You could be losing money if you don't hire a virtual workforce

It is obvious that remote work and remote employees are now an integral part of the modern workforce. It has been proven by the pandemic. Many companies have been able to stay open by using remote working, which has allowed them to remain in business.

 

Even businesses can choose to become completely remote, thereby reducing their physical presence. Remote work will not disappear, even after the Covid 19 pandemic scare.

Employees have discovered a new way to work by being able to work remotely. Employees are now questioning the necessity to commute to work every day and to be at the office all day. Owl Labs’ fourth annual State of Remote Work survey revealed that 77% of respondents said they would be happier working remotely even after the Covid 19 pandemic has ended.

Another survey found that 1 in 2 people won’t return to work if remote work isn’t possible. Let this sink in.

Here are the ways your business can lose money if you don’t allow remote work or remote employees in the future.

You’re spending money on real estate you don’t need

We’ve learned over the last year that many office jobs can be done comfortably and efficiently from anywhere. These employees don’t have to live in a specific office to perform their best work.

If your employees are doing their work from home, why would you want to keep a full-fledged office? Even if you use a hybrid working model, your office will never be able to accommodate all of its employees.

Commercial real estate can be very expensive. Large office space is not necessary unless you are a multimillion-dollar company. You can reduce your office footprint and keep a smaller one.

This will save you money on rent and operating costs.

Your recruitment costs are way too high

Recruitment is costly, let’s face the facts. You will spend a lot before you find the right candidate, regardless of whether you use a recruitment agency. Employing the traditional way to hire is a costly option that most companies don’t realize. You can print a poster for recruitment or share it digitally to hire on-campus. To hire remotely, all you need are references and a strong LinkedIn connection.

Onboarding costs, employee benefits and perks, work equipment, and other expenses. Keep pushing this number higher. The entire process often ends up costing more than what you expected and more than what you can afford. You would likely hire remote workers much sooner if you had known this beforehand.

You can save a lot of money by hiring top talent via a remote workforce marketplace. This marketplace allows you to choose the best candidates for your job, rather than receiving hundreds of resumes.

When it comes to remote employee markets, fully managed services are offered. You only pay for the work and all other costs, including benefits, wages, hiring, etc. They take care of everything else.

It’s possible to find highly-skilled, experienced remote workers without spending a fortune. Isn’t that a great deal?

Remote working is a great way to lose top employees

People are the greatest asset to any company. Employees want to keep their work-from-home privilege but would rather switch to remote jobs.

PwC conducted a survey and found that 72% of respondents said they would like to work remotely at least two days per week. 32% stated that they are interested in permanent remote work. These numbers show that many people would quit if remote work was not offered by their employers.

Although you may not lose all your top employees to remote work, it is certain that you will lose a significant amount. Every business that is growing would like to retain its talent and not lose them in the hands of other businesses or worse, to their competitors.

An old saying in HR circles states that employees will leave their job because their bosses make them unhappy. This is false. When they are unhappy with their job, most employees search for another job. The top reasons employees are dissatisfied with their current job include pay, growth opportunities, flexibility, and location.

Remote work offers employees so many benefits, they won’t part with it. If it were possible, they would rather give up their remote work privileges than part with their job.

Remote work can lead to increased productivity.

Global Workplace Analytics’ cost-benefit analysis found that remote workers were 20-25% more productive than office colleagues. It’s now clear that remote workers are more productive in their day-to-day work.

Remote work allows employees to be more productive and less distracted. This is the time that they would have lost because of their daily commute, water cooler conversations, and random chats with strangers who drop by their desks. Remote work allows them more focus on their work.

They also feel more in control of their work and how they spend their time. Many employees find remote work extremely flexible. They can maintain a balance between work and personal life.

Last note

Remote work has evolved from a perk to be a requirement for most employees. It has become an integral part of the job. Not many employees would be willing to give up the possibility of working remotely or from home.

Businesses must adopt remote working practices if they want to stay competitive in a post-Covid post-physical office environment. This will determine whether they win or lose.

If you are thinking of hiring Virtual Support for your business,