The Age of YOLO is Here for Some!
There is a new acronym in town - YOLO "you only live once." It is what it is: when workers are empowered, they have choices. And during a stock market boom, companies may even struggle to keep workers because they have choices, beyond the typical 9-4 work system.
The past year's devastation, including its emotional toll — fear, dread, anxiety, burnout — is fueling YOLO epiphanies among millennials who've decided to ditch their stable jobs. The New York Times reports that YOLO, an acronym for "you only live once," has pushed them to focus on side hustles or start their own businesses. And those still working are threatening to quit unless employers keep allowing flexibility. The Times reports they're emboldened and more risk tolerant because they have in-demand skills, have saved up during the crisis and their assets have soared in value.
The YOLO is coming alongside the evolution of WFH which many think is improving productivity.
Do employees work as effectively from the kitchen table as they do from the office? According to research cited by Bloomberg, working from home will lift productivity in the U.S. economy by 5% post-pandemic, mostly due to savings in commuting time. The poll, which involved 30,000 people whose work-from-home arrangements started as stopgap measures, found that 20% of workdays will be from home moving forward. The study found that lower income workers who don't have a remote option face greater disadvantage, since work-from-home benefits "will accrue disproportionately to the highly educated and well paid."