Working from home a glimpse of virtual future
The lockdown gripping much of the world economy has spurred a real-time stress test of the longheralded digital future.
Virtual brown bag lunches have replaced office gatherings; schools have rushed out internetbased learning; the International Monetary Fund will this week hold its spring meetings online; and the U.S. Supreme Court for the first time will hear arguments by telephone and allow live audio broadcasts.
Virus lockdowns have seen millions lose their jobs as waiters, flight attendants, Pilates instructors and other service providers are shuttered.
That means sustaining those sectors that can function online has never been more important for a global economy facing one of its darkest periods since the Great Depression.
Gauging the exact size of the digital economy isn’t easy: The United Nations Conference on Trade and Development estimates a range of 4.5% to 15.5% of global gross domestic product. While that varies by country, it’s clear the companies and nations which can migrate the most commerce online will go some way to cushioning the damage.
“The futurists are going to have a field day,” said Mark Herlach an international lawyer at Eversheds Sutherland LLP in Washington D.C. “It will change the way we build our cities, the way we move around in those cities and that in turn changes our energy use. A whole series of knock on effects are coming.”
Herlach — who has had to steer negotiations between clients and government from his home and has used video happy hours and dinner parties to stay in touch with colleagues and friends — is positive on the experience so far, but worries about a lingering sense of isolation if more opt to work remotely once the lockdowns ease.
Cheaper internet connectivity has enabled explosive growth in online tools, allowing many white collar roles to be done at home and keeping managers and business owners in touch with their staff.
Users of Microsoft
Teams soared to a new daily record of 2.7 billion meeting minutes in one day, a 200% increase from 900 million on March 16, the company said on April 9. Even amid security concerns, Zoom has gone from being used by 10 million office workers a day to more than 200 million people.
“‘Zooming’ has become a new verb,” said Michael Bowes, a barrister and joint head of Outer Temple Chambers in London. He and his colleagues hold a ‘Virtual Tea Zoom Group’ at 4 p.m. every Wednesday, where everyone brings their own tea and cake for a general chat about nonwork issues.
Already, some companies have an eye on how they’ll change operations even when the virus dissipates.
Some are looking at cutting expensive travel and real estate budgets in favor of investing in better technology and home office set ups, said Satish Shankar, regional managing partner of Bain & Co. Asia-Pacific.
“We are poised for a dramatic wanton increase of the digitalization of our economies,” he said.