There are a couple of relatively new phrases that are important for you to know, because what’s behind them is what is driving our economy nowadays.
They are: OTGE, or on-the-go economy, presenteeism, and Generation Z.
OTGE is, according to expense management solutions Concur, an 'intersection between on-demand and sharing economy'. Also dubbed ‘instanity’, it is a need to have every information and every tool at your disposal every single moment, and it is highlighted in the rise of virtual assistants.
Presenteeism is on the rise, as traditional working hours are dying out. Businesses need to accept the fact that the nine-to-five is dead, and need to accept a more fragmented working day.
And finally, the arrival of Generation Z, a generation which more prefers working on their own devices, and a generation which is moving away from email to other platforms.
These findings were published in Concur’s latest research paper, entitled Virtual Instanity.
“The OTGE is redefining the boundaries of how we do business. What has been fundamentally underestimated is the pace of change and its wider implications,” says Scott Torrey, EVP and GM EMEA, at Concur.
“Employees are no longer tied to the 9am – 5pm, they want to work on their own terms. They’re resourceful and entrepreneurial, recognising that they can utilise existing assets, such as a spare room, and turn them into revenue streams. It’s one of the key reasons why in recent years we’ve seen such a spate of start-ups, disrupting traditional business models and pioneering new markets."
Image source: Shutterstock/Natasa Adzic