Any industry with a direct and predictable relationship between inputs and outputs—manufacturing, retail, construction—is not going to cut hours. Flexible scheduling allows your team members to fit their work around any personal obligations that would otherwise have, resulting in taking a day or two off. Remote workers are not in a loud environment and are not