The Covid-19 pandemic has completely changed how we work. Opportunity to work remotely means employees need not uproot their lives to join a new organisation. One can still enjoy the benefits provided by a company without going through the trouble of relocating.
While working remotely has helped us save time on commutes and brought some closer to their families, it may mean that we can never really be off work.
This has led to a new trend of workcations. As the term implies, it means a vacation where one would work; away from the office but not from work.
Last week, a colleague who works in the travel industry, told me how resorts are tapping into the trend of workcations. With so many desperate for a change of scenery, the packages provide remote workers the opportunity to work from a relaxing destination at competitive prices.
The workcation, though, is not a new concept and is one of the past year’s popular travel trends. Last year, I came across workcation packages in the Caribbean, enticing those who worked remotely. Families with children attending school online and parents working from home opted for the package, where they worked and studied by the beach on weekdays and enjoyed the island life at weekends. Another acquaintance who works for a luxury resort in the Maldives told me that many guests who arrived to spend the Christmas holidays have chosen to stay on at the resort.
Hyatt hotels introduced “Office for the Day” packages that are available through to September this year at destinations worldwide such as the US, Singapore and Hong Kong. With packages starting at $75 per day, guests can enjoy a standard guestroom from 7.00am to 7.00pm along with a workspace and facilities such as a printer, scanner or fax.
Remote work has been a blessing for many but it also meant that many of us have been finding it hard to really be “off work” and workcations make it harder. I recently hired an intern, who still sends me work emails on weekends despite it being against our company’s policy. She said that she’s been finding it hard to draw the line between work and her personal life, especially when working from home.
While working by the beach may be relaxing, it can also be distracting. Or one could be working and not really enjoying the stay. Personally, I would be more distracted by the scenery when I should be working. In essence, I don’t believe that work and vacations can be perfectly combined together.
These workcation packages may be ideal for creatives who would like to spend a few days in a cabin in the woods occasionally to seek inspiration. But romanticising work and vacations and encouraging people to work while on holiday shouldn’t become our new normal. In fact, it could be jeopardising employees’ health, especially if they end up working long hours.
Remote working and an economic slowdown increased the health risks linked to working long hours, officials at the World Health Organisation said earlier this month. A report published in association with the International Labour Organisation found that long working hours led to 745,000 deaths in 2016, a 29 per cent increase since 2000.
As we emerge from the pandemic, managers should have clear work guidelines for remote working. Employees should know what is expected from them and when. Management should ensure their employees' health and well-being by drawing a thick line between work and personal space.
And as for workcations, I prefer to stick to the traditional definition for a vacation: away from the office and work.
Manar Al Hinai is an award-winning Emirati journalist and entrepreneur, who manages her marketing and communications company in Abu Dhabi.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
The years Ramadan fell in May
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.