A worldwide pandemic changed the way people work and live. During a quarantine, many managed remote work while homeschooling children and balancing daily responsibilities. Working from home became the norm rather than the exception. Companies around the globe scrambled to stay in business with their brick-and-mortar doors closed.
The C-suite rediscovered the booming virtual marketplace, where buying and selling happen without personal interaction at a specific venue. Employees discovered the benefits of a flexible working environment at home, once desirable only to savvy millennials who grew up using technology.
As a result of the new normal, companies are discovering the benefits of working remotely. Discover innovative ways to build business brands and boost profits by outsourcing and hiring remote workers.
Save Money on Overhead with Remote Work
One of the most apparent ways businesses benefit from outsourcing and remote work is saving money on overhead. Companies need to maintain an office with equipment for each employee to do his or her job. Add expenses such as utilities and janitorial services, and these costs add up to thousands of dollars per employee each year.
In 2000, United States companies spent $45.6 billion on outsourcing services. By 2018, this spending almost doubled to $86.6 billion. With 57 percent of US companies increasing their outsourcing, these relationships are notably positive and profitable.
Plus, outsourcing gives companies opportunities to network with businesses across the country and around the world. Networking helps build your business brand and open doors to new opportunities in a constantly evolving global marketplace.
Remote Work Reduces Employee Absences
People call in due to illness, personal responsibilities, and inclement weather conditions. Employee absences cost about $3,600 annually for hourly workers and around $2,660 for salaried employees. Costs include replacement workers, overtime pay to fill in the gaps, and the wages paid to absent employees.
Remote work helps workers achieve a better work-life balance. Workers are more productive because they don’t have to commute when they are sick or in poor weather. As a result, the burden of making up for absent employees does not fall on management or other workers. When everyone works together, it boosts corporate morale. Plus, eliminating the commute time means employees can devote more time to what matters to the business – doing their work.
Companies also reduce traffic on the road and emissions by supporting remote work opportunities. Businesses brand themselves as green, connecting with a growing number of customers who prefer to deal with environmentally-conscious companies.
Attract Top Talent
The best brands begin with top talent, from the C-suite to part-time support staff. Attracting top talent today means offering remote work opportunities. Workers of all ages have discovered the advantage of working at home, especially since the COVID-19 quarantine. Today 80 percent of workers would take a job offering flexible working arrangements over one that did not.
If you aren’t outsourcing and supporting remote workers, your company is behind the curve. Currently 50 percent of global employees work outside their main office headquarters for at least 2.5 days each week. The value of remote work exceeds prestige and titles, with workers citing flexibility as one of the leading benefits they want from a job.
Companies offering remote working situations attract and keep top talent. Employee morale is high when people feel the company provides for them and takes care of their needs. As a result, workers are more loyal and productive, helping to build a business brand consumers trust.
Sick employees cost companies time and money. According to the United States Bureau of Labor Statistics, the average cost to employers for sick leave was $0.42 per employee hour worked in March 2019. Remote work minimizes employees’ exposure to germs and encourages people to work at home when they are feeling under the weather.
Beyond the US, a recent analysis of the German Socio-Economic Panel revealed how remote work reduces the gender gap in monthly earnings and working hours because mothers can work more at home. Companies gain access to this talent pool by providing remote work opportunities and outsourcing.
A recent study revealed remote workers are about 13 percent more productive. Better productivity means companies are spending less and earning more. When businesses improve production, brand recognition increases because more products and services are available to consumers. Plus, customer service and marketing outreach improve when operations are seamless.
Embrace the Latest Technologies
COVID-19 compelled the C-suite to examine and embrace the latest technologies. Companies once resistant to change recognized it was inevitable to survive a pandemic and quarantine. Management discovered the advantages of working in the cloud as opposed to maintaining software at the workplace.
Two of the greatest concerns about cloud automation and remote work are accountability and security. According to Statista and KPMG’s 2017 Global IT-BPO Outsourcing Deal Analysis, IT is one of the leading industries outsourced. Many businesses quickly discovered the advantages of outsourcing when they had to update their systems to support remote work during quarantine. With access to talent worldwide, secure and customized systems were in-place when needed most.
Embracing the latest technologies means spending money on equipment and training. Companies who adopted these technologies early realized a significant ROI during quarantine and the unsure days that follow, proving the benefit of staying ahead of the curve.
