Do you like working from home?
By Luma Wealth on June 2, 2020
The Ups and Downs of Telecommuting
Many states have begun to reopen and people are eager to get on with their lives. However, if you used to work in an office, you’re probably now working from home and could be there for a while. While you may have dreamed about the freedom to stay in your PJs all day in the past, by now you’re likely craving your old routine and social interactions and looking forward to a time when you once again have to shower and change before heading to work.
How long will telecommuting last?
Getting back into the office may take some time as building managers prepare for their occupants’ safe return. Recently released CDC guidelines include suggestions for improving ventilation, keeping employees safely distanced, frequently disinfecting high-touch surfaces and implementing health screenings.1 And when it’s time for your team to go back to the office it may be in phases, as many firms are planning to stagger their employees’ return.
Some executives will not return to the office for many months, if at all. After a successful experience with remote working, many businesses have announced plans to continue having employees work from home until the end of the year or the risk of contracting COVID-19 subsides. Several organizations, including Mondalez, Nationwide and Barclays, say they’re considering permanent shifts to hybrid work models.2 Still others, including tech giants Twitter and Facebook, have announced plans to allow employees to work from home permanently.
The benefits of working from home
For your employer, a remote workforce lowers the cost of overhead and eliminates geographical constraints for hiring, opening up recruiting to the best possible candidates. And new technology, such as Zoom, Teams and other conferencing and communication apps, has made working from much more viable. As an executive working remotely, you benefit from the extra time not spent commuting as well as a more flexible work schedule, allowing for a better work-life balance.
The challenges of working from home
Regardless of where your office is physically located, you have objectives to achieve, a team to motivate and clients to support. Meanwhile, your kids are home from school and your daily routine (including trips to the gym) is just a memory. You need workaround solutions.
Separating work life from home life
When your office is outside the home, it’s much easier to delineate work time from family time. The two are disconnected by a commute that allows you to mentally transition back and forth. However, when you live and work in the same place, your work life may encroach on your family time and vice versa, as you’re distracted by the laundry and dishes.
It can help to set new rituals, such as beginning your day with a workout or walking the dog, then changing into work clothes that motivate you to get things done. Designate an area of your house as a workspace, even if it’s a corner of the basement. This will help you stay organized and indicate to your family when you’re ‘at the office.’
Maintaining morale and keeping team members on track
Although there is no substitute for in-person interactions, video conferencing is a second best that allows your team to work cohesively throughout the day. And project management software can help you keep everyone on course and engaged in key objectives.
Focusing on wellness
Gallup research has shown that physical and emotional wellbeing are integral to job performance and employee retention.3 Make exercise a priority for yourself and encourage your team to do the same. To maintain a sense of community and connectivity, leverage technology to schedule periodic, virtual happy hours. It’s always beneficial to have a laugh, and the Holderness Family, for example, has some funny videos sympathetic to your new set of circumstances, including the challenges of using Zoom.
Advancing your career
Many organizations have put recruiting on hold for the time being, but now is a great time to advance your skills, position yourself as a thought leader and leverage social media to expand your network.
If you’re an executive now telecommuting, your Luma Wealth advisor can help you evaluate the financial implications of working from home. You may have additional expenses and there may be tax implications to factor into your wealth plan. As always, please reach out to your Luma Wealth team with any questions or concerns.
