Moscow, Russia confirms on Sunday 12 July to the Russian news agency TASS that the human trials of the first possible coronavirus vaccine have been successfully completed. The volunteers will be discharged soon and the vaccine reportedly can become the first one to complete all the clinical trials.
The Fact-check of the first possible COVID-19 Vaccine
This possible COVID-19 vaccine is developed under the supervision of chief researcher Elena Smolyarchuk and is marked safe for humans. However, a fact-check report claims that Russia’s vaccine has just cleared the phase-1 with 40 volunteers and it is still to pass the phase-2, where there will be at least 100 volunteers, and the phase-3, where at least thousand volunteers from different geographies will be a part of the trial.
However, amidst these endeavours to find the first COVID-19 vaccine, the world has started adopting the ‘new normal.’ One of the biggest revolutions that we have witnessed in 2020 is the adoption of remote working culture, of course, other than the completely transformed lifestyle pattern!
What if Russia’s Coronavirus Vaccine is a Success? Will Pre-COVID Business World Revive?
The initial impact of COVID-19 was quite fatal for the business sector and some even faced a complete shutdown. However, a majority of businesses (especially the IT sector) tuned up to the remote working culture and have started accepting it as the ‘new normal’.
Though mankind is eagerly waiting for Russia’s coronavirus vaccine to turn up into a success, it wouldn’t be wrong to say that the tech sector isn’t escaping the remote working culture anytime soon. Some facts to back-up:
- Mark Zuckerberg said on 21st May, “Facebook could get to about half of staff working remotely permanently in 5-10 years and will be the “most forward-leaning company on remote work”
- Twitter said that a major part of its workforce would be adopting the remote working culture in the years to come.
- Matthew Howells-Barby, the Director of Acquisition at HubSpot said that his team has adapted to remote working an year back and it has been a profitable move. Moreover, HubSpot has reported having a proliferating fleet of over 300 full-time remote workers.
- Shopify clearly expressed its support for the remote teams trend and said its team would continue to work remotely in 2021 as well.
Will Russia’s COVID-19 Vaccine Success Impact the Remote Working Trend?
The latest stats report – 74% of companies across the globe are planning to adopt the remote working culture permanently.
As a fact-check even if Russia’s vaccine passes the phase-2 and phase-3 trials, by the time it gets approval for production, a majority of the business world would have adapted to the remote work culture. But, let’s not draw an inference early and take a look at some important statistics about the impact of COVID-19 on the remote working trend:
- “The world’s largest work-from-home experiment,” as Time calls it:
88% of businesses have encouraged remote working as the best possible solution to stay afloat during these times. And 91% of organizations in the Asia Pacific had arranged and implemented appropriate remote working arrangements within the initial phase of the outbreak.
- Organizations Now Have a Remote Crisis Response Team
81% of businesses have a remote team as they believe to be a crisis response team. And businesses wouldn’t be willing to dissolve their crisis response teams anytime soon. Instead, a positive growth in hiring remote teams can be expected in the future.
- Remote Teams Display a Boost In Productivity:
Remote workers offer 35% to 40% more productivity as compared to the corporate office work-culture.
- Organizations Witness Positive Impact on Workforce Retention
Even post COVID-19 recovery phase later in 2020, companies should expect at least 75% of their workforce to expand their remote working hours by a minimum of 35%.
- COVID-19 is the Trigger and Cost-saving is the Main Catalyst for Remote Work
31% of businesses pointed COVID-19 to be the trigger to adopting the remote work trend. However, Danny Trinh, the head of design at Zenly (a location-sharing app) said the main reason tech leaders are willing to continue it is cost-saving.
Moreover, 77% of executives believe that the work-from-home trend will help businesses cut down a significant portion of their operational expenses (OpEx). Even if Russia’s coronavirus vaccine is a success, a majority of businesses are not likely to switch to the normal corporate working environment with higher operational costs.
What is the Future
Sources have been extensively trying to scrutinize the facts around Russia’s COVID-19 vaccine and even if the vaccine has tremendous potential, it is too soon to represent it as a possible cure to this pandemic. Conversely, remote work culture and the ‘hiring remote team’ trend might have evolved as an urgent necessity for the business world initially, but the practice has started blossoming some great profit buds for organizations within a small time.