Current issue
Modern Management Systems
Topics of next issues
Current issue
Archive
About the Journal
Editorial office
International editorial board
Reviewers
Open Access policy
Indexation
Publisher
Journal revenues
For authors
Procedure securing the originality of the publication
Principles of developing a scientific publication
Review procedure
Rules for submitting articles
Fees
For reviewers
Ethical standards
ORIGINAL PAPER
The future of work: financial implications of remote and hybrid work models
1
Philippine Christian University
Online publication date: 2024-06-30
Publication date: 2024-06-30
NSZ 2024;19(1):13-38
KEYWORDS
ABSTRACT
The research subject pertains to urgent matters concerning the evolving character of work, obstacles in regulations, and financial approaches adopted by organisations. The study is substantiated by its significance in the present-day business realm, its capacity to enlighten strategic decision-making, and its contribution to the ongoing discussions concerning the prospective nature of work. The research aims to thoroughly comprehend the monetary consequences of remote and hybrid work models. These aims encompass assessing financial metrics, examining the connection between work models and employee dynamics, and scrutinising the regulatory framework influencing financial decisions in the changing work environment. This qualitative study examines the financial implications of remote and hybrid work model trends. It focuses on the viewpoint of CEOs, CFOs, HR executives, and other critical management positions across various industries due to the growing remote work trend. The research conducted in-depth interviews with 20 management position holders to explore their experiences and decision-making processes. The study investigates how businesses integrate regulatory considerations into financial decision-making, address legal compliance, and adjust financial strategies to cater to remote work requirements. Furthermore, this research analyses the impact of tax implications on financial planning, necessitating closer collaboration between finance teams and tax experts. The research shows that adhering to regulations and labour laws directly impacts how much money is allocated for legal consultations and adjustments required for remote work. Tax implications are also important in financial decision-making, and organisations often seek expert advice to understand the financial impact. In addition, knowledge about government initiatives and incentives can help organisations make informed decisions about financial strategies, especially regarding technology investments and employee support programmes. The research presents significant qualitative viewpoints regarding the complex correlation among regulatory environments, financial decision-making, and the acceptance of remote and hybrid work patterns. The results provide applicable consequences for businesses dealing with the changing conditions of work models and add to the broader discussion on the future of work.
REFERENCES (52)
1.
ABDULRAHIM, H., YOUSIF, G.M., 2023. Remote Work Implications on Productivity of Workers in the Saudi Financial Sector, International Journal of Professional Business Review, Vol. 8, No. 4, pp. 1-17.
2.
ADEKOYA, O.D., ADISA, T.A., AIYENITAJU, O., 2022. Going Forward: Remote Working in the Post-COVID-19 Era, Employee Relations: The International Journal, Vol. 44, No. 6, pp. 1410-1427.
3.
AMSTERDAM LEADERSHIP LAB., 2022. Hybrid work: Curse or blessing?, https://www.amsterdamleadershi... (access: 29.01.2024).
4.
ATALAY, E., PHONGTHIENGTHAM, P., SOTELO, S., TANNENBAUM, D., 2020. The Evolution of Work in the United States, American Economic Journal: Applied Economics, Vol. 12, No. 2, pp. 1-34.
5.
BARRERO, J.M., BLOOM, N., DAVIS, S.J., 2023. The Evolution of Working from Home, https://wfhresearch.com/wp-con... (access: 29.01.2024).
6.
BATTISTI, E., ALFIERO, S., LEONIDOU, E., 2022. Remote Working and Digital Transformation During the COVID-19 Pandemic: Economic-Financial Impacts and Psychological Drivers for Employees, Journal of Business Research, Vol. 150, No. 1, pp. 38-50.
7.
BENEDIC, M., 2023. Hybrid Work for Small Businesses: Strategies for Reaping Benefits, Journal of Business Strategy, Vol. 45, No. 1, pp. 41-47.
8.
BEST, S.J., 2021. The future of work: Remote work in the emerging new normal, The Business and Management Review, Vol. 12, No. 1, pp. 284-291.
9.
BLOOM, N., HAN, R., LIANG, J., 2022. How Hybrid Working from Home Works Out, https://www.nber.org/papers/w3... (access: 29.01.2024).
10.
BRATAAS, G., STAV, E., LEHRIG, S., 2016. Analysing Evolution of Work and Load, [in:] 2016 12th International ACM SIGSOFT Conference on Quality of Software Architectures (QoSA), pp. 90-95.
11.
CHADWICK, L., VOLKERT, J., 2003. Making Work Pay: U.S. American models for a German context?, IAW Diskussionspapiere, No. 8.
12.
CHAFI, M.B., HULTBERG, A., YAMS, N.B., 2021. Post-Pandemic Office Work: Perceived Challenges and Opportunities for a Sustainable Work Environment, Sustainability, Vol. 14, No. 1, pp. 1-20.
13.
