Citigroup released a report: The New World of Telecommuting. This report, the fifth in the Citi GPS Technology at Work series, explores how COVID 19 can rapidly advance current trends and determine the potential impact of these trends on future work. To access the full report, please visit www.citi.com/citigps. 52% of WFH employees can promote innovation, increase productivity and reduce emissions, but still highlight inequality
CitiGroup Releases New Report: The New World Of Telecommuting
The COVID-19 pandemic shows that remote work is possible. We checked 483 occupations and found that 113 of them can be executed remotely. Carl Benedict Frey, a researcher in Oxford Martin City and director of future work plans at Oxford Martin School, said. “Even so, these 113 jobs still account for 52% of the American workforce”.
As the digital world finally reaches a stage where it can support technologies such as virtual meetings, the epidemic has accelerated the shift to remote work. The digital revolution that promotes remote work and the upcoming 5G will make remote robotics and augmented/virtual reality possible. Which will increase the degree of automation on a global scale. The growth of virtual presence and cyber presence may also provide alternative development paths for emerging markets. Plus, shifting from a manufacturing-led growth model (such as China) to a service-led growth model (such as India).
However, the switch to remote operations also highlights some inequalities in labour. Jobs that can be done remotely are often high-paying, while jobs that require actual work are often low-paying/low-educated. This means that the blockade caused by the pandemic has greatly affected the income of those who are engaged in low-paying jobs and cannot transfer to remote work. This research reflects a technological change that is biased towards technology, which shows that technological progress in the twentieth century has benefited skilled workers and is reflected in their higher wages.
One of the points learned from our analysis is that innovation is necessary to increase our resilience against further shocks and avoid social damage caused by lock-in. We need a skilled workforce, a digital infrastructure, and the elimination of policies and regulations that hinder the digital transition.
Robert Garlick, Head of Equity Research for Europe, Middle East and Africa, said. “This epidemic has produced the greatest work experience in history. It has accelerated the digital trend and opened up new habits, possibilities and new thinking. Way, and added: “The answer is most likely to be the gift of choice provided by the employer. Let them experiment and innovate. “The combination of selection and technological process means that we are unlikely to return to standards this year/early decade.”
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If remote work is the new normal, what impact will it have on the industry, the company, and society? “The trends we are seeing are accelerating, including educational technology. As schools hope to reduce overall costs and increase productivity, this epidemic may change people’s attitudes towards increased spending,” said Thomas Singelhorst, head of European media research.
Georgios Ierodiaconou, European Communications Research Director, emphasized that during the pandemic. The value of connectivity has increased and the network infrastructure has enabled functions such as e-health, big data and surveillance. Walter H. Pritchard, managing director of software research in the United States, believes that the rapid transition to working from home is a catalyst for the next generation of software that focuses on productivity and collaboration.
The increase in remote work is bound to affect the real estate office market and the entire city. Although some companies talk about limiting the number of offices, Aaron Gay, head of REIT research in Europe, the Middle East and Africa, pointed out that “Cities are resilient. Although manufacturing has moved out of cities for decades, cities are still Growth. “Overpopulation.” We see cities as a catalyst for innovation and believe that cities will continue to survive and adapt.
Final words of the report:
Since new technologies such as virtual meetings may reduce the number of face-to-face meetings, business travel is less controversial. Mark Manduca, deputy director of EMEA research and European airline analyst, predicts that compared with 2019, the company’s travel volume will be reduced by 25%. We have noticed that the company’s travel volume is reduced by 1%, which may affect airlines. Income has a 10% impact.
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Last, but most importantly, the number of cars driving during peak hours and the number of office buildings that require electricity are reduced, which means less carbon dioxide emissions into the air. Elizabeth Corey, director of sustainable finance at Citi Global Insights, estimates that “using scenario analysis, if 52% of American workers only work from home for one day, the annual reduction in carbon dioxide will reach 20 million tons, or 2.5%, which is equivalent to 4.3 million cars drive on the road every year”.
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