Recovery, Renewal, Resilience

Lessons for Resilience

Consider how remote working may be able to revive local economies
Economic strategy

As remote working becomes increasingly more common during the COVID-19 pandemic, a number of countries have begun to offer Remote Working Visas where people can work as 'digital nomads' i.e. live in one country but work remotely in another. For countries offering Remote Work Visas, this has contributed to boosting economies at a time when other industries (such as tourism) are suffering. For companies employing digital nomads it offers the opportunity to pay competitive salaries to those who may be able to reduce their living costs by not working in the same country as their employer. Similar programmes may be considered at a local level, whereby employees can decide to live and work remotely in one city, and be paid by a company in another. Consider the benefits for companies, including:

  • Offering flexible working to help reduce resignations from staff who are reconsidering their work life in the aftermath of COVID-19 and explore job opportunities overseas
  • The reduced cost of staff e.g. the London Weighting allowance means employers pay anything between 1-20% more to employees living and working In London compared to other UK regions

Consider the benefits for local economies, including:

  • Building local economies by attracting new residents e.g. one study found that 60% of people has seen people reconsider their living situation, with many setting their sights on an escape to the coast
  • Rebuilding economies that were reliant on other industries e.g. tourism as people consider relocating to areas such as the coast - an area hard-hit by a diminishing tourist industry due to COVID-19
Source link(s):