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17 Jan 2021

Not to mention that with a more motivated workforce, you wind up getting more work for less money. If employees are happier, turnover rates will be lower and new-hire training costs will decrease. The company shed more than 58 million square feet of office space, for a savings of nearly $2 billion. Privacy Policy | Terms of Service, Lifesize unveils new CxEngage capabilities and integrations, 4K Video Conferencing: How to Connect Virtual and Global Teams with 4K Video, Video Conference Etiquette: 10 Do's & Don'ts of Video Calls [2020], Now That You WFH: Here’s How to Set Up Your Home Office, U.S. Worker spends almost an hour a day commuting, 3.7 million employees who currently work from home at least half the time, [INFOGRAPHIC] The Remote Worker Revolution is Upon Us, Tipping the Work–Life Balance Scale with Video Conferencing, Security, Transparency and Open Standards: Our Commitment to Enterprise-Grade Video Conferencing, Microsoft Teams Video Conferencing Solution: How to Integrate Lifesize and Microsoft Teams, Work-from-home email: How to craft a work-from-home request in three steps, Lifesize Share: Meeting Room Digital Signage & Wireless Screen Sharing. When it comes to money, it’s the employers who get the advantage. … On this question, the data is mixed. This was the finding of a recent survey that found that nearly 40 percent of Americans couldwork from home … Expenses that the worker does have from working at home – like the cost of laptops and other equipment – are often thought to be their responsibility, as they will likely be using the gear for leisure as well. With the number of telecommuting remote workers increasing by 115% in the last decade, companies are discovering the many advantages of having a remote workforce. Like a programmable home thermostat that can monitor itself, the smart grid will save you money and time by turning on and shutting off IT components as dictated by your power supply needs. Having remote workers offers businesses a number of benefits, including saving money, but some potential drawbacks need to be explored. Zero commute, no office energy consumption – working from home seems the most sustainable solution. Does COVID-19 Mark the Beginning of a Remote Working Future? See how the perfect mix of smart video conferencing systems and easy-to-use video conferencing apps sets Lifesize apart, A detailed look at the two leading cloud video conferencing solutions, Learn everything you want to know about video conferencing from the history of the conference call to selecting an enterprise-grade video conferencing solution. Save money. The following pros and cons of work-from-home programs aren’t just our views; they’re the outcomes from a wide range of studies. Does Working From Home Really Save You Money? Authored by Paul Petrone. They reduce the need for expensive office space and they lower outlays for energy. Here we listed main benefits of working from home for employers/employees. A forecast of employment trends by the World Economic Forum called flexible work, including the opportunity to work from home and be a part of virtual teams, “one of the biggest drivers of transformation” in the modern workplace. Are Employees More Productive Working From Home? What is the best time tracking software for a business with contract employees? Business Card Printing Buying Guide for 2020. This site uses cookies. 4 Min. To continue without changing your browser settings means you agree to the use of cookies. Learn more. Real estate needs are significantly reduced when only a handful of vital staffers need to be on site. This means that you can reward your employees for their good performance with the flexibility of working remotely rather than a pay increase. Over 50,000 readers come to our site every month to get advice and understand how to make better investing & personal finance decisions. Flex-time scheduling also has … And that's qualified as if you work between two to three days at home. As I noted earlier this week, telecommuting can save employees money, especially as gasoline prices continue to rise. So, if you’re contemplating making the switch to a home office, here are the financial pros and cons you should keep in mind: Pros of working from home No more commuting costs. Saves Money. Working from home can save you time (goodbye, commute) and money. As a result, we’re now watching the work-from-home trend take off. Cost savings of allowing employees to work from home. Do you think a four-day work week is a good idea? In fact, a majority of professionals like work from home call center agents say they would be more loyal to their employers if they had flexible work options that allow for a better work-life balance. In fact, one study found that if a company allowed an employee to work from home just half of the time, it would save on average $11,000 per employee. © 2020 Lifesize, Inc. All rights reserved. You will need to think about what software and other tools your team will need to work efficiently from home. Companies that don’t have to pay for employees’ office space and supplies can save quite a bit in a year. If you pay for some sort of mass transit, you might