Alec Hogg: Accountants start following tech firms and send their staff home – permanently.

Much of Covid-19's focus has been on the health pandemic and the triumph of human ingenuity to produce vaccines in record time..As relevant, however, is his lockdowns and social distancing have accelerated society's digitisation..At BizNews we've seen this first hand. Webinars, previously a curiosity for most, have become mainstream. For instance, this week I'll be among several hundreds participating in the second fully online Joburg Indaba – a laughable proposition just two years ago..___STEADY_PAYWALL___.Online interaction is so ubiquitous many refer to them as Zoom Meetings. Podcasts, too, have soared in popularity. Even more so, their video equivalents on YouTube..As a result the runway for previously highly profitable analog alternatives like conference centres, radio stations and television broadcasters has dramatically contracted..Prior to March last year, many I spoke with perplexed – and disbelieving – that the BizNews operated remotely AND efficiently. Eyes often glazed over when they were told that we never needed to monitor output. Instead, our challenge was getting work-from-home colleagues to slow down and take breaks..Today, everyone understands..Remote work is now embedded. Although some CEOs remain determined to get workers back into the office, most enlightened organisations are adapting to the new world..Tech companies, not surprisingly, are leading this way, But others are starting to follow. On Friday, global accounting and services firm PwC informed its US staff that 40,000 of them can now work permanently from home..Our partner, the Financial Times of London, describes PwC's decision to promote permanent remote work as "the most radical response from a Big Four firm to the changes wrought by the Covid-19 pandemic.".PwC staffers have two weeks to decide whether they want to switch to become permanently remote. If they do, the requirement will be a maximum of three in-office days a month for team meetings or client visits..Interestingly, PwC is replicating directives at Facebook, Twitter and Google: Staff who move to locations where the cost-of-living is lower face a pay cut. PwC explains its strategy on compensation is "we pay our people based on where they live.".The FT notes: "The decision to allow professionals to work primarily from home on a long-term basis is likely to force competitors, including Big Four rivals Deloitte, EY and KPMG, to consider doing the same to retain staff." And where the services groups go, their clients tend to follow..As for BizNews, after switching from the initial all-in-office to fully remote, we're now committed to a hybrid model. That requires a base that's attractive for the team, but the choice of when to use it is entirely in their hands..Hybrid options like ours are becoming increasingly popular among more flexible organisations. Probably because the pandemic reinforced that although social beings, sapiens value their freedom highly..The office-bound "9-5" genie is out of the bottle. As PwC's leadership have discovered, it's impossible to get him back in..The message for investors?.Buy shares in companies focused on servicing the home improvement and DIY sector. Sell stocks which have long leases or a big exposure to formal offices..Their share prices have already reacted. But as always in seismic shifts, the long-term consequences are always under-estimated..More for you to read today (click on linked headline to access) –.* Australia to end travel ban in November as it pivots to "living with Covid-19". Fully vaccinated citizens and permanent residents will be able to leave and return without seeking permission..* Why LED bulbs don't always live up to the hype about their lifespans.The lights, touted as lasting 25 times longer and using 75% less energy than incandescent counterparts, can burn out more quickly in some circumstances..* Merck's new Covid-19 pill is a boon for Wall Street and Main Street. Antiviral drugs that keep some coronavirus patients out of hospital are badly needed, and investors know it.NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). 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