DocuSign, Inc. (NASDAQ: DOCU) today released the findings of a new report, “Unlocking the Potential of the Economy Everywhere,” which explores the opportunities and challenges the economy presents to people, businesses and countries everywhere. The report’s findings show that we have entered an era poised for significant business growth and the potential to experience new levels of productivity.
The research, conducted by think tank Economist Impact, reveals insights from two global surveys in 10 countries to gauge the feelings and experiences of consumers and executives in the US, Australia, Japan, France, Germany, Ireland, UK, Brazil, Mexico and Canada, as well as new econometric models that predict the potential impacts of the economy anywhere in these countries. The report shows that both executives (59%) and consumers (47%) expect the economy to continue to accelerate everywhere, with an overall positive impact on job creation, a wider range of online services and increased opportunities and well-being.
“At DocuSign, we believe technology can and should be a force for good, a way to uplift and bring people together,” said Allan Thygesen, Chief Executive Officer, DocuSign. “To realize the extraordinary increase in productivity and expansion of the global economy that is possible in the next decade, leaders will need to embark on a new journey rooted in innovation, transformation and ultimately confidence in our digital future.”
Stimulate economic growth through improved productivity and innovation
The report shows that the go-anywhere economy will catalyze economic growth by boosting productivity and fueling innovation. In fact, more than three-quarters of executives surveyed agree that the flexibility to work anytime, from any location has increased productivity. Innovations, new product requirements and changes in the way commercial relationships are conducted can also improve employee productivity at the micro level.
According to the report’s forecast, the economy anywhere has the potential to drive productivity growth, defined as gross domestic product (GDP) per worker:
As the economy grows everywhere, productivity is expected to increase in all ten countries, with an average increase of 10% between 2021 and 2030.
The top 5 countries with the largest increases are the UK (12%), Canada (11%), Germany (11%), France (10%) and the US (10%).
Anywhere’s economy is estimated to add $2.6 trillion to the combined GDP of the ten countries by 2030, and a cumulative amount of $19.4 trillion for the 2022-30 period.
Business R&D spending in all ten countries is also estimated to increase significantly, with growth ranging from 29% to 51% in 2030 compared to 2021 levels. The top 5 countries with the largest increase are the UK (51% ), France (47%), Germany (44%), the US (44%) and Canada (42%).
Expand the talent pool and take advantage of DEI
The emergence of hybrid employment enabled organizations to consider candidates from a broader geographic range and introduced new opportunities for historically underrepresented individuals. The majority (77%) of executives agree that the go-anywhere economy has positively impacted their ability to recruit from a larger pool of candidates, with more than 60% saying they were hiring workers in new locations because of the possibility of remote working.
At the same time, the flexibility to work remotely improved the experience for groups such as women, working parents, the elderly and persons with disabilities, encouraging them to work longer.
Two-thirds of executives reported that the adoption of remote working and increased digitization have helped diversify the workforce, and more than three-quarters agreed that flexible work schedules have made their workforce more diverse and equitable. According to the report’s projections, the economy everywhere will:
bringing an additional 25 million women into the labor market in 2030 alone, and the average female employment rate will be close to 60% – up from 55% in 2021.
by 2030 alone, an additional 10 million over-65s will enter the labor market.
Shifting economic power between rural and urban environments
The go-anywhere economy shifts economic power to rural and urban residents, with people wanting to move because of increased flexibility and connectivity. Workers are now convinced that moving to smaller cities can provide them with better housing and comparable access to education and amenities without a consistent time-consuming commute to the office.
For example, nearly 60% of consumers say they would want to live elsewhere if cost, work and community ties were not barriers.
One in four people seek nomadic opportunities and would like to travel around the world.
17% of companies have moved their offices from a large city to the suburbs and 25% have reduced the size of their premises. A third of the companies also opened more satellite offices.
This migration is also driving economic growth in rural areas with projections that 2.6 million additional jobs will be created in rural areas in the year 2030 alone, across the ten countries surveyed. The US will see the largest increase in employment in rural areas with 860,000 new jobs expected to be created by 2030.
Making the “everywhere economy” a reality
The benefits of the go-anywhere economy can only be realized if new systems are built on a foundation of trust. There is an implicit trust in allowing employees to work in a place where they are directly supervised, much like signing a contract with a supplier on another continent or buying a product online without having to do it in person. to see.
Strengthening trust at all levels, including in digital systems and technology, information, workers and employers, and between consumers and the online businesses they visit, is critical to the expansion of economies everywhere.
Full findings can be found in the full report “Unlocking the potential of the anywhere economy”.
Methodology
“Unlocking the Potential of the Everywhere Economy” is a research program conducted by Economist Impact and sponsored by DocuSign. As part of the study, Economist Impact conducted two global surveys in September 2022 of 764 business leaders and 2,800 consumers in Australia, Japan, France, Germany, Ireland, the UK, Brazil, Mexico, Canada and the US. These surveys were accompanied by a series of expert interviews, in addition to the development of a series of econometric models that examined the potential effects of the overall economy – both positive and negative – across the ten countries through a variety of socio-economic lenses.
Economist Impact also identified four areas expected to be most affected by the economy anywhere and selected eight indicators expected to be the most important externalities, including: workplace transformation, workforce and talent pool, development equity and trade and economic development. These effects were projected at the macro level from 2022-30 for the ten included countries.
