Balancing work life and travel life: Here's how firms can benefit from people working on the ROAD!

Friday: Mindfulness by Miles FROM THE DESK OF MILES EVERSON: Happy Friday! I hope you’re having a great day so far. Today, I’ll be talking about another category of workers: Digital nomads. In case you’re not familiar with the term yet, digital nomads refer to people who earn a living by working online in various locations rather than in a fixed business location. I encourage you to keep reading the article below. I’m highlighting some insights from MBO Partners’ research about this type of workers, including how companies can benefit from this workforce. . CEO, MBO Partners Chairman of the Advisory Board, The I Institute

Balancing work life and travel life: Here's how firms can benefit from people working on the ROAD! Based on MBO Partners’ 2022 State of Independence report, around 17 million Americans currently describe themselves as digital nomads. This is a 9% increase from the 2021 population of 15.5 million. As workers who embrace a location-independent, technology-enabled lifestyle, digital nomads defy a single definition as “workers.” They choose to combine working remotely AND traveling for various reasons and lengths of time. In fact, some of these professionals travel for years, regularly moving across countries and continents. Working from the Road: The Reality for Digital Nomads The COVID-19 pandemic is perhaps the single biggest impact on the growth of digital nomads in the past years. Since many traditional workers were unleashed from their cubicles or physical offices, some of them took to the road to embrace their newfound freedom. No wonder that the number of these workers grew from 7 million in 2019 to around 17 million in 2022! … and just in case you’re not aware yet: Digital nomads consist of both independent professionals and traditional employees. In MBO Partners’ data, 24% of these workers are full-time employees who simply choose to work remotely in different locations. As for the other 76%, they have either started their own businesses or worked as independents. They believe breaking free from the traditional workforce model makes them more in control of their own destiny and future careers. MBO Partners’ study also shows digital nomads work in a variety of fields, with main professions in: Information technology Creative services Education and training Sales, PR, and marketing Finance and accounting Consulting, coaching, and research The common theme of these jobs is they can be done remotely using digital tools and the Internet. The allocation of digital nomads across these fields is consistent—and even growing—year-over-year. Other factors driving the growth of this workforce include: Tech Improvements Over the past few years, there have been MASSIVE investments in remote work tools and technologies like faster Internet speeds and remote collaboration software. Because of these, organizations and managers are also learning to effectively utilize remote workers and include them in their teams. Digital Nomad Programs There has been a growing realization across the globe that digital nomads spend more money than tourists, prevent strain on public services, create jobs for locals, and even start local businesses. As a result, more than 45 countries have started creating digital nomad visas and other programs to make it easier for these workers to travel across countries. Increased Support A growing support industry is making it easier for people to become a digital nomad! This includes cross-border health insurance and financial services, temporary work and living spaces, online information sites, etc. There are even digital nomad communities now that provide these types of workers the work and living infrastructure they need. Business Transformation Many companies have announced plans and policies to allow more workers to become digital nomads. This transformation gives people the confidence to embrace new work opportunities, and many more are planning to join this workforce in the coming years. MBO Partners’ study also shows around 82% of digital nomads report high levels of satisfaction regardless of how much they make. That’s why it’s not surprising that these workers say being able to travel when and where they want is the top benefit of being a digital nomad. However, despite reporting high satisfaction levels, this workforce also experiences some challenges that include: Personal safety Being away from family and friends Time zone differences making work quite difficult Loneliness Travel logistics Maintaining a healthy balance between work and travel So, to support digital nomads, employers and clients have to foster a culture of connection (building long-lasting relationships even in the virtual world)… … create flexibility policies (giving remote workers the flexibility to get their jobs done and the freedom to work in different time zones)… … invest in quality collaboration software (providing digital nomads with the proper technology and tools to be efficient and successful)… … and make their firms easy to work with for digital nomads (developing processes and procedures to accommodate a “nomadic” lifestyle). These tips will not only enable businesses to see working with digital nomads as a HUGE perk, but also let these workers feel trusted, valued, engaged, and eager to stick around. I hope you find today’s topic insightful and helpful! Take note that the digital nomads trend is gaining a strong social media following. Popular blogs, videos, and accounts featuring these workers have created a spectator sport inspired by pictures and stories of faraway places, exotic locations, and happy lifestyles. In short, the future is bright for digital nomadism! By tapping into the power of this workforce, you and your company can benefit from access to these specialized talents, fresh perspectives on work, cost-effectiveness, and more. Happy weekend, everyone! Follow us on LinkedIn.