Most employees 'will be working remotely by 2020'
London, July 8, 2014
More than half of the workforce will working remotely by 2020 and not in a traditional office, thanks to the technology and some fundamental shifts in management thinking, according to a survey conducted at London Business School’s Global Leadership Summit.
The summit, organised in collaboration with Deloitte, was attended by a 600-member audience.
The entrepreneurs and business academics present at the summit debated the impact of technology on everything from the creation of the ‘new teenager’ to the office pecking order,
When asked what percentage of their company’s full-time workforce would be working remotely by 2020, 34 per cent among the audience said more than half and 25 per cent said more than three-quarters would not work in a traditional office.
“Technology and some fundamental shifts in management thinking are behind this response,” suggested Adam Kingl, London Business School’s director of Learning Solutions, Executive Education.
“Leaders are learning how to enable their teams to flourish, and there is a recognition that the notion of a traditional 9-5, Monday-Friday, commute-to-the-office job is quickly eroding. There is, though, an equally strong case for bringing teams together on a regular basis to inspire and to share.”
Innovation is held to be a critical factor for success in business and the summit included thought on how technology promotes fresh ideas and new approaches.
The audience was then asked what the biggest threat to innovation in the corporate world was. Nearly half (49 per cent) said career structures that failed to encourage innovators were the biggest block – compared to 9 per cent who blamed lack of imagination. The second biggest threat was regulatory burden and bureaucracy (33 per cent).
Business leaders from dunnhumby, the Tesco-owned company that created Clubcard, and Asos, the online fashion retailer, described the difference that understanding consumer data makes to business. The audience was partly convinced, the poll suggested. Nearly half (48 per cent) said their company should spend 5 per cent or less of annual profits on big data analysis.
London Business School Prof Julian Birkinshaw said: "This is a surprising finding. I think it reflects a lack of clear understanding of what exactly 'big data' analysis offers to companies. The implication is that there is still a lot of scope for progressive companies to gain competitive advantage from capturing and making sense of data about their customers and their buying habits."
Perhaps the most telling finding, given the subject of the Summit was the importance of technology and data to business today, was the response to a question about personal information.
‘A Dutch student recently auctioned all his personal data for £288 ($494). At what price would you be willing to sell your personal data?’ was the question.
The vast majority – 79 per cent – said no price was enough. Just three per cent indicated that they would sell it for less than £100 – they may place no value on personal data or they may believe that the benefits of giving it up do vastly outweigh any downside.
When it came to the question of executive pay, 39 per cent were in favour of no regulation – although almost as many said pay should be governed by international regulators such as the European Central Bank or International Monetary Fund.-TradeArabia News Service