BETTER MANAGEMENT OF HYBRID WORKPLACES
Creator: Andrii Zastrozhnov | Credit: Getty Images/iStockphoto
Ever since the COVID pandemic started spreading rapidly, working from home or remote work is now the normal reality with employees hesitant to return to offices. A study reveals 2% of workers opting to return for daily office work, while 65% prefer to work remotely and 58% participants will search for new jobs if unable to work from home. Working remotely wins due to on-going fear of the pandemic (49% of participants are concerned about risk of infection at the work-place). Many employees improved work-life balance significantly by not wasting time on travel and having two hours of free time daily for themselves and family. 84% of survey participants said that the best advantage of working remotely is avoiding the travel to work. Employees save significantly on travel and food costs. 38% of people surveyed save $5,000 a year by working remotely, while 20% saved more than $10,000 a year. Employers confirm teleworking reduces costly office rental costs and can hire employees from other cities and regions with lower salaries. With companies enforcing budget cuts during the crisis, saving opportunities are useful.
DOWNSIDES TO REMOTE WORK
Creator: La Bicicleta Vermella | Credit: Getty Images | Copyright: La Bicicleta Vermella
Workers suffer from overwork and burnout due to lack of division between “work” and “home” hours. Work rhythm is disturbed with longer working day while rest and lunch breaks are reduced and fatigue sets in with productivity dropping sharply.56% of participants experienced burnout during the pandemic while 39% believe their mental health is worse. Transition to working remotely harms health due to a more sedentary lifestyle. Working from home raises valid concerns for employers by setting tighter requirements for performance, engagement, and psychological well-being, by introducing daily video conferencing, monitoring employees in work chats, increasing work reports, and the employer becomes an “overseer”, negatively affecting employee motivation and morale.
SMART CONTRACTS IMPROVE EMPLOYEE MANAGEMENT
Employee management improves using blockchain technology, or smart contracts which are digital representation of obligations between parties, with protocols for fulfilling obligations. Conditions in the rights/obligations agreement, are automatically recorded, executed and monitored by computer algorithms, ensuring execution controls by all at various work stages. Use of smart contracts ensure emergence of innovative business models.
Creator: katleho Seisa | Credit: Getty Images | Copyright: PeopleImages.com – #1736365
Peter Drucker’s idea of Management by Objectives remained a theoretical concept as managers could never track multiple tasks assigned for each employee, while accounting systems were unable to allocate individual rewards. Smart contracts make management by objectives a reality, by setting achievable daily goals, monitor implementation and reward employees if required. Worker tasks are not work-related norms but also to maintain healthy lifestyles, involving use of mobile applications and collecting fitness tracker data on smartphones for employer monitoring. Employees supporting healthy lifestyles, receive more rewards, while employers save insurance premiums, sick pay, avoiding absenteeism.
Rewards from smart contracts reduces on-job injuries by over 50% annually, reducing insurance premiums by10%. Employees are rewarded in cryptocurrency, additional bonuses or branded Visa debit cards. The app permits employees to earn regular wages in cryptocurrency, providing employment benefits, such as tele-health and interest-free crypto advances. Employee health enables businesses stay afloat, as teleworking spread during the COVID-19 pandemic, with potentials for improving business productivity, economic and social indicators such as worker satisfaction and well-being.35% of companies specifically invested in well-being technologies for supporting remote workforce during the pandemic.