How Remote work can transform your Tech business and prepare you for the future
Working from home has clear-cut advantages beyond the bliss of spending workdays in a coffee shop or the comfort of your home. Remote work can quickly transform your tech business model, and your employees can save up to $4,000 working from home, according to an analysis by FlexJobs.
Cost savings for companies that allow telecommuting include:
· Rent and utilities: Your tech company saves on rent and utilities where you must pay for larger premises.
· Cleaning services: The cleaning services bill will decline significantly, with minimal staff onsite.
· Food costs include serving refreshments during meetings or providing a cafeteria service; with remote employees, you can quickly eliminate these costs.
· Taxes: The payroll, sales, and property contribute to the company’s tax burden. And making changes that accommodate remote workers could significantly reduce your tax obligation.
Still, employers want workers back in the office. But startups and investors are betting on the future of remote work.
Benefits of Working Remotely
Remote work can accelerate your debt repayment plans and help you reach elusive financial goals. But there are more perks to working away from the office.
Some big tech companies and IT Staffing firms find a hybrid model works better than working entirely remotely, as it blends remote and in-office work methods. According to Google CEO Sundar Pichai, it’s essential to “create more flexibility and more hybrid models” to combine the benefits of the two.
Stacie Haller, a job search coach and career strategist at Resume Lab blog post, believes that all this debate is generational. He says, “it’s only the old managers who are prejudiced about remote working because they still cling to the outdated work culture.
Here’s why startups and investors are betting on the future of remote work.
· Less or No More Commuting to the Office
Ending the daily routine of commuting from work saves your wallet and is highly beneficial to your mental health.
· There’s More Flexibility and a Chance to Relocate
Working from a remote office offers more flexibility for where you choose to live. When considering relocation, you should consider the financial costs versus the lifestyle advantages.
Remote work can help employees to access company resources in the comfort of their remote office.
· There is an Increased IT Staff Productivity.
When a company trusts the employees enough to allow them to work from home, the business could benefit from increased productivity. You can manage the remote team better and enhance their productivity using employee monitoring software.
· Improved Employee Satisfaction
Employees working from home have a higher level of work satisfaction than in-office workers. They have a better work-life balance with more free time to spend with their families; women with families to take care of especially find this to be a positive driver towards more productivity.
· A Global and Diverse Talent Pool
Due to the high market for skilled workers, hiring good talent is becoming increasingly complex. Investors and startups are eyeing remote work as a reliable source of experienced IT technicians and programmers.
Despite geographical limits and office space restrictions, remote work removes the local recruiting barrier.
· Eliminate Unnecessary Meetings
Business meetings can drain a company’s precious resources, including time. Keeping all employees organized and on track can still take time, even with a clear and stringent agenda.
Further delays arise when coordinating different departments to converge into one venue. But luckily, technology makes it easier to collaborate and plan your meetings better while getting your message across efficiently.
Potential Drawbacks of Working Remotely
No solution is 100% perfect, so you need to assess the potential drawbacks before adopting a teleworker team. These limitations include the following:
· Remote Work is Not Always a Good Fit for Every Employee
Remote work demands that the employee designate a space at home where they can work without distractions. They should also be self-directed and be able to work with remote technology comfortably. Additionally, employees with children should understand that remote work is only a replacement for daycare if work is scheduled around the child’s needs.
· Fears Over Career Progression
Some employees fear they cannot showcase their skills, and their work efforts could be overlooked since they are out of sight.
· Data Security
Protecting the data shared between the company and the remote worker is critical to prevent breaches. Security training and retraining employees are helpful but could add to your business operation costs.
· Tax Implications
Although you may cut your tax costs, there are other tax implications of having remote workers. For example, New York City imposes taxes on remote workers, even when working outside of the city. And so you may owe taxes to your current state and the state where the company is located.
The Big Players’ Insight
It is true that the Covid-19 pandemic changed the way different companies operated and how they saw every bit of their working setup. Some have opted to do it remotely, stick to the in-office work, or bundle up the two (the hybrid approach).
For instance, according to a Sept. 26 report from Resume Builder, 90% of the interviewed companies preferred a back-to-office mode in 2023.
Amazon CEO Andy Jassy believes it is always best to work according to the company’s current situation. He says, “As a company of our size, there is no one-size-fits-all approach for how every team works best.”
But according to Apple CEO Tim Cook, there is a great need for people to work together in person. But his insights and directions have been met with equal pressure from employees constantly advocating for the remote approach.
Final Thoughts
Remote work offers tech businesses numerous benefits, including saving costs, but it has some potential drawbacks that you must consider first. Adopting a hybrid work culture can be an excellent place to start, as you assess employees’ performance while in the office and while they are working remotely.