Improve Employee Retention
Replacing an employee costs companies about 20 percent of the annual salary. It costs more to replace employees with high levels of education and specialized training. Remote work has become the ultimate perk to keep top talent on-board and happy with their jobs.
Consider 95 percent of employers found telework has a significant impact on employee retention. Satisfied employees are more loyal and productive. Companies with workers who feel valued also enjoy better branding. Workers who enjoy their jobs talk about it and recommend the business to people they know.
Long-term employees are an asset to the company. Their knowledge and experience is invaluable when it comes to product development and customer satisfaction. When these key players are unavailable due to personal circumstances or illness, outsourcing is a viable alternative until they return. Companies don’t miss a beat in production while retaining their best workers.
Minimize Carbon Footprint
As the world becomes increasingly sensitive to protecting its natural resource, companies are going green to be aligned with modern consumers. With that in mind, the average employee in the United States spends around 26 minutes commuting each way to work. Over ten million American workers commute over an hour each way.
Beyond the time it takes away from workers, commuting is costly and uses natural resources. Add up gasoline, tolls, traffic, and wear and tear on the car, and the cost of commuting comes to around $2,600 annually. Employees save money and time by working remotely, making them more productive. With fewer cars on the road, emissions are reduced.
Companies showing this level of concern for natural resources and employee comfort brand themselves as green and progressive. Eliminating or reducing commute time means less traffic on the roads, minimized congestion, and cleaner air. Savvy consumers search for these brands, helping to attract more business.
Prepare for Future Disasters
One of the greatest fears during the pandemic and in the days that follow is remaining productive and profitable. Companies that could not support remote workers scrambled to put systems in place to keep working. Without preparation or training, the process is grueling and confusing. Establishing remote work protocols ensures companies continue to be productive at all times.
Working in the cloud is one of the easiest ways to establish a remote work situation. Updates are made in real-time, so everyone on the team has the latest information. Employees should have high-speed Internet connections at home to support all types of work situations. Setting up a secure, centralized work platform makes collaboration easy from any location.
Global Workplace Analytics estimates up to 30 percent of the workforce will be working from home a few days a week by the end of 2021. Being well-prepared keeps everyone working through a pandemic and natural disasters, reducing potential losses to remain profitable. Companies that stand up to anything build a trusted brand people can depend on.
Compete in a Global Marketplace
Outsourcing is one of the most effective ways to compete in a global marketplace. When business was conducted primarily in brick-and-mortar facilities, companies had to search for local talent or pay to have key employees relocate. Now management has access to a worldwide pool of talent via outsourcing, to hand-pick the best candidates for all types of projects.
COVID-19 also changed the way executives interacted. Virtual meetings, forum conversations, and social media posting became the preferred way to connect with clients during quarantine. While certain benefits are absent in virtual meetings, the savings often outweighs the costs. Planning international travel and coordinating schedules is also a challenge. The convenience of cloud meetings helps companies move forward faster, becoming more productive and profitable.
The most respected brands know when to update operations and streamline procedures to operate at maximum efficiency. Cloud automation makes it easy to dive into a global marketplace and spread the word about your offerings.
Achieve Work-Life Integration
For years, management and employees discussed the importance of trying to achieve work-life balance. The concept is nearly impossible when real-life emergencies arise, such as a sick child or the death of a spouse. The goal today is to find work-life integration through remote work opportunities and outsourcing.
Production and profits no longer come to a halt when key employees are absent. Outsourcing enables management to temporarily hire top talent to fill in the gaps until the employee returns. It is also far more cost-effective than hiring temporary or new employees. Plus, working remotely enables the employee on leave to perform crucial tasks while handling important personal business.
Keep in mind that 57 percent of remote workers are happier than Americans in traditional jobs, and 75 percent of them intend to work remotely for the rest of their careers. Remote workers are better able to manage stress, feel happier about their jobs, and sleep more. As a result, these workers are more productive and loyal to the company – everyone wins!
Post-COVID-19 establishes a new normal for business and their employees. Remote work and outsourcing are here to stay, and the wave of the future. Be prepared for it by establishing remote work situations now to have crucial talent in place when needed most. Plus, be ready for management and employees to experience a higher level of freedom, which encourages innovation and creativity.
The professional team at Galileo Tech Media work remotely from all areas of the world to provide stellar people, platform and process solutions for content marketing and SEO. Contact us today to discuss how we give you the freedom to scale your team now and the confidence to grow your business tomorrow.