Why Remote Work Should Be Part of the New "Normal"

Updated:
October 16, 2020

The benefits of a remote work policy are well-documented and include reducing commuting costs, promoting work-life balance and increasing the pool of qualified job candidates. Despite this, a pre-COVID-19 pandemic survey by Epson Canada Ltd. showed that only 56 per cent of Canadians worked from home on a regular basis.

Now that most Canadians are working remotely as a result of the pandemic, however, more Canadians than ever are in support of remote work. A new survey by Robert Half Canada Inc. showed that 60 per cent of respondents currently working remotely now realize that going into the office is an unnecessary part of their job, and 55 per cent reported that their work-life balance has improved since working remotely. Additionally, 85 per cent of respondents want to be allowed to work from home more frequently once offices reopen.

The New "Working" Normal

The majority of Canadians who are now working remotely are enjoying the benefits of doing so and want remote work to be a part of the new post-pandemic normal. As such, employers that offer remote work options will likely be seen as more appealing to prospective and existing employees in addition to benefitting from lower energy consumption, increased productivity, and reduced absenteeism and tardiness.

Furthermore, allowing employees to work remotely more often, especially in the early days of reopening the workplace, can help to reassure employees that their employer cares about their comfort and safety when it comes to the spread of illnesses.

Balancing Working From Home and Caregiving Responsibilities

For many across the country, working from home is their new reality for the foreseeable future as the COVID-19 pandemic continues to spread rapidly. For some, this arrangement is business as usual. But for others, including parents and caregivers, they now face the difficult task of balancing their working from home and caregiving responsibilities.

If you’re in this situation, it may be difficult to navigate. Use the strategies outlined below to help you manage your telecommuting and caregiving responsibilities.  

Set a Schedule

Humans crave structure, regardless of whether they’re working in the office or at home. As such, while you’re working from home, it’s important to create a schedule and stick to it. For example, if you’re used to going to the gym before work, try to wake up early and get an at-home workout in before you start your workday from home.

Setting a schedule for yourself is just as important as setting one for those whom you’re looking after at home. If you have children at home, try to mirror their school schedule as much as possible. For example, have them wake up at the same time that they would for school, eat breakfast and get ready. Then, have them work on activities for specific times, building in time for meals and going outside.

For other loved ones you may be caring for, try to incorporate their standard routine with your personal schedule. Consider eating meals together and taking breaks to go for a walk outside or spend time together.

Create Separate Spaces

When you’re working from home, it’s important that you create separate spaces for yourself and those you’re looking after.

Ideally, your at-home workstation would be at a desk or table, away from any distractions such as the TV. Trying to work from your bed or couch can be challenging, since such locations are associated with sleep and relaxation. Creating this separation will benefit your productivity as well as your mental well-being.  

Not only will this help you remain productive at work, but it will also help communicate to others that when you’re in your workspace, you’re working. Additionally, creating these separate spaces will further instill the schedule that you set.

Take Breaks

Just because you’re working from home doesn’t mean you can’t take breaks. Coordinate all of the schedules so that you can take a break with your loved ones at the same time. Consider getting outside to get some fresh air and exercise.

Make sure to stand up and distance yourself from your at-home workstation. It’s extremely important for your mental well-being to maintain physical separation between your work and home life while you’re working at home.

Communication Is Key

When you’re balancing your job and caregiving responsibilities, it’s important that you communicate with those you’re looking after. It’s also important that you’re honest about your situation with managers and co-workers. Doing so will help ensure that expectations can be properly set and managed during the time you’re working from home.

Download Our Employee Work From Home Guide

Use this customizable guide to outline your company’s telecommuting, or work from home, policy and expectations, and educate your employees on best practices for working from home. Complete the document and share with your employees.

Our Guide to Working from Home for Employees

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.

It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.