5 Research Proven Benefits of Managing a Remote Business
According to the most recent global remote working data, the proven benefits of managing a remote business are more apparent than ever!
Telecommuting has increased 159 percent globally within the last 15 years. This is 10 times faster than the traditional working model. Therefore, managing a remote business, adopting flexible working practices, and utilizing remote technology, are essential to thriving in the world of business today.
Benefits of Managing a Remote Business and Retaining Your Current Employees.
Hiring new employees can be quite expensive. It takes expertise, forbearance, time, and capital. Managing a remote business does not exempt you from this ordeal.
Reputable sites like Investopedia, affirm that “hiring a new employee is much more than paying a salary.” According to their research, signing a new worker embodies recruiting, training, employee packages like vacation time, and more.
Researchers estimate a ballpark figure of $4,100 to bring new talent onboard. Proof that a constantly fluctuating staff can be expensive. In addition, studies suggest that employee optimism and performance suffer when companies fire and rehire staff at will.
If your business supports the flexibility of remote work, always consider your current employees first.
In fact, telecommuting is having a positive impact on older workers. Especially for those who keep their skills up-to-date with developing technologies and remote work archetypes. As a result, companies are retaining experienced employees approaching retirement age.
As stated by the Harvard Business Review “if the environment is suitable for remote work, utilizing WFA – work from anywhere – is beneficial to your company and your employees.”
When Managing a Remote Business There Is a Key Element Do You Know What It Is?
The dynamics of managing remote employees is similar to an in-office staff. Each jobholder is hired to complete a particular task. Except that your remote employee is not under your watchful eye. At least not in a physical sense.
Reaping the benefits of managing a remote business, requires utilizing the proper technology.
Introducing a day-to-day communication tool – like a video conferencing app – helps your remote employees feel, well, less remote. Communication apps act as collaborative web-based tonics in real-time and connect remote colleagues face-to-face worldwide.
One-on-one collaboration between workers takes stress off of you as the remote team manager. It also increases the morale of your workers.
Simply put, collaborative platforms are key if you want to manage your remote team successfully.
Utilizing the proper remote technology, personifies a professionally managed, well assembled, and productive remote team.
5 Research Proven Benefits of Managing a Remote Business Regardless of Its Size
- Decreased operating costs
Telecommuting significantly reduces operating costs. This assessment is well-founded, but still requires some clarification.
Office space is one of the most expensive fixed costs your business will incur. By reducing or eliminating office space altogether, you will experience a huge amount of savings.
Global Workplace Analytics proclaims that businesses – depending on employee size – can save nearly $2,000,000 in real estate annually. With a further $223,000 on travel subsidies.
Additional savings include a reduced need for office equipment – as many workers will have their own at home. Savings on business travel and office furnishings are also on the list.
Another worthwhile saving is taxes.
There are three determinants that influence your company’s tax liabilities. Those are property, sales, and payroll. By contracting remote workers, your tax liabilities may also be impacted.
Remote workers are also attracted to unlimited PTO or paid-time-off. This policy streamlines management duties and proves economical if an employee resigns. Given that vacation times do not accumulate, the need to make a payout is non-existent.
- A Broader range of skilled workers
Managing a remote business eliminates geographical obstacles by default. Furthermore, having access to the best skilled workers worldwide purges most hiring restrictions. Simply put, teleworking culminates in a more diverse workforce.
When hiring prospects are limited to location, you’re more likely to hire for convenience while skimping on qualifications. Virtual hiring helps to eliminate the need to skimp on competence for expedience.
The new remote employee-employer construct is rigorous, but highly profitable for business.
From posting jobs to filtering applications and organizing interviews, you select, screen, and assess applicants via an entirely virtual arrangement. This recruiting process focuses on ability, broadens the hiring pool, and fills in language gaps when required.
Additionally, developing a genuinely diversified team brings varying outlooks to the table. Despite cultural background and/or geographical location. Your VA may be stationed on the Asian continent while your social media manager is situated in North America.
