Cost efficiency is something that companies keep in mind with every old and new endeavor. Maximized profits and reduced expenditures are the building blocks of any successful company. There are two schools of thought regarding working from home; the first notion is that nothing will get done while the other is that workers will be more productive and happy.
Based on recent studies working from home can reduce stress and increase productivity. Assisting those studies is research that suggests working from home saves money. Companies such as GitLab, Google, and Twitter have adopted the remote office concept. Due to COVID, the global pandemic that is wreaking havoc on businesses worldwide, that concept has become a rule. GitLab has been the forerunner with the remote workforce model and is worth a whopping 2.75 billion. There is no promise that your company will be worth that much, but it will be worth a lot more when you adapt to the remote workforce concept.
The technology industry has always been the leading light with the model of remote work. They showcase their faith in this model by using flexible schedules and telecommuting opportunities such as Slack, Google Classroom, etc. Let us dive into the benefits that working from home can provide many companies in this new era of business.
Lower operational costs
Companies that operate remotely do not incur many expenses. Their usual expenses such as rent, utilities, maintenance, security, and other miscellaneous projects are eradicated or reduced significantly. The main reason is for this eradication or reduction is that the office is not as populated. Furthermore, the need for office furniture and décor is gone! Isn't that great?
Reduction/Elimination of Paid Time Off
Employees, when at the office, are unable to maneuver the obstacles of life. Remote work promotes flexibility and allows balance with work and personal errands. Instead of requesting the entire day off to go to a funeral, they can quickly finish their work-related tasks earlier and head to the funeral; this will be pretty convenient for employees with children. They will be able to juggle their kids' social events will become an easier task. However, for this to be efficient, employers must create an environment of tolerance and comfort. Workers who travel will be allowed to bring their work with them, thus finishing deadlines while still interacting with their loved ones.
Increased Productivity
Several studies imply that a remote workforce gets more work done than when in office. The elimination of long commutes and typical office distractions assists in the increase of hours worked by employees. These factors help in improving the mood of employees, and happy employees make for happy employers.
Lower Employee Turnover
Employees being happy encourages them to remain at their jobs, thus costing employers less money. When finding new hires, much time, energy, and money go into this as employers have to do a magnitude of checks to find a suitable replacement.
Increased talent pool
Companies have the advantage of hiring outside the prescribed corporate group and can then employ persons with a diverse and innovative background. In the long run, this will increase profit as productivity, and critical thinking skills flow throughout the company.
Different timezones –
With a staff that spans a country or even the world, companies can operate in a lot more time zones. The resulting increase in productivity will be advantageous for a company and, in the long run, more money.
No more useless meetings
Increased productivity has been a central tenet in work from home practice. Businesses can eliminate unnecessary meetings that would otherwise decrease productivity. These meetings getting eliminated will not only boost employee proficiency and but will also boost employee contentment.
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Public relation boost
Twitter and Yahoo made the news cycle but for opposite ideals. The news praised Twitter as it increased stay at home working measures and chastised Yahoo when it stopped its work-from-home program. There is no such thing as bad press, but there is no better thing than good press.
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No shortage of product management software
With tools like Basecamp and Asana, management of your remote team is as easy as 1. 2, 3. As an employer or supervisor, you will never be out of the loop concerning your employees. You can get increased insight into other markets.
Increased market insight
As an employer, with employees worldwide and worldwide, you can get amazing insight into the international markets and even local markets.
Employees who work from home allow companies to receive a plethora of benefits. They can easily find a bigger pool of qualified talent from all over the world. Another great advantage is that companies can stay competitive by having a foothold in foreign markets with the insight gained from employing local talent and international talent. Profit increase, expenses reduction, increased productivity make working from home an excellent strategy for employers. Companies should not ignore employees' or contractors' benefits from working from home, making the practice mutually beneficial.
Being able to work from home increases comfort for many. Employees saving on the commute and being able to be flexible with errands is also a significant plus. Nevertheless, there are a few disadvantages that work from home can bring to many companies that do not manage their workforce efficiently. A prime example of this is that meaningful direct interactions among colleagues may reduce when working from home, thus causing some confusion—the internet assists in alleviating this problem nonetheless.
Sometimes language and cultural differences cause conflict with work done from home. Colleagues from a different region can misinterpret instructions from another group of employees elsewhere in the world. Companies can fix this, however, by keeping communication lines open at all times. The last drawback distraction also impacts employees. Conflict within the home and community can inhibit their ability to work well, but this also happens within the physical workspace.
These cons are still minimal, and companies can avoid them in the long run; with proper communication and cooperation. Working from home should be encouraged globally because the advantages far outweigh the disadvantages.
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