As telecommuting continues to grow, many business owners are turning to this option since so much of the work done in today’s society can be accomplished at home. Not to mention, it’s saving money.
In fact, a study reported by Global Workplace Analytics claims an owner could save as much as $6,500 per employee, per year. Where do these savings come from? Let’s explore.
1. Reduce your office space
Even if your employee works part-time from home, you can coordinate it so that your business needs less workspace. For example, if you had a company with 50 employees, you could have 25 people show up one day, while the other 25 show up the next. This, in turn, leads to a lower electric bill, less office space you need to rent, fewer desks, less electricity and so forth. Even commercial real estate brokerage firms are recognizing the telecommuting trend.
2. Increased productivity
Even with the advances of modern medicine, illness is still a reality. Unscheduled absences cost the average employer close to $2,000 per year per employee, adding up to more than $300 billion for U.S. companies.
According to the American Management Association, those who work from home will call out sick 68 percent less often. And countless studies have shown that people who work from home are often more productive than those who work in the office.
3. Reduced attrition
Losing a valued employee can often cost businesses thousands of dollars, and according to some studies, two-thirds of employees are willing to take a pay cut for the right to telecommute.
Telecommuting programs can help retain your employees and even draw in new hires that may not have considered your job posting in the first place otherwise. In fact, 100% remote positions may be able to lure in some great talent hundreds of miles away, giving the opportunity to hire anyone in the world.
4. Cuts down on wasted meetings
Meetings in the workplace are time consuming. If the meeting can’t take place at your office, then you may need to rent out a local conference room at a hotel, costing your business even more money. With today’s technology, you can virtually meet with greater effectiveness than ever before.
5. Better collaboration
When your employees are networked online, there’s very little reason to visit another employee in person to solve a problem. This, in turn, will save your employee time driving to a destination or distractions while interacting with another employee trying to figure something out.
It also means employees won’t have the luxury of interrupting one another by walking across the office to talk to someone else. They will have to learn to collaborate remotely, which means it will be more intentional and more efficient in the long run.
Summing it up
Encouraging your employees to telecommute will not only save your business money, but it can help save your employees money as well since they won’t have to drive to work, put miles on their car or buy a lunch while on their one-hour work break. Why wouldn’t you want your business to be more productive, keep your employees happy, and save everyone a few bucks?
Stephanie Lynch is a freelance writer who operates for HowMuchIsIt, a database created to help consumers discover what things cost in life. She loves to help consumers find out what unknown things cost in life, helping one person at a time pay a fair price. In her free time, she enjoys exploring the outdoors, biking, jogging, scrapbooking and spending time with her family. You can follow her on Twitter @howmuchforit