With coronavirus taking over the world, many firms are now ‘experimenting’ how remote work works for them. In 2020, I would say that it is a little too late for a business to experiment or try out remote work. It is about time they had the required infrastructure for it.
Why Remote Work Is Good for Employees
In today’s world, most employees are paid less than they deserve to earn. Some just earn enough to barely pay their bills. It is costly to own a house, a car and if you have a family, it is even worse. Working 9 to 5 from Monday to Friday itself could affect an employee mentally and physically. Some of the hours after work are spent running errands and finishing chores, which leaves little time for a normal employee to spend with their families or with themselves.
With capitalization on the rise, businesses and companies might begin to earn more, but for employees, it is the other way round. You will be surprised to know how much an average employee spends just commuting to and from work. I spend almost 2 hours a week just for commuting, but that’s just because my work is a 12-minute drive from my house. Many people spend 10 to 20 hours a week just commuting to work.
But time isn’t the only concern here. Owning a car is costly these days. Monthly payments, insurance, maintenance, fuel and other overhead charges add to an employee’s travel woes. Moreover, it is frustrating from an employee’s point of view to spend so much money just to keep a job and travel to work, while also spending money on rent or a mortgage.
Thus, remote work could eliminate all the problems for an employee. You could save money on travelling and even stop owning a vehicle. This will also give you more time to complete your chores and will allow you to spend quality time with your family, though you are technically working.
Why Remote Work is Good For Companies
Running a company comes at a cost. Most companies exhaust a big budget on workspaces, office chairs, computers, electricity and even employee vehicles. This adds up to the overhead charges, which directly affects the profits made by the company.
With many companies adopting the ‘open office’ style workplaces, it is easy for an employee to go and work there whenever they want. This could potentially reduce the size of the workspace, helping the company cut costs significantly. More employees working at the office means more electricity used, higher bandwidth of internet required and additional stationery or refreshments needed.
When an employee works remotely from their house, they pay for their own internet, electricity and workplace. If you are the owner of the company, you will pay them the same salary you pay them to come and work at the office, but you will cut costs. For the employee, paying their internet and electricity bill is mandatory, so they are not going to complain.
The only thing that the company needs to worry about is hiring good employees and having a reliable system in place that allows remote working.
The Case for Startups
For a startup, cash flow is essential to keep the business going. This also attracts investors and helps the company to grow. Most startups fail due to financial problems and they run into trouble because they spend more on renting a workspace and setting up an office.
An employee in a startup can gain some experience and find a job elsewhere. This makes the time and money invested in the employee a waste for the company. If a remote employee is hired, that expenditure can be avoided. A workspace and face-to-face meetings are essential for a startup, but having remote employees reduces the cost of a large workspace.
Accommodating infrastructure for remote work from the initial stages of a company will make it easier in the later stages. It also creates a sense of culture among the management and the employees that older companies are not fortunate enough to experience.
Also, the millennial generation prefers working from home rather than working in an office. For new-age startups, most of the workforce is comprised of this generation. At the end of the day, reduced costs and happy employees are what any company would want after all, as long as it gets the work done!