Whether you’re a veteran or simply a new business owner, one thing is certain – overhead costs are a big pain in the @&&. So it’s a good thing that modern technology has helped today’s businesses cut down on costs.
You save a lot of money by not paying for office space, construction costs, electricity bill, rental fee, food expenses, and other expenses. You can simply hire your employees and have them work at home. It’s also a big benefit to the employee since they don’t have to worry about gas expenses or commuting expenses. They also work in the comfort of their own homes and they can set their own schedules as well. It’s a win-win situation for both the employer and the employee.
But if you’re still not convinced then take a look at these reasons that explain why hiring remotely can save you a lot of money.
1 Lower Operating Costs for Your Business
You don’t have to worry about renting office space, paying electric bills, paying water bills, buying office supplies, providing for snacks, office repairs, buying hardware, fixing to plumb, and all those other expenses since most (if not all) of your workers are now working at home.
Based on a poll from Global Workplace Analytics, it was discovered that businesses and companies who allow their employees to work at home have reduced expenses and reduced company overheads of approximately $11,000 annually.
2 Your Remote Workers are More Productive
Working at home has a lot of perks. The most obvious perk would be that of time and travel expenses. Home workers don’t need to travel to the office which saves them a lot of time, they also don’t have to experience the stress of being caught in a traffic jam during rush hour.
Asides from the traffic, home workers have fewer distractions and they can devote 100% of their time and energy on work. Home workers have flexible work schedules that they can even take care of their children, cook their own food, and watch television. This flexible work schedule makes them more productive and it helps them produce high-quality outputs.
According to Tiny Pulse, about 91% of home workers state that they get more work done when they are working remotely.
3 Employee Turnover Will Be Reduced
A lot of employees are being replaced yearly. It’s costly to train new employees and it takes a lot of time and investment to make them as effective as the old ones. You can convince your current employees to stick around by making them work at home.
According to the Global Workplace Analytics, about two-thirds of employees would switch their current jobs if they could ease the burden of commuting and deal with traffic. By relieving your employees the burden of traffic, you are also ensuring that they would stick around and work for you.
4 You will have more productive and efficient meetings
Payroll has reported that over 40% of office professionals see impromptu meetings as a major distraction in the workplace.
You don’t have to worry about impromptu meetings that hinder you from doing your work. Most impromptu meetings have little value to add and they are often used to kill time in the workplace. It’s even more annoying when people chat and goof around while waiting for the other workers to come to the meeting. You lose at least an hour of your work time in these meetings, an hour that you could have spent working on that project.
You can have more efficient and productive meetings if you have a lot of remote workers. Why? Because meetings have to planned and scheduled in advance which gives you and your employees more time to prepare for the meeting. So no more on the spot brainstorming or fooling around, you can now have meetings that help and improve your employees work rather than hindering it.
5 Your Workers Can Work Even on Sick Days
People in the office often take the whole day off when they call in sick. This would set back your profits and you’ll be at a loss. Remote workers, on the other hand, don’t have this problem.
Your remote workers can work from bed (if possible) when they’re sick. If they can’t work when sick it’s still okay since they have flexible work schedules that make it easy for them to catch up with work.
6 It’s Faster and Easier to Hire Remote Workers
Office employees undergo a very long and tedious hiring process. They undergo interviews, handle paperwork, background checks, and they have to be sorted out by the HR department. It would take a few days at best to hire a new employee.
Hiring a remote worker, on the other hand, can simply be done within a 24 hour period. There’s no bureaucracy that will slow you down. However this comes at the cost of security and quality, you have to do the background checks yourself and make sure that they are up to par with your company’s standards.
7 You Don’t Need to Rely on Local Talent, You Have the World to Choose From
If your company is located in a big and thriving city. It’s very likely that your employees are also living in the city as well. The cost of living is high and you have to pay them a much higher rate.
However, you can pay remote workers much less since you don’t have to adhere to industry standards. You can pay someone a lower rate but with equal talent, whose living in a rural area and they’d still be happy about it. You can even completely outsource the work and hire workers from across the world.
8 You Can Work Remotely as Well
What’s so great about having all your workers work remotely? Well, it means that you don’t have to go to the office anymore! You’re basically working remotely as well. That means that you don’t have to worry about commuting/ driving, rush hour, and other daily work expenses. You now have more time to spend with your family and you can probably work while traveling the world.
And, here are 3 ways to build trust in remote teams
Founder, Editor-In-Chief // A native Angeleno. John studied engineering at UCLA; founded Schmoozd, an offline social tech networking event in LA with 30,000 subs; ran a startup accelerator (StartEngine). Worked for several major brands like Toyota, DIRECTV, Hitachi, ICANN, and Raytheon. A mentor at Loyola Marymount University (LMU) Entrepreneur School, Dr. David Choi. And advises a dozen local LA startups building amazing tech in various industries; and invested in some. // Let's Connect: email@example.com