of work can’t be easy. I don’t quite have the same challenges as those with children although I still have the attentions of a certain four-legged friend Ben to consider, who seems delighted that I am at home all day to be at his beck and call!
There are many benefits to working from home; greater flexibility, more time to do things (particularly for those who had a long commute to work), fewer travel expenses, better options on childcare provision and much higher scores on the PlayStation (I’m joking on that bit, honest!). With fewer people commuting to work and travelling to and from meetings, the positive effects on the environment are obvious.
On the downside, and I never thought I’d say this, I do miss going into the office. I miss the company of colleagues and being able to share ideas but more importantly, having a laugh at work. We do hold regular team meetings, but it just isn’t the same. Work banter is important for our well-being and I must admit to feeling a sense of isolation at times.
Another negative factor, not just from working from home but from lockdown in general, is that I might have gained a few pounds here and there (but alas not in the wallet), partly as a result of less exercise but mainly out of doing a lot of damage to the biscuit tin and lets not even go there on the alcohol consumption (never in working hours of course!). On a positive note though, the duty on alcohol is quite high so I feel I’m putting something back into the economy and I’m also helping to keep the recycling industry going!
The increase of online meetings is also now a regular feature of our new reality. At RSMR, we have always advocated the benefits of face to face meetings, but due to current restrictions, we have had to adapt our working practices and video conferencing has now become the norm. The increased use of online meetings has also provided us with an insight into people’s homes and I have to say that those working in financial services do seem to have very nice places! Has anybody else noted how clean and tidy everybody else’s house seem to be? Under pressure, that mark on the wall in my house that’s been there for a year, has magically disappeared. There seems to be lots of bookcases filled with academia lurking in the background too, does nobody else have 100 Great Natural Wonders of the World, The Essential Dave Allen and the Beano Annual 1981 (a classic and much underappreciated piece of modern literature if ever there was one) in their collection?!
On a more serious note, the effect of the pandemic on most businesses has been devasting, with many retailers struggling even before the outbreak of Covid-19. Lots of companies have had no income at all over the last few months and although many have now reopened, the footfall is low. This is exacerbated by the lack of office workers spending money on a lunchtime or after work. Some of this business would have been from passing trade; popping out for a sandwich at lunchtime, browsing in a shop window to kill time and ending up buying something you didn’t think you needed (and probably didn’t). When I used to work in Leeds city centre, I seem to remember ending up in HMV quite a lot (it was a pretty good one in Leeds) and purchasing a number of DVD’s (remember those?) that would more often that not end up consigned to the attic or the charity shop soon after!
This reality is also reflected in changing government advice; as restrictions were lifted, the general advice was to continue to work from home if possible. As the detrimental effect on the service sector has become more obvious, the government is now encouraging more of us to go into the office (although this may be changing again?). Trying to get the right balance between supporting the economy and keeping people safe is not an enviable task.
Clearly, working from home has many benefits to both employers and employees and not least to the environment and it’s helping us to achieve a more satisfying work/life balance without a drop in productivity, but the knock on effects to many local businesses who rely on people in their places of work is clear.
In the financial services industry, the transition for more staff to work from home has been much easier than for many industries. Some companies have already committed to their staff working from home for the rest of the year and it will be interesting to see if this is extended into 2021.
As companies start the process on consulting with their employees on a possible return to work, it is apparent that many staff are considering going into work on a part time basis, maybe 2 or 3 days a week and working from home on the remaining days. Some people have expressed legitimate concerns around safety, particularly those who are at greater risk of the effects of coronavirus or who have dependent relatives who are. These concerns are not just based around the office environment, many people are reliant on public transport for their daily commute and would feel at greater risk. I personally wouldn’t relish the prospect of travelling on the tube twice a day, but for many people there is just no viable alternative.
Whatever employers and employees decide on the best way forward, it is clear that working from home is going to be a significant feature of life long after this dreadful virus is behind us, with a knock on effect on the high street and those providing office space.
On a final note, with another conference call looming next week, it’s time for me to hastily assemble that newly purchased bookcase and populate it with the most intelligent sounding books I can find (there aren’t many). On second thoughts, maybe I’ll leave things the way they are, or perhaps just do the call from the office, followed by a ham salad sandwich from the local bakery, no onions but plenty of salad cream, makes life easier all round! Stay safe.
Andrew Robinson, Investment Analyst, RSMR
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