CHE OMAR, A.R., ISHAK, S., JUSOH, M.A., 2020. The impact of COVID-19 Movement Control Order on SMEs’ businesses and survival strategies, Malaysian Journal of Society and Space, Vol. 16, No. 2, pp. 139-150.
14.
ÇIFTÇI, Ö., 2021. The New Way of Working: Hybrid Work Model, [in:] Ofluoglu, G. (Ed.), In Current Approaches in Management and Organization in the Process of Globalization, Ankara: Iksad Publications, pp. 131-146.
15.
CUMMINGS, J., 2018. Financial Strategies for Sustaining Small Businesses – ProQuest, https://www.proquest.com/openv... (access: 29.01.2024).
16.
DOUGLAS, M., 1999. Four Cultures: The Evolution of a Parsimonious Model, GeoJournal, Vol. 47, No. 3, pp. 411-415.
17.
EMANUEL, N., HARRINGTON, E., 2023. Working Remotely? Selection, Treatment, and the Market for Remote Work, SSRN Electronic Journal, No. 1061, pp. 1-97.
18.
FENG, Y., YAO, S., WANG, C., LIAO, J., CHENG, F., 2021. Diversification and Financialization of Non-Financial Corporations: Evidence from China, Emerging Markets Review, No. 50.
19.
FROUD, J., JOHAL, S., LEAVER, A., WILLIAMS, K., 2006. Financialization and strategy: narrative and numbers, London: Routledge.
20.
GONG, N.Z., XU, W., HUANG, L., MITTAL, P., STEFANOV, E., SEKAR, V., SONG, D., 2012. Evolution of Social-Attribute Networks: Measurements, Modeling, and Implications Using Google+, [in:] IMC ’12: Proceedings of the 2012 Internet Measurement Conference, pp. 131-144.
22.
HA, D., SCHMIDHUBER, J., 2018. Recurrent World Models Facilitate Policy Evolution, [in:] 32nd Annual Conference on Neural Information Processing Systems (NeurIPS2018), pp. 1-13.
23.
HENNINK, M.M., KAISER, B.N., MARCONI, V.C., 2017. Code Saturation Versus Meaning Saturation: How Many Interviews are Enough?, Qualitative Health Research, Vol. 27, No. 4, pp. 591-608.
24.
HONG, P.C., 2020. Evolution of Business Models, [in:] Hong, P.C., Park, Y.W. (Eds.), Rising Asia and American Hegemony: Case of Competitive Firms from Japan, Korea, China and India, Berlin: Springer Nature, pp. 87-99.
25.
HOPKINS, J., BARDOEL, A., 2023. The Future Is Hybrid: How Organisations Are Designing and Supporting Sustainable Hybrid Work Models in Post-Pandemic Australia, Sustainability, Vol. 15, No. 4.
26.
IQBAL, K.M.J., KHALID, F., BARYKIN, S.Y., 2021. Hybrid Workplace: The Future of Work, [in:] Handbook of Research on Future Opportunities for Technology Management Education, Hershey: IGI Global, pp. 28-48.
27.
JIMENEZ, J.C.M., FLORES, M.M.T., RIVAS-TOVAR, L.A., VILCHIS, F.L., 2014. Evolution of the Concept and Models of Work Exhaustion (Burnout): The Research in Mexico, International Business Research, Vol. 7, No. (9), pp. 45-66.
28.
KATSANDE, R., FARHANA, N., DEVI, A., 2022. Hybrid Models for Remote Work Practices in The Post Pandemic Era: Prospects and Challenges, International Journal of Academic Research in Business and Social Sciences, Vol. 12, No. 11, pp. 437-451.
29.
MALKA, S.C., 2023. The Case of COVID-19: Sorting Through Long-Term Workplace Related Trends Created and Accelerated by the Pandemic – Observations of a curious individual, [in:] Tiell, R.H., Malka, S.C. (Eds.), Amplifying management research for the common good: Lessons for curious individuals and organizations – Insights from practitioners in the field, Charlotte: Information Age Publishing, pp. 1-24.
30.
MARCUS, J.S., 2023. COVID-19 and the Shift to Remote Work, [in:] Whalley, J., Stocker, V., Lehr, W. (Eds.), Beyond the Pandemic? Exploring the Impact of COVID-19 on Telecommunications and the Internet, Bradford: Emerald Publishing Limited, pp. 71-102.
31.
MARTINS, G.O., 2011. Remote or Hybrid Work After Effects of Covid Changing the Future Work Structure-A Case Study of Amazon [Dissertation], https://norma.ncirl.ie/5892/1/... (access: 29.01.2024).
32.
MELECKY, M., PODPIERA, A.M., 2020. Financial Sector Strategies and Financial Sector Outcomes: Do the Strategies Perform?, Economic Systems, Vol. 44, No. 2.
33.
MISRA, D.P., RAVINDRAN, V., 2022. Survey-Based Observational Research: Quality, Relevance and Optimal Use in the Post-COVID-19 Era, Journal of the Royal College of Physicians of Edinburgh, Vol. 52, No. 3, pp. 199-200.
