Working from home may have its fair share of pros and cons, but no one can deny the fact that it is definitely a more economic option.
A recent study by PGI, a leading provider of software services, found that 80 percent of workers reported higher morale when working from home, while 69 percent reported lower absenteeism. Another report by Stanford University stated that working remotely led to a 50 percent fall in job attrition rates.
Besides providing greater focus opportunities, flexibility of schedule, and avoidance of office politics, it’s important to look at the difference it is also going to make to your bank balance.
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While employees working from home experience a definite economic advantage over their office-going counterparts, even their employers can stand to save a lot of money in allowing them access to do the same. According to Forbes, American Express in 2013 reported annual savings of $10 million to $15 million thanks to its remote work options. The same report also stated that Aetna, a leading American health-care company, shed 2.7 million square feet of office space as a result of its employees working remotely, thus saving a whopping $78 million.
There are three basic economic benefits that employees working from home or working remotely are sure to realise:
Assuming that you don’t live a stone’s throw away from your office, we’d venture to guess that you spend a decent portion of your salary on commuting to work. Be it on fuel, train tickets, or two-way taxi and auto fares, you are forced to spend a certain sum on a daily, weekly, or monthly basis in order to get to work. If you remove the commute from the equation entirely, then the amount you would have spent travelling daily would enjoy a nice spot in your bank account.
While this is a debatable topic for many, the general consensus rules that working remotely saves them a good portion of their income which they would otherwise spend on purchasing the right kind of formal or ‘office-wear’. According to a recent survey, out of the participants who were asked how much they spend on clothing accessories for work in a given year, nearly half said they spend about $250 a year, while 35 percent admitted to spending between $250 and $749.
Working from home or anywhere outside office gives you the leverage to strut around in yoga pants for all anyone cares! You’ll be saving a fair share of your salary which you would have otherwise spent on a sale at Marks & Spencer.
It isn’t always possible to take packed lunches to work. Especially for those living alone, this fact holds true, since factors like time constraints, lack of raw materials, and zero willpower lead to the eternal ‘ordering in’ or eating at the cafeteria during office-breaks. While you may purchase the cheapest item and believe you’re not spending a great deal, in the long-run these daily meals eat up a large chunk of your monthly salary.
For those working from home especially, this problem can be countered effectively. Since you have access to the kitchen through the day, you can take a half-hour out at any point in the afternoon and stir yourself up something quick and tasty.
Working remotely can receive differing responses from those administering or practising it. While some swear by it, others claim that it closes a lot of doors and the opportunity to ‘grow professionally’. However, the one thing that all schools of thought on this accord agree upon is that it is significantly cheaper to do so. Do you agree? Let us know in the comments below!