How Does Remote Work Help You Save Money?
As the country slowly recovers from the COVID19 pandemic, one thing is becoming clear: remote work and telecommuting will become the “new norm” for businesses throughout the United States. Companies are beginning to see that remote work can help you save money by keeping some roles as remote functions.
It’s hard to evaluate your financial standing in the face of COVID19. While you’ve lost profits due to quarantine restrictions, you’ve probably have found that your office expenditures have decreased.
How does remote work help save you money?
Remote Work Will Help Lowered Utility Payments
It only makes sense: if your teams aren’t using electricity, your electric bill will decrease.
In 2019, the average electric bill for commercial properties was $2.10 per square foot. This cost will increase seasonally as you pay for heating or air conditioning in your office space.
There are electricity drains that you may not even think of when you pay your utilities, like refrigerators and microwaves in break rooms, lighting, and your machines (computers, monitors, and printers).
You probably noticed that your SMB’s electric bill has sharply decreased over the past few months. By keeping some of your workers in a remote role, you can expect to pay significantly less in water, natural gas, and electricity bills.
Lowered Office Space Rental Fees
Remote work can help save you money in rental fees. Office rental fees in the United States vary widely, with business owners typically paying anywhere from $8 to $23 per square foot. Since the size of your office is based on the number of employees using it, this can average out to $300 per month per employee.
By permanently assigning some roles in your organization as remote functions, you can relocate to a smaller office space. In fact, some companies are shifting to a virtual office setting and abandoning physical offices completely.
What is a Virtual Office?
A virtual office allows employees to work remotely while keeping your core business functions intact. With a virtual office, you can “set up” in a location without having to rent office space. This allows flexibility for an SMB to “be” in a desirable location without paying premium prices.
How Does a Virtual Office Work?
If your employees are currently working remotely, you are already using a “virtual office” model. Your employees will stay connected with each other and your clients and customers via the internet.
Connectivity is through Teams or Zoom meetings, much like you are already doing with your remote workers. When you sign up for a digital office service, you are expanding your reach with a receptionist, a physical meeting room, a legitimate mailing address, and, in some cases, mail services including opening your letters and distribution.
Remote Work can Help Save YOu Money by Providing Larger Talent Pools
When you offer remote work in a virtual office setting, you are no longer limiting your hiring process to those who live in or around your physical location. This opens the door to many highly qualified workers that were inaccessible to you before.
You may choose to rent a smaller office space for essential workers and keep some positions “remote,” or you may opt for giving up your office space completely and shift to a remote workforce. Some businesses can save money by offering a hybrid work solution, allowing employees to telecommute a few days per week.
Whatever you decide, you will need IT services to help you maintain your business’ functionality and security.
Decreased Equipment and Supply Costs
With the shift to remote work, many employers are allowing their teams to use their personal devices to get their work done. Obviously, this is a big way remote work can help save you money on computers, printers, and cell phones.
Some less obvious savings for employers shifting to remote workers include incidentals like pens, paper, and even office furniture that needs to be routinely upgraded. Add in snacks, breakroom appliances, bathroom essentials, and cleaning or landscaping services and you’ll see how quickly your monthly expenses can add up.
Supplying your employees with the devices they need to work from home is another alternative, and one that’s safer for your network. IT services can negotiate with third-party vendors to get these supplies at a much lower rate, and then help to maintain and protect them.