Introduction
The year 2020 proved to be the most disastrous year for businesses and employment in human history. Consumer markets and offices are closed because of the COVID-19 pandemic. Companies worldwide have incurred colossal loss, and there is chaos in the business community.
However, this disaster also came with an opportunity to reconstruct the business model. The work from the home model has allowed the companies to operate the business from home and that too, with a very minimal cost. Hiring a virtual employee has never been this easy before.
There is a significant rise in virtual employment as a result of this pandemic. Let’s dive into the detail of trends of this virtual employment.
Current Trends in Virtual Employment
Virtual employment is not a new concept, and people have been using it for many years. Previously remote working was prevalent in online freelancing only. However, in the past few months, virtual employment and working from home have become an integral part of businesses of all sizes and types.
The eCommerce business is booming worldwide, especially during COVID time; it is an effective channel for selling products. Companies like Amazon and Shopify has allowed people to do business from anywhere around the world. The main element in this business is that your physical presence is not required at all.
The expansion of digital businesses has increased the demand for virtual assistants, and there is a record number of virtual hiring across the globe. With the advent of this pandemic, the communication channels have become stronger and better.
This vital communication network has allowed more control over the remote working. People can now have a check on the employees through daily face to face calls. This caused the rise of retail through eCommerce, and there is a 37% increase in retail eCommerce.
This is a significant achievement and opened a new horizon of doing businesses. The freelancing platforms have also allowed the businesses to hire some of the best resources worldwide, and there have been recorded 69% growth in freelancing in many countries. Companies are now more aware of the cost-saving potential of virtual employment because of this pandemic.
Future Trends of Virtual Employment
There are some factors that are going to determine the future of virtual employment. Some of the critical determinants are:
- Structure
- Right Tools of Communication
- Trust Level between Employees
- Culture of the Organization
- Response Time
The biggest challenge in 2020 was to develop a structure to operate remote teams. Businesses around the globe were not ready for this working style, and there were no tools available. Therefore, it was hard for companies to retain employees, which caused a massive downsizing across the globe.
However, there have been significant improvements in the communication channels, and new tools are available to have more control over the working conditions remotely. Many companies have now developed the SOPs for remote working, which makes virtual employment more viable. Although it will take time to refine the processes further, it is still a kickstart with promising outcomes.
The primary element which makes virtual employment tempting is the cost-benefit factor. Companies have realized that they do not have to spend a hefty amount of money on the infrastructure of the operating cost of huge offices. If systems are aligned, all the work could be done virtually.
Final Thoughts
In a nutshell, virtual employment has boomed around the globe during the COVID-19 pandemic. There has been exponential growth in virtual hiring over the past couple of months, and companies have developed systems to run their businesses remotely. The upgraded communication channels’ outstanding contribution has somewhat saved the global economy from a more significant crisis.
Companies have now realized the importance of virtual employment and significant cost saving through it. Some of the Fortune companies have started working on developing systems for permanent remote working. This will eliminate travel to the office and operational costs.
This pandemic’s current situation has taught us that virtual employment is a sure way to run the economy if you cannot come out of your house. Therefore, considering these factors, COVID-19 has kickstarted virtual employment, and this is going to grow exponentially even after the end of this pandemic.