There are a lot of trends that have emerged as a consequence of Covid-19. One trend that has certainly accelerated is the use of remote workers.
How to Save Money With Hiring Remote Teams
The openness and willingness to hire remote workers were already on the increase, but this supercharged once the lockdown descended.
As we move to more freedom, it is likely that this trend won’t go anywhere.
After all, hiring remote teams can bring a lot of benefits, with one of the main ones being that you can reduce your expenses considerably.
With that being said, read on to discover some of the different ways that you can save money by hiring remote teams.
The Stats Regarding Remote Work
Before we take a look at remote work and the ways that this can save your business money, we are going to get a handle on the global remote work market by revealing some crucial remote work statistics:
- 25 percent of workers would take a pay cut of 10 percent to work on a remote basis
- 77 percent of remote workers feel they are more productive when they work from home
- 18 percent of people work remotely on a full-time basis
- 52 percent of employees around the world work remotely at least once per week
- 7 million people were already working from home before the Covid-19 pandemic
- 55 percent of companies around the world provide some capacity for remote work
What Are Some of the Ways Remote Workers Save Your Business Money?
There are many different ways you can save money by hiring a remote team, so let’s take a look at them before.
You Have a Much Bigger Pool of Talent to Select From
When you are looking for workers to come into your office on a daily basis, you will only have the local job market to select from.
Moreover, if you are based in a big city, it is likely that the cost of living is going to be high, and so you will need to pay your staff a much higher rate.
Nevertheless, with remote workers, you can pay them based on nationwide and industry standards, rather than local standards. This gives you the platform to get the same level of talent at a cheaper rate.
Plus, you can outsource workers from all over the world. This gives you the best chance of finding the greatest talent for the role in question, which will, of course, have an impact on your bottom line.
The Hiring Process Is a Lot Cheaper
We cannot look at the cost savings associated with remote team hiring without looking at the hiring process itself.
There is often a very tedious and long hiring process when it comes to office employees.
They need to undergo background checks, handle paperwork, and experience long-winded interviews. It can take quite a bit of time to hire a new employee in this way.
The process can be a lot quicker when it comes to remote workers, as there is not any bureaucracy that is going to slow you down.
Of course, you do need to make sure that you still hire with due diligence, as you will want someone who is reliable and able to provide you with the quality work you are looking for.
Reduce Employee Turnover
Aside from the cost savings that we have mentioned so far, another way that you can save money by hiring a remote team is by reducing employee turnover.
Many employees are replaced each year. It is expensive to train new workers, and it takes plenty of investment and time to make your new staff as effective as the previous ones.
When workers are able to do work from home, they are less likely to look for jobs elsewhere because they have that flexible work environment they crave.
In fact, in accordance with statistics published by Global Workplace Analytics, approximately two-thirds of workers would switch their current jobs if they did not have to deal with traffic and could ease the burden of commuting.
By switching to remote work and achieving the above, you are helping to improve your employee retention rates.
Achieve Greater Productivity With a Remote Team
According to a survey that was carried out by Tiny Pulse, approximately 91 per cent of remote workers believe that they achieve more when they work from home.
There are a lot of benefits that are associated with working from home. Homeworkers do not need to spend time or money traveling to the office every day.
This is time that they can spend working, rather than being stuck in a traffic jam.
A lot of remote workers state that they also have fewer distractions when working from home, as they can focus all of their energy and time on work.
Homeworkers also have flexible work schedules so that can take care of their children and cook their meals.
This flexible work schedule means that can work during their most productive hours, enabling them to produce high-quality outputs, which ultimately benefit your business.
Lower Your Company’s Operating Costs
Of course, we cannot talk about hiring remote teams without speaking about reducing your operating costs.
You do not need to worry about fixing the plumbing, buying hardware, providing snacks, purchasing office supplies, paying electric bills, and so on.
When your workers work from home, they are responsible for all of this.
Even you do not outsource all of your work to remote teams, simply having some of your workforce work remotely will reduce the amount of energy used as well as saving you money on office snacks, hardware, and such.
Remote Work Lowers Absenteeism
Last but not least, another reason why hiring remote teams saves money is because it lowers absenteeism.
In one study that was carried out by Softchoice, it showed that 44 percent of people worked while on holiday and 57 percent of remote workers worked when unwell.
Completing urgent tasks and smaller tasks like answering phone calls or emails do not get put off even when remote workers are away on vacation.
Rather than allowing everything to pile up, they would rather get it done straight away.
If these sorts of tasks were handled in-house, there is no way that they would get complete while a worker was on vacation or at home with some sort of sickness.
This means remote teams enable you to keep a consistent flow of work, boosting efficiency and lowering your expenses.
Why Are Some Businesses Hesitate to Hire Remote Teams?
Now that you know all of the different cost savings that are associated with remote work, you may be wondering why some businesses are hesitant to hire a remote workforce.
Here are some of the different things that are holding employers back when it comes to going remote:
They Are Worried That Their Productivity Levels Are Going to Drop
This is one of the main reasons why companies do not consider a remote workforce.
They are worried that they will experience a drop-off in productivity levels because they cannot keep a continual eye on workers when they are at home.
However, the data that has been provided so far does not support this claim at all. It seems that people work more efficiently when they are in their own environment and are able to choose the hours that work best for them.
They Assume That Some Job Roles Cannot Be Carried Out Remotely
Aside from worries regarding productivity, a lot of employers simply assume that some job roles cannot be carried out on a remote basis.
While this can be the case in some instances, there are a lot of examples whereby employers are failing to see the bigger picture and think outside of the box.
Yes, it can be scary to embrace change and do things differently, but this is the only way to gain a competitive edge.
Remote working can help you to unlock more productivity and reduce costs, so it is definitely something to consider.
Leaders Want to See Their Employees Because They Feel They Can Better Do Their Role
A lot of people in leadership positions worry that they will not be able to do their job as effectively if they cannot see their employees.
However, this is very rarely the case. You simply need to ensure that you have effective lines of communication and collaboration in place so that you can continue to be successful in your leadership role.
It is not as difficult as a lot of leaders and managers assume it is going to be.
Final Words on Hiring Remote Teams
So there you have it: some of the different ways that you can save money by hiring a remote team.
Whether you advertise for remote SEO jobs or you are looking to put together a team of coders, remote teams can offer a number of benefits to your business, with cost savings being one of them.
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