also save money when you telecommute. Flexible scheduling allows your team members to fit their work around any personal obligations that would otherwise have, resulting in taking a day or two off. Around the world, businesses are exploring the notion that employees can be equally or more productive working just four days a week. However, what many companies want to know is if having remote workers will save them money and what other benefits it could provide. Better Health. Recruitment can be one of the biggest headaches for businesses, and it can be even more frustrating when those carefully sought-out team members decide to leave. Manufacturing Companies save as much as $11,000 per year for workers staying home half the time. So companies that aren’t willing to invest in technologies like video conferencing that allow employees to work efficiently from home are leaving money on the table. In this article we break down the common costs of working at an external location and show you how much you can save by spending your work day at home. Though a much less tangible cost, lowering your overall daily … Sun Microsystems identified savings of $68 million a year in its real estate costs, while Dow Chemical and Nortel have saved over 30% on non-real estate costs. Let’s do the math. No solution is 100% perfect, so you need to be aware of the potential drawbacks before you commit to adopting a teleworker team. Also, if people aren’t working in the same physical location, managers feel that team cohesiveness and company culture could suffer. Even if you work from home only two or three days a week, that can add up to substantial savings in gasoline. A Stanford study found that remote workers are 13% more productive when compared to their in-office counterparts.Â. Remote work reduces healthcare costs. However, studies have shown that a flexible work schedule also leads to healthier employees. Instead, we found that people working from home completed 13.5% more calls than the staff in the office did—meaning that Ctrip got almost an extra workday a week out of them. There have also been some unexpected effects of employees working from home. According to Global Workplace Analytics, employers can actually save over $11,000 per half-time telecommuter per year, which is a lot of money when you think about all 3.7 million employees who currently work from home at least half the time. There are lots of ways that remote working can offer businesses cost savings. And according to the Telework Research Network, companies could actually save … Every business is unique, and so you will need to evaluate the benefits and drawbacks as they apply to your specific business before you make a decision. As a result, we’re now watching the work-from-home trend take off. On the flip side, the cost savings associated with remote work may win over many companies. Mautz says that on top of increased productivity, working from home boosts employee retention. When employees are sick, working from home helps keep them from infecting others and causing large portions of the company’s workforce going absent on sick leave. Companies have been forced to embrace remote working amid stay-at-home orders for all nonessential positions and businesses. And according to the Telework Research Network, companies could actually save $6,500 annually per employee. Telecommuting can help you save money on transportation, eating out, and other convenience services, but you may eventually find you want or need to return to working on-site to advance your career or gain benefits unavailable to freelancers. Another of the most popular policies to revisit is the five-day work week. Amount of money saved by working from home Currently, around 60% of the UK’s population has left the workplace to work from home and 9 in 10 (89%) believe this is reducing their expenditure. Dismiss. Instead of driving, and spending money on gasoline, you can save when you work from home. Exclusively working from home can feel as if the line between work... How to Avoid Mistreating Employees During COVID-19. In fact, studies show up to 93% of communication is nonverbal. It also calculates the amount of time you could save per year. When companies have the freedom to hire outside of the hub of corporate HQ, the talent pool grows and — as we all know —  better and smarter workers means greater productivity and innovative thinking. Like any junk drawer, your daily operations can collect a lot of fluff. Lunch is expensive if you work in a city or downtown. The first question is whether a shorter working week affects productivity. With current technology, you can still collaborate, but your meetings are likely to be better planned and remain on message. Find out more. I even phoned HMRC and got it to give me a direct quote: "We recognise that the working-from-home situation is very fluid this year, so we're accepting claims for the full year's expenses. After all, just getting rid of rush hour traffic and time-waste associated with commuting sounds like a dream come true for the average office worker. As I noted earlier this week, that can add up to substantial savings in gasoline software, data your... 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