A study performed by Lumry Family, Associate Professor of Business Administration Prithwiraj Choudhury on the U.S. Patent and Trademark Office, tested the effects of employees working completely remotely (i.e., an employee working for a company based in New York while living in Florida).
After twenty-four months, Choudhury concluded that allowing employees to work from anywhere increased fee revenue by up to $132 million, reduced hiring costs by 4.4 percent, and resulted in $38.2 million less in office costs. Due to the COVID-19 pandemic, working remotely is no longer an experimental practice, but a genuine necessity for many businesses worldwide.
Read on to learn how you can help your employees make a smooth transition to teleworking and how it can be financially beneficial to you as a business owner.
Both you and your employee will notice how your monthly expenses decrease. For example, as a result of employees no longer having to be in the office physically, commuting costs will decline significantly. Some employers save as much as six thousand dollars a year.
As a business owner, you will also see significant savings. Some employers are able to save up to eleven thousand dollars per employee per year. Actually, FlexJobs has saved over four million dollars on things like overhead and real estate, among other areas.
In today’s climate, many companies are going out of business because they can’t generate enough to stay afloat. Implementing even a partial telework schedule will allow you to produce while you and your employees remain safe.
Productivity is another aspect that improves when employees can work from their homes. At home, there are fewer distractions. Besides, employees can set up their office space to their liking and are more comfortable, thus remaining focused on the task at hand for more extended periods of time.
Implementation of remote work by your company also impacts the inclusivity of your staff. Currently, many parents are having a rough time finding someone to watch their children while they go back to work. With remote working as an option, those parents could continue to work while taking care of their children. This also allows the business owner to keep that employee instead of having to hire someone else temporarily.
Unfortunately, due to COVID-19, most business owners had to make the difficult decision of either closing up or sending their employees home and having them work from there. However, here are some tips on how to make the transition smooth.
Gradual transition. Slowly implementing the policy might be the best way to help your employees adjust.
Provide any support and open communication with your staff.
- Video conferencing
- Cloud phone system
- Texting and instant messaging apps
If possible, implement a probationary period of in-office work as a foundation before an employee is eligible for remote work. Contact us at (866) 258-0064 or via our contact form if you have any questions about setting up a cloud phone system for your business, to allow employees to work from home as if they were in the office.