Remote employees can save your company money, provide talent that you can’t always access locally, and help you increase productivity levels across the board. Companies save an estimated $3,150 per employee per year with BYOD, according to a study released by Cisco's Internet Business Solutions Group. Check out my upcoming class, Work Remotely: Thrive in a Job from Home right here on CreativeLive. And many employers now say the benefits of remote work outweigh the drawbacks. Research has found that typical employer can save about $11,000 per year for every person who works remotely half of the time. IBM saved $50 million in real estate costs by allowing employees to work remotely. All of that is good news for a company that wants to keep its quality employees.” 3. There seems to be little question that companies save money—at least on the front end—when employees work remotely. Businesses save money. 28. Traveling slowly, finding places to stay put in for weeks or months, can save you a whole lot of money. 25% of respondent companies will move 10% of their employees to permanent remote positions post-COVID 19 Post pandemic, many companies will likely adapt parts of working remotely to save money and boost employee morale. This includes expensive downtown rents, desk setup costs, other building fees, perks, and more. Letting employees work remotely, at least for part of their workweek, can save your company money. They need every advantage they can get. You’ll save, the employee gains, and everyone shows up to work happier and more engaged. With potential cost savings upwards of 60%, companies could save hundreds of thousands of dollars each year by using remote labor. Employees can save between $2,500 and $4,000 a year (working remotely half the time) and even more if they are able to move to a less expensive area and work remotely full time. As well, switching to virtual meets in some instances can also be a significant cost savings. The money employees save can help them improve their current standard of living, invest for retirement and other long-term goals, and … We've done the hard work for you and investigated estimated savings on commute, coffees, clothing, childcare, parking, and petrol in NYC, Manila, Mumbai, Sydney, and London, simply due to a switch from in-office to remote work. According to a USA Today interview with FlexJobs, remote workers typically save about $4,000 a year by telecommuting. U.S. companies saved $5 billion in 2018 Remember, time is money! This is most common in the tech sphere because tech companies have the infrastructure to maintain remote workers. 1. Because remote workers aren’t shelling out for commuting costs and often save money on lunches and coffees, they often do not mind a slight reduction in wages. From this perspective, remote work is just good business. For small and medium-sized businesses, building a remote work force makes perfect sense. Companies with digital output are quick to understand the necessity of a reliable software solution given that remote work is a trend that is here to stay beyond the Covid-19 pandemic. One study found that companies can save … Remote workers and employees alike can both enjoy the financial benefits of working from home. Ever wandered how much you could save by working from home? On the flip side, the cost savings associated with remote work may win over many companies. SkipTheDrive’s Telecommuting Calculator calculates the amount of money employees could save by telecommuting as opposed to driving to the office on a daily basis. “For employers telecommuting can limit absences, increase productivity, and save money. That’s why more and more businesses are creating them. Real estate is the most obvious way in which a company will save. Here are some interesting stats that show just how much some companies save by hiring remote workers: As mentioned above, AT&T saved $30 million a year in real estate alone. Even if employees may not incur much additional cost, some companies are spending on equipping their employees for remote work. Even prior to the pandemic, more flexible work policies were expected to shape how companies operate. 2. By 2016 nearly half of the U.S. workforce will work remotely, according to Mashable. Remote employees tend to do their best work outside of the office. The global workforce has spent the better part of 2020 experimenting with remote working arrangements, which has brought to light the benefits it can provide for businesses. You scale back the office costs of furniture, bills, cleaners and office supplies, and tend to see fewer sick, which can cost $1,800 per employee annually. It also calculates the amount of time you could save per year. … The key to building an efficient, productive remote workforce is technology. The amount of money and time that drivers can save via telecommuting is astounding! Physical space costs money: money to rent it in the first place, money to furnish it, and money to keep the lights on. Working from home saves your company money. Five U.S. companies that employee remote workers recently made Inc.’s list of fastest-growing companies. Employees aren’t the only ones who benefit from working from home; a company can benefit just as greatly from a remote employee. Let me assure you: Saving money is not a good reason to go remote. Renewed passion for their job. In reality, data from The Telework Coalition shows that businesses save an average of $20,000 annually for each full-time remote employee. These companies have at least a 4 out of 5 rating on Glassdoor or Indeed. 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