By: Matt Andersen, CPA, Founder of MD Andersen CPA, PA
Remote work comes with an onslaught of benefits. Many remote employees report greater work-life balance and the ability to care for children or family members while working. Productivity among most companies who have made the switch has remained consistent, without adversely affecting the quality of work. But what are some other reasons to consider pivoting to working from home? Today we will touch on four additional advantages of remote work.
Budget Saving Potential
With your employees working from home, the need for a physical office space is removed. Deducting office rent, office supplies, and even coffee and snack expenses from your budget can free up some additional funds for your business. According to Global Workplace Analytics, a company can save $11,000 per year per employee that works from home at least part of the time. Transition your staff to a remote model and watch your overhead significantly reduce.
And it’s not just the business that saves money. Without a commute, employees save in gas, parking fees, and wear and tear costs for their vehicle. Depending on if you uphold a dress code while working from home, your employees don’t have to worry about spending on office attire. Smaller expenses like lunches and coffees disappear as well as employees opt to eat at home. Remote work can end up saving everyone a little extra cash.
Employee Health and Satisfaction
Giving employees the chance to work remotely enables them to pursue greater work-life balance, allowing them to be in their home environment while working. It creates happier workers, improves their satisfaction, and promotes company loyalty. With the COVID-19 pandemic, it also protects employee health, preventing exposure which also translates to less sick days.
77% of remote workers report they’re more productive when working from home with 23% of remote workers saying they work longer hours than they would on-site. With the physical barrier between the office and the home being removed, employees don’t feel rushed to get home and can interact with other members of their household while working. Depending on the office, some employees work flex hours, allowing them to choose the hours in which they know they will be most productive to work.
With the remote working environment, meetings are typically held less frequently and with more efficiency. Commutes are eliminated so tardiness and delays are reduced. With separation from fellow employees, “water cooler chats” transition from in-person to online, allowing socialization to occur in tandem with work, rather than stopping work altogether.
With a remote working environment, employees are no longer tethered to their desks. As long as they have a laptop and a working internet connection, your employees can work from anywhere. Perhaps a family obligation requires an employee to go out of town. They can still take their laptop with them, and work in their free time.
This also affects employee retention. Employees who move, take in an elderly relative, or have a baby – all situations that may require them to leave your business if they were tied to a brick-and-mortar office – can now continue to work with the company remotely. Depending on the circumstance, you can negotiate with each employee to determine if they need any extra time or flexibility to work alongside this life change, all while keeping them on the team.
Working from home can be a convenient, healthy, and cost-effective option for your business and your employees. Remote work promotes flexibility, work-life balance, and helps to retain employees long-term. Pivoting to this model can require a little creative thinking and troubleshooting, but the benefits that you will see outweigh any initial growing pains. Need help discovering your first step towards a remote model? Reach out to schedule a coaching call with Matt today and let him help guide you on your working from home journey.
Matt Andersen, CPA loves analyzing data, people, and businesses. He is passionate about helping entrepreneurial-minded clients achieve their goals, keep more money in their pockets, and live a higher quality of life. In addition to tax and accounting services, Matt provides one-on-one coaching for various topics including lifestyle entrepreneurship, advanced tax planning, and new business creation.