Dr Edward Jones\u2019s business prescription for surviving the pandemic.<\/p>\n
A leading academic says the seismic shift in the way companies operate as a result of the coronavirus crisis will see many more staff working from home in future rather in an office.<\/p>\n
According to economics expert Dr Edward Jones, from Bangor University\u2019s Business School, the world of work is very unlikely to be the same again when the pandemic is over.<\/p>\n
But it\u2019s not all doom and gloom for a workforce which is getting to grips with working from home or has used their time on furlough to upskill themselves.<\/p>\n
Dr Jones also reckons that bosses will see the advantages to be gained from a more flexible workforce able to put in a shift at home or in the coffee shop.<\/p>\n
He said: \u201cWhile there are considerable health concerns now, it\u2019s interesting that we are already seeing many more people using technology to work away from the office.<\/p>\n
\u201cWe\u2019ve heard a lot about home working but we\u2019ve never had so many people doing it and one of the positives is that so many who said they couldn\u2019t work from home now find they can.<\/p>\n
\u201cIt will have a knock-on effect for employers who may find that in the future they don\u2019t need to accommodate 100 people in an office but can get by with desk space for 50 or even fewer which will mean big savings for the company.<\/p>\n
\u201cThose sorts of economies are likely to be crucial in a world which will face a very tough time when it comes to paying for the shutdown caused by the pandemic.\u201d<\/p>\n
Dr Jones, an expert advisor to the National Assembly of Wales, spent nine years at the sharp end of business in Dublin\u2019s financial sector after completing his PhD in Economics at Bangor University.<\/p>\n
He returned to Wales to take up a job as a lecturer at Bangor University\u2019s acclaimed Business School five years ago and since then has worked with the public and private sector on various economic and finance related projects, and he sees opportunities in the current crisis.<\/p>\n
Dr Jones said: \u201cThe people who have been furloughed should see this not as a paid break from work but as an opportunity to develop themselves so they\u2019re match-fit for when work resumes.<\/p>\n
\u201cA great way to utilise this time when furloughed is finding ways to undertake some form of personal development which is allowed under the terms of the Job Retention scheme.<\/p>\n
\u201cPeople should upskill themselves, whether it\u2019s entirely relevant to their day job or not – catch-up on processes and procedures they have fallen behind with, or learn about changes in their sector.\u00a0 Upskilling may even move their career in a new direction.<\/p>\n
\u201cThey should develop habits that will impact them positively when they return to work.<\/p>\n
\u201cIf their job consists of high stress, high volume work and they typically find themselves juggling a precarious work\/life balance, now is the time to hit the reset button.<\/p>\n
\u201cThis is an opportunity because it\u2019s not often that we have the chance to step away from day to day work and start thinking about the bigger picture and ask ourselves the big questions about what we want from life.\u00a0 Now is the time when you actually have time to do something about it.<\/p>\n
\u201cIt is too early to confidently predict the course of the economic downturn facing us due to the coronavirus but a recession is inevitable.\u00a0 The Welsh economy was already shaky in 2019.<\/p>\n
\u201cNow governments around the world are deliberately shutting down their economies for at least several months in an attempt to halt the spread of the coronavirus disease.<\/p>\n
\u201cThese actions will have an impact on the Welsh economy and the more people can do to prepare themselves the better the position they will be in.\u201d<\/p>\n
Dr Jones has even prepared a guide for surviving the pandemic with four simple steps for the new homeworker:<\/p>\n
Dr Jones added: \u201cThe coronavirus outbreak will have a significant impact on the Welsh economy and it\u2019s likely that the threat of this disease, its devastating impact on health and insidious undermining of our society, is here to stay until there is a vaccine developed for public use.<\/p>\n
\u201cThings are unlikely to be normal again for a very long time.\u00a0 There is a long, painful process ahead but this coronavirus pandemic will come to an end.<\/p>\n
\u201cThe hope is that society and the economy can get back up to speed as quickly as possible because of the actions taken now.\u201d<\/p>\n