Telecommuting is an increasingly popular option for employers who are looking to hire the best candidate for the position instead of the best candidate in the area. 3.3 million full-time professionals, excluding self-employed individuals, consider their home to be their primary place of work. Telecommuting has increased by 79 percent since 2005. Workers find telecommuting beneficial, because they have more flexible hours, avoid commuting traffic and save money. But the benefits aren’t only for workers, employers can save money too. This list compiles four ways your business can save money with telecommuting.
1. Save on company expenses
Businesses spend a significant amount of money every year on office space, supplies such as pens, paper and coffee, and utilities. While telecommuting is not practical for every profession, allowing a few employees to work remotely would allow for small office needs cutting lease expenses. With fewer staff in the office, you won’t need to provide as many computers, printers or copiers which can cut your electronic budget as well as decrease electricity and lower utility bills. This will also allow you to lower the amount of everyday supplies used.
2. Boost productivity
As more people start working from home, the myths about productivity will be eliminated. If you think letting your employees work from home will keep them from doing any actual work, you would be incorrect. Productivity is actually higher for telecommuters, because they are more focused on their jobs and spend more hours working. Plus employees are able to continue working when they or their children are sick as well as work around appointments. Alpine Access attributed a 30 percent boost in sales and a 90 percent reduction in customer complaints to their home-based workers. American Express workers who worked remotely answered more calls and produced 43 percent more potential business than staff in the office.
3. Greater employee retention
When you have qualified staff, you want to keep them working for your business. One of the biggest reasons people quit their job is the work commute. Telecommuters tend to be more satisfied with their job, have greater company loyalty, be happier and less stressed. Cost savings are obvious when losing a quality employee can cost more than $10,000 plus recruiting and training new employees can cost thousands more.
4. Reduced traveling expenses
While having employees telecommute from a variety of places all over the world, you may think traveling expenses will be higher. With numerous applications and software like Skype, GoToMeetings, and Join.me, coming available to set up virtual meetings and video conferencing, your travel costs will decrease. Face-to-face meetings can be costly and are no longer necessary. Forty-one percent of virtual teams never meet in person. While some businesses will need a few face-to-face meetings to better get to know their team and equip them for success, working virtually can lead to cost-savings for travel expenses.
Telecommuting can be beneficial for both an employee and business if all concerns are addressed upfront. Even though they are working remotely, they should still have open communication and have a scheduled structure to be the most productive. Working from home can create a better work and life balance which should give employees plenty of motivation to focus on their work as well as bring an extra level of commitment to their job. Although not everyone will succeed at working remotely, the cost-savings for companies should at least be considered.