34.
NADEEM, M., 2022. Vaccinated: Marketing Workforce Hybridization, British Journal of Marketing Studies, Vol. 10, No. 3, pp. 14-24.
35.
NATHANAEL, D., MARMARAS, N.V., 2008. On the development of work practices: a constructivist model, Theoretical Issues in Ergonomics Science, Vol. 9, No. 5, pp. 359-382.
36.
NG, M.A., 2021. Has the COVID-19 Pandemic Accelerated the Future of Work or Changed Its Course? Implications for Research and Practice, International Journal of Environmental Research and Public Health, Vol. 18, No. 19.
37.
OUDEYER, P.-Y., SMITH, L.B., 2016. How Evolution May Work Through Curiosity-Driven Developmental Process, Topics in Cognitive Science, Vol. 8, No. 2, pp. 492-502.
38.
OZERNIKOVA, T.G., BORISOVA, A.A., NAGAPETYAN, K.V., 2023. Some Transformation Trends of HR Processes in Remote Work, Social & Labor Researches, Vol. 50, No. 1, pp. 145-159.
39.
PHILLIPS, S., 2020. Working through the pandemic: Accelerating the transition to remote working, Business Information Review, Vol. 37, No. 3, pp. 129-134.
40.
PIIRSALU-KIVIHALL, K., SINITSYNA, A., ALFIERI, L., PAAS, T., 2023. Acceleration of Remote Work and Coworking Practices in Estonia during the COVID-19 Pandemic, [in:] Akhavan, M., Hölzel, M., Leducq, D. (Eds.), European Narratives on Remote Working and Coworking during the COVID-19 Pandemic, Cham: Springer International Publishing Cham, pp. 19-27.
41.
RADONIĆ, M., VUKMIROVIĆ, V., MILOSAVLJEVIĆ, M., 2021. The Impact of Hybrid Workplace Models on Intangible Assets: The Case of an Emerging Country, Amfiteatru Economic, No. XXIII(58), pp. 770-786, https://www.ceeol.com/search/a... (access: 29.01.2024).
42.
RAMANI, A., 2021. India’s Transforming Post-Pandemic Workplace: The Emerging Role of the Hybrid Work Model, Corporate Real Estate Journal, Vol. 11, No. 2, pp. 186-192.
43.
SANTILLAN, E.G., SANTILLAN, E.T., DORINGO, J.B., PIGAO, K.J.F., MESINA, V.F.C., 2023. Assessing the Impact of a Hybrid Work Model on Job Execution, Work-Life Balance, and Employee Satisfaction in a Technology Company, Journal of Business and Management Studies, Vol. 5, No. 6, pp. 13-38.
44.
SIVAPRAKASH, J.S., VENKATESH, S., 2023. The Impact of Remote Work on Employee Productivity and Well-being: A Comparative Study of Pre- and Post-COVID-19 Era, https://www.researchsquare.com... (access: 29.01.2024).
45.
SJÖBERG, P., HALL, J., 2021. Future strategies for remote working in an era of accelerated transformation, Journal of Digital Banking, Vol. 6, No. (2), pp. 130-139.
46.
SMITH, N.H., 2012. Three Normative Models of Work, [in:] Smith, N.H., Deranty, J.-P. (Eds.), New Philosophies of Labour, BRILL EBooks, pp. 181-206.
47.
SVETLOVA, E., DIRKSEN, V.M., 2014. Models at Work-Models in Decision Making, Science in Context, Vol. 27, No. 4, pp. 561-577.
48.
TAKAMI, T., 2023. Remote Work and Well-Being in the Post-COVID-19 Era, Industrial Health, Vol. 61, No. 3, pp. 171-172.
49.
VYAS, L., 2022. “New Normal” at Work in a Post-COVID World: Work-Life Balance and Labor Markets, Policy and Society, Vol. 41, No. 1, pp. 155-167.
50.
ZAPATA, L., IBARRA, G., BLANCHER, P.-H., 2023. Engaging New Ways of Work: The Relevance of Flexibility and Digital Tools in a Post-COVID-19 Era, OUCI, No. 20.
51.
ZIEMBA, P., PIWOWARSKI, M., NERMEND, K., 2023. Remote Work in Post-Pandemic Reality – Multi-Criteria Evaluation of Teleconferencing Software, Sustainability, Vol. 15, No. 13.
52.
ZOLTAN, R., VANCEA, R., 2016. Work Group Development Models – The Evolution from Simple Group to Effective Team, Ecoforum Journal, Vol. 5, No. 1, pp. 241-246.
| eISSN: | 2719-860X |
| ISSN: | 1896-9380 |
We process personal data collected when visiting the website. The function of obtaining information about users and their behavior is carried out by voluntarily entered information in forms and saving cookies in end devices. Data, including cookies, are used to provide services, improve the user experience and to analyze the traffic in accordance with the Privacy policy. Data are also collected and processed by Google Analytics tool (more).
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
