Future of Remote Only Startups: 7 Reasons of Remote Startups
In today's economy, big and small companies are going remote and enjoying the benefits of a diverse and distributed team.
Every other startup today, whether they are funded or bootstrapped, is trying hard to find ways to stay on top of the game. Being open to the remote working model has allowed many startups to achieve this feat.
Let us check out some reasons so as to why startups are going remote.
1. A Global and Diverse Talent Pool
This might be one of the main reasons why most startups are going remote. Most startups, especially tech start-ups, usually put roots down near local talent pools.
But since the hiring of good talent is getting increasingly hard due to the high market for skilled workers, it only makes sense to diversify your search to a global talent pool.
For example, if a small team found a senior engineer or a developer based somewhere else, it might not be possible for the team to relocate them. In this scenario, remote working makes a viable solution for every party involved.
You can now hire your perfect candidate, despite the office space restrictions, geographical limits, or other constraints.
Given that remote work lifts the barrier of hiring talent locally, companies can benefit from the diverse perspectives and skill sets of individuals from all around the world. This is especially true for remote software development roles that have attracted the attention of a large number of 9-to-5ers.
2. Remote work is Cost-Effective
Remote work is a great way to reduce the working costs of a company. One of the biggest expenses while setting up an office is renting an office space. While office space rent in itself is a huge expense, there are additional costs of supplies, office furniture, kitchen supplies, and more.
Your employees also wouldn’t have to commute. This will save them time and another major expense of traveling. Since it is possible that small startups might not be able to offer huge salaries right off the bat, the possibility that the employees can save up on the traveling budget is a huge benefit.
3. Improved Productivity
For a lot of professionals working from home, remote work is the key to an increase in productivity. Working from home is a great way to get deep work sessions without the distractions that come with an office.
For jobs that require high levels of concentration like coding or programming, this distraction-free environment is an added advantage. A good deal of studies has shown improved productivity levels in employees when working from home.
It is said that any business is worth as much as its employees. Hence, if your employees are more productive, it will reflect positively on your turnover in the long run.
4. Fewer Absentee Employees
Remote teams have been reported to have higher levels of employee presence with fewer absentees.
Individuals who are working from home eat healthier home-cooked meals. They are also better rested and lead a healthier lifestyle as they save time for lack of commuting.
This better lifestyle leads to lesser sick days with minor ailments like mild colds or stomach issues. Plus, eliminating the exhaustion employees otherwise endure during commute ensures they are more active during work hours.
Hence, the remote work style paves way for fewer absentee days and generally healthier employees. On top of that, companies that shower employees with wellness gifts like at-home spas and healthy snacks build a positive relationship with their bottom line. This helps in the long-term employee retention strategy of a company.
5. Remote Employees Help to Widen Your Perspective
Typically most startups were based on areas surrounding the local pool of talent. While hiring local talents is a great way to give back to the community, sourcing talent from an international pool of talent lets you expand your business.
Having a diverse set of employees will open you up to an expanded perspective. Employees from different countries and continents also allow you to bring new connections and expand your network.
You can hire employees from various races, ethnicities, and disabilities, which will broaden your perspective on business and life.
6. Improved Employee Satisfaction
Reports have shown that employees who are working from home have a higher level of work satisfaction compared to those working in a traditional office. Employees have a better work-life balance and have more free time while working from home.
Remote teams can also spend more time with their families, and this will also help with their morale. Especially for women who have a family to manage, working from home is a huge advantage.
The positive work-life balance helps instill a positive attitude in employees towards their jobs. This ensures employee retention and helps earn their loyalty.
This is why working from home is a huge component of increased employee satisfaction.
7. Advances in Technology
Theoretically, everyone has been toying with the idea of professionals able to work from home and forming completely remote startup teams. But that idea was not made into reality till the advent of Covid.
Even the technology available was not up to par to make completely remote work feasible. But recently, the advent of covid 19 has made it imperative to make the remote working model practical.
There have been better and newer iterations of technology which has made synchronous communication way more easier and efficient.
Tools like Slack, Trello, and Zoom are some of the applications that have dramatically changed the way we work remotely.
Future of Remote Startup
Remote work was something unheard of before the last two years. It was a practice even frowned upon in the past. Because higher officials were unable to keep an eye on the team, management was also reluctant to make a work-from-home arrangement.
The practice was only made as special accommodations for specific emergencies. But that is not the case today. With the advent of technology and how cost-effective remote work is, more and more founders are working in a remote team.
Technology and communication have made remote teams thrive.
According to recent surveys, remote employees work 1.4 days more a month compared to office employees. The time where employees idle around being unproductive is decreased from 37 minutes to 27 minutes. Employees also noted that while working from the office, they are more distracted by colleagues and bosses.
It should also be worth noting that remote employees take longer breaks but they also work an average of 10 minutes longer, according to businessnewsdaily.
There has been a shift in the paradigm of how the corporate world works. There have been advancements in technology and communication that have made remote work easier than ever.
While it can be daunting to manage a remote workforce, with the right team the process can also be very seamless and rewarding.
With more and more employees looking for remote working opportunities, it is not a good idea to resist the shift in the working model. In the near future, almost all companies will have a percentage of employees working from home. So it might be worthwhile to update your remote work policies and be aware of what employees expect.