Whether looking for an accountant, customer service rep, or IT professional. Access to the best global talent is just a click away.
Having access to worldwide talent, is like having a choice of your favorite colored jelly beans. You can select exactly the ones you want and jettison the rest. It’s a win-win situation for everyone.
- A Boost In Productivity
The misconception that remote workers daydream nonstop, sipping supersized energy drinks for intermittent energy boosts is bogus. Telecommuters have proven themselves to be productive, attentive employees who take their job very seriously.
In fact, research reveals that the increased productivity of remote workers is partially attributed to autonomy. Undoubtedly, this takes a certain kind of worker with a particular mindset.
Remote workers who nostalgically pine for an in-office environment, are probably not suited for a work-from-home environment.
Telecommuters take pleasure in being self-reliant. Well-adjusted teleworkers, savor the freedom of remote working during the hours that are most productive for them.
A recent report was conducted, based on a survey about the day-to-day habits of over 1,000 remote employees. The report revealed some unexpected data. In particular, it showed that remote workers took frequent breaks. Yet, when working, they were more focused.
When mouse mobility or screen-time was shadowed by their employer, 56 percent of traditional office workers were distracted. Approximately 40 percent of remote workers were susceptible to distractions.
Further surveys disclose that:
- 65% of remote workers feel more productive working from home
- 75% feel that there are fewer distractions telecommuting
- 46% enjoy the more customized office setting
- 71% prefer the decreased stress caused by commuting
- Increased employee satisfaction, allegiance, and flexibility
Today, teleworking is one of the best offerings you can extend to your employees. As a matter of fact, an online survey is in alliance with this finding.
Case in point, nearly half of workers questioned – out of 2,000 employees – would agree to a pay cut. Why? For the work flexibility that remote working provides.
Flexibility is a primary company attribute that keeps workers committed and optimistic.
Remote workers invest themselves more in making a contribution to their employer’s success than traditional workers. This is partially due to the increased trust employers impart on remote workers. Furthermore, remote workers manage a better work-life balance.
Another recent study concluded that remote workers are 13 percent more committed. They remain on the job for longer periods compared to in-office employees. One reason being, according to experts, is that highly-skilled teleworkers earn more than in-office workers.
It was also determined that companies offering workers more flexibility have an increased chance of retaining them.
Moreover, remote employees participate in healthier habits and spend more time with loved ones. This inherently diminishes stress and improves output.
Business revenue increases as remote employees are more satisfied and less likely to leave. Remote work statistics prove it!
- Technology equals convenience and expediency
Managing a remote team requires resourceful and efficient technological tools. All you need is the know-how in selecting the best remote working equipment.
Leading specialized tools requisite for a remote team to run smoothly include:
- A communication tool for correspondence: an app specifically designed for consistent and immediate connection with employees is essential.
- A tool for meetings and presentations: imperative for video calls, face-time communication, and beneficial for business interaction.
- A project management and coordinating task tool: this tool keeps your team on schedule regardless of the worker’s location.
- A time management tool: an indispensable tool for tracking status updates and keeping your remote team productive and manageable.
- A writing and editing tool for email and chat: email and chat will be a huge part of your company’s communication format.
Specialized tools are a crucial component for managing a remote business. This means making sure that your employees are tech savvy and ready to go. Before they’re on the job.
Arranging remote connections, additional PCs and routers, and various tools, is not something you deal with at the last minute. Your employees need and should be required to have a speedy and reliable internet connection.
Selecting the proper equipment to keep your remote team functioning smoothly, is on you.
The standard internet connection for teleworking is at least 10 Mbps of download speed and 1 Mbps of upload speed. These down and upload speeds will ensure a steadfast internet bandwidth.
For the best outcome, check your home-based worker’s internet connection. This should be performed prior to setting up a remote office.
Going forward, remote work strategies will persevere and continue modifying today’s business culture and revolutionize how we work.
So, if you think your business is ready to establish a robust remote employee network, go for it! Managing a remote business won’t be easy, but is anything worthwhile ever easy?