2020 brought about challenging times to almost all businesses. The global pandemic shut down most economies. And companies are now clawing their way to survival. The ones who are still operating now are those that adapt remote working. Or have been doing it for the longest time.
It can be done. And businesses can thrive with a remote working setup. In fact, there are multiple advantages of remote work for business owners. But should you still employ the same strategy after the pandemic? Here are 5 advantages of a remote work setup after the pandemic.
No More Commute
One of the advantages is no more morning commute! Yes! Imagine foregoing that morning ritual. You drag yourself to wake up. Prepare and traverse through the rush hour.
Depending on where you are, you will save so much time! That’s an average of 3 hours 37 minutes per week in Australia! And if you have staff from the Philippines, that’s 3-4 hours saved per day!
There’s so much you can do with that freed-up time — more time for your family, more projects, or just plain rest.
Admin and overhead costs can eat up your company’s budget. You need to provide electricity and utilities. You pay rent. You have to stock up pantry food. And so much your expenses that can be used for efforts that can directly produce sales.
In fact, a study in the US conservatively estimates a total of $11,000 savings per employee for half-time telecommuter per year. It can be higher or lower, depending on the nature of your business. But the point is that the cost savings can be reallocated and used well as emergency funds, better benefits for employees, or just more income for the company.
Access to Global Talents
In modern times, the internet connected everyone to the world — even businesses. With a proper e-commerce strategy, you can now tap opportunities globally.
And that also applies when hiring people. With the proper communication tools, you can work with different people abroad. You can have a graphic designer from Europe, a skilled-writer in the Philippines, and your project manager in Australia.
You have access to all these top talents just because you operate remotely.
Edge on Recruitment
People are looking for fresh opportunities. And the pay is not the only factor. Top talents are searching for ways to balance their work with the things they want to do. You can’t blame them. People want to live their life to the fullest, and it’s not necessarily in the confines of an office.
If you’re a remote working company, you have the edge over the rest. A remote working setup is flexible enough to give your possible employees what they’re longing for.
Happier and Productive Employees with Lesser Attrition
Seasoned remote workers are quite happy in their work-from-home setup. Before the pandemic, a study was released that 90% of workers say allowing for more flexible work arrangements and schedules will increase employee morale.
If you have happy employees, most likely, they are also productive. The quality of life trickles down not only in their homes but also in the workplace. Moreso, the virtual workplace.
A 2-year study by Stanford professor Nicholas Bloom supports that claim. With participants of over 500 employees, they found out that productivity increased by a considerable amount while employee attrition decreased by 50%.
They also saved an additional $2000 per employee for the reduced office space.
The result goes to show that the flexibility and quality of life of the workers can definitely be an advantage for your company.
There you have it! Operating remotely has numerous advantages. So if you’re on the fence, try out remote working and reap the benefits. Check out this link if you’re looking for your very own remote team.