Before the pandemic, many businesses found out that working remotely was an effective way to cut costs and provide their employees with a better life-work balance. While many companies were unprepared for a pandemic, the best leaders quickly adapted, changing the roles of their employees and the way they run their business. Many companies were forced to ask anyone who could work from home to do so.
Whether you're considering having your employees work from home full-time post-pandemic, or want to know whether it's the right move for your business, here are a few of the financial benefits of working remotely for both employees and businesses.
The daily trek to work can be a long one, especially for those who live in the suburbs and work in the city. Whether it's a 45-minute drive to work or a bus ride, commuting to work costs money. Driving to work adds miles to your car, decreasing its value, and costing you in gas. No longer commuting to work not only saves an incredible amount of time but money as well. This saved amount of money can be put towards retirement.
As you know, efficiency is everything in business because it saves money. When employees lose their commute, they'll be able to spend more time working, which is beneficial for both overworked employees and their employers. For employers, this means that you'll be paying the same person the same amount of money, but getting more work out of them without them feeling drained. If someone spends an hour a day commuting to work, that's five hours a week they could have spent working.
For employees, this means that they could sleep more than usual, which will make them more productive at work. Not to mention, a long morning commute doesn't put anyone in a great mood, so your employees will be happier for it.
Enabling a remote workforce with the right communication tools and software necessary to do their jobs, employers can save tens of thousands of dollars each year. If you're not sure whether this is the right financial move, you can ask your employees whether or not they'd prefer to work remotely or get a small raise.
Whether you have an office in the center of a big city or in a small town, rent adds up. By enabling a remote workforce, you'll keep thousands in the bank that can be used for other projects such as hiring more people or scaling the business.
Not only that, by moving to a remote workforce, but you'll also open your talent pool. This means that you can save on employee costs as well. For example, someone in New York City will ask for a higher salary for someone in the suburbs of Oklahoma for the same job because their costs of living differ. Hiring those with lower costs of living can keep money in the business for the projects that need it most.
Not every business is designed to operate with a workforce in this manner. However, if you're in a sector that has the means to try, you may find that it's effective not just for saving money, but for keeping employees happy and improving productivity.
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