Is the digital nomad lifestyle the future of work? Discover what industry experts have to say about this growing trend and the impact it may have on the future of work.
Target Audience: Remote workers and intending digital nomads.
The post-pandemic era has brought about unprecedented changes in the way people work. For many, it has shifted the world of work from traditional office settings and consolidated workspaces to remote work. With the increasing prevalence of remote work and the freedom to work from anywhere, many employees are adopting a new type of working lifestyle, known as the “digital nomad” lifestyle. This lifestyle allows individuals to work and travel simultaneously, without being confined to a traditional office or a geographic location, as long as they can access a reliable internet connection. But is the digital nomad lifestyle sustainable, and is it the future of work? Let's briefly explore what the experts predict! (Interested in becoming a digital nomad too? Check out these countries issuing digital nomad visas)
According to an MBO Partners State of Independence Report, the number of independent workers in the US alone is 64.6 million independent workers in 2022, up 26% over 2021 and this figure is expected to rise exponentially in 2023 and beyond. The report also reveals that the trend of digital nomadism is particularly strong among Millennials and Gen Z. With the rise of the gig economy and the proliferation of online platforms, today’s workers can choose to work from anywhere they want, and the number of remote jobs and virtual teams has become more significant than ever.
Experts predict that the digital nomad lifestyle is synonymous with the future of work which offers several advantages. It provides workers with flexibility on where they work, how much they work, and how much they get paid. With the right tools and resources, Digital Nomads can run a business or complete work from anywhere in the world, whether it's the beach, the mountains or the comfort of their own home.
The potential benefits of being a digital nomad are hard to ignore, particularly when it comes to an improved work-life balance. When you have the freedom to set your own schedule, you can prioritize your work and life in a way that allows for improved wellness, less stress, and more time spent with loved ones. This balance has prompted many people to choose the digital nomad lifestyle over traditional office settings.
Additionally, it seems that the traditional corporate hierarchy is beginning to disappear, with more companies recognising the benefits of offering remote opportunities for their employees. A recent survey by Buffer concluded that 98% of remote workers would like to continue working remotely for the rest of their careers. Before the pandemic, 30% of knowledge workers were already working remotely at least once in their weekly schedule, which has since increased dramatically.
However, the digital nomad lifestyle isn’t for everyone. Although it is generally seen as an ideal choice for freelancers, entrepreneurs, and knowledge workers, it can be challenging to maintain a work-life balance when working with clients in different time zones or making workspaces limited to just a laptop and a good internet connection. Furthermore, social isolation, poor internet connection, cultural differences, and inconsistent income streams all pose significant risks to those living the digital nomad lifestyle.
Another major challenge is financial management. Digital nomads don’t have the luxury of having a traditional paycheck, and managing finances in a foreign country is no walk in the park. Also, the variety of banking options is limited when compared to traditional banking. However, finding a banking solution that caters to digital nomads' unique needs is no longer a challenge because of platforms like Grey.
Grey is a platform that allows digital nomads and remote workers to create international bank accounts and receive or send funds globally. The company also issues foreign virtual debit cards for making payments online. Digital nomads can access their funds anywhere in the world and make transactions in different currencies with ease, making banking safe and secure regardless of their geographical location.
In conclusion, the digital nomad lifestyle is on the rise and is deemed as the future of work. This shift has been attributed to a significant evolution in our work culture, which embraces remote work opportunities, and an increasing desire for flexibility, work-life balance, and travel. Grey has revolutionized banking for digital nomads, making it easier for them to maintain their finances in the ever-changing landscape of international travel and remote work. It is clear that the digital nomad lifestyle isn't going away anytime soon, and as remote opportunities continue to emerge, more and more people are likely to embrace this lifestyle and live the life of their dreams.