It’s win-win for Corporate during Lockdown while employees are working remotely

The rising threats posed by the COVID 19 pandemic is forcing businesses to operate from remote as much as it is possible. During these uncertain times, when the companies cannot take the risk of not doing business for months or years, shifting to a virtual or remote work environment is now the new normal. All business leaders must develop new ways of operations that can propel long-term changes in their business and operations. Today’s raging situation is now triggering more and more companies to transition their resources to work remotely.

However, there is also a need for reassessing and restructuring your organization’s expenses, post Covid19 situation.

This unprecedented time has to tend to make many changes to run a business and operate effectively; many companies have set up a rule overnight of working from home.

Let’s take you through some reasons why companies are increasingly adopting this trend:

1) Remote work can cut down cost

Unlike the global financial crisis that we encountered during 2008, the coronavirus induced a downturn putting businesses in an unpredictable financial environment.

Streamlining the spending patterns is the only option in front of businesses to avoid being grounded.

Insights from the Global Workplace Analytics suggest that enterprises can eliminate up to eleven hundred dollars in expenses per resource every year, just by sending them to work remotely! Companies that allow it’s resources to work from home will have zero overhead costs. This includes rents, internet costs, hardware procurement, maintenance, electric bills, beverages cost, maintenance cost and other infrastructure expenses.

2) Predicted Cut in Operational Cost

Apart from cutting operational costs, streamlining the development model can also come as a viable hiring strategy that could potentially save a lot of money and efforts. Since the effort that is required to handle onsite remote resources is pretty much the same for managing offshore resources, incorporating this hiring strategy can help businesses to cut down costs.

3) Increase in productivity

Remote work eliminates many distractions that hinder the productivity of employees such as the need for long commutes which saves them a lot of time. Asides from commuting, remote workers can dedicate a large percentage of their time and energy to work while operating from home/remote. Various studies indicate that remote workers are more productive when compared to in-office teams. Most importantly, remote workers can contribute to reducing the carbon footprint from the environment.

4) Access to worldwide talents

With top talents spread out all over the world, companies can hire resources or teams that possess in-demand technical skills from any part of the world and from any time zones.

By hiring resources from Asian countries, a US company can operate 24X7 without anyone working overtime. Offshoring can be highly beneficial for companies that have difficulty hiring onshore resources with specialized skills. By offering a remote work environment, companies have more opportunities to garner highly skilled resources from any time zones.

5) Reduction in employee turnover

When compared to on-site workers, remote workers are less likely to leave. Training new resources to match the skills of the previous ones is a costly process which needs a lot of investment and time. The ability to work remotely is the main reason that makes them stay for long years and work efficiently.