Can tech help the economy recover? The real question is how can tech help the economy recover, because just about every sector of the economy is heavily dependent on technology. There are tech companies that have become household names, like Uber, Venmo, Warby Parker, AirBNB, Pinterest, and more got their start during the last major economic recession. Now those companies and others are fueling the economic recovery from the pandemic. Interestingly, much of this recovery hinges on remote work.
In order to cut costs so a recovery can be successful, businesses will be able to keep their workforce at home. This cuts back on major expenses like office space, cleaning, and equipment, but it also cuts back on smaller expenses like snacks and coffee for the break room, bathroom supplies, and more.
Workers can also save more of their salaries when they work from home, making this a win-win situation. There’s less need for professional attire and dry cleaning for starters. But the big savings come from no longer needing to commute, a perk that also frees up a large chunk of a worker’s day.
The Great Depression gave us such inventions as the electric razor, chocolate chip cookies, radios in cars, the Monopoly board game, and more. Each of these inventions has endured.
This economic downturn has given us the ability to change the way we live and do business for the better. It is exposing weaknesses in our critical systems and infrastructure, which gives us the opportunity to build them better. The principle of antifragility comes into play here. It’s one thing to survive a downturn by adapting, but it’s another thing to use what you learn in a downturn to become stronger in the long run. If we can take what we learn from this downturn and build our systems to withstand the next downturn, all will not be lost.
The reason tech thrives in a downturn is people are searching for ways to adapt. Every aspect of our lives has been affected by this pandemic, which translates to major changes in the way we are living our lives. Tech is responsible for helping us get food through ordering apps for groceries and takeout, keeping us connected through messaging platforms, and keeping many of us working through remote collaboration tools.
Even the way we receive medical care has adapted to suit remote services through telehealth and telemedicine. When it is too dangerous for some patients to see a medical provider in person, that person can still have access to care through technology.
Going to school and even going on vacation is temporarily tech-centric, too. It’s fortunate that we have the ability to continue much of our lives with minor interruptions thanks to the advances we have seen in technology in the last decade or two.
Learn more about how tech will lead the economic recovery from the infographic below.
Read next: Transitioning To The Remote Work Economy (infographic)
Remote Work Kept The Economy Going
Would it surprise you to learn that two in three American workers worked remotely during the pandemic? Just think of all the businesses that would have had to shut down otherwise. Technology like the internet, computers, smartphones, webcams, and more enabled people to stay connected and keep businesses going, and this is going to be a key component of economic recovery.In order to cut costs so a recovery can be successful, businesses will be able to keep their workforce at home. This cuts back on major expenses like office space, cleaning, and equipment, but it also cuts back on smaller expenses like snacks and coffee for the break room, bathroom supplies, and more.
Workers can also save more of their salaries when they work from home, making this a win-win situation. There’s less need for professional attire and dry cleaning for starters. But the big savings come from no longer needing to commute, a perk that also frees up a large chunk of a worker’s day.
Big Tech Thrives In Downturns
Necessity is the mother of invention, and no one knows this more than a tech company. There are problems out there that need to be solved, and people are going to do whatever it takes to solve those problems. Those solutions will endure and drive economic growth long into the future, as we have seen from previous economic downturns.The Great Depression gave us such inventions as the electric razor, chocolate chip cookies, radios in cars, the Monopoly board game, and more. Each of these inventions has endured.
This economic downturn has given us the ability to change the way we live and do business for the better. It is exposing weaknesses in our critical systems and infrastructure, which gives us the opportunity to build them better. The principle of antifragility comes into play here. It’s one thing to survive a downturn by adapting, but it’s another thing to use what you learn in a downturn to become stronger in the long run. If we can take what we learn from this downturn and build our systems to withstand the next downturn, all will not be lost.
- Also read: How Easy Is to Make the First Million?
The reason tech thrives in a downturn is people are searching for ways to adapt. Every aspect of our lives has been affected by this pandemic, which translates to major changes in the way we are living our lives. Tech is responsible for helping us get food through ordering apps for groceries and takeout, keeping us connected through messaging platforms, and keeping many of us working through remote collaboration tools.
Even the way we receive medical care has adapted to suit remote services through telehealth and telemedicine. When it is too dangerous for some patients to see a medical provider in person, that person can still have access to care through technology.
Going to school and even going on vacation is temporarily tech-centric, too. It’s fortunate that we have the ability to continue much of our lives with minor interruptions thanks to the advances we have seen in technology in the last decade or two.
Learn more about how tech will lead the economic recovery from the infographic below.
Read next: Transitioning To The Remote Work Economy (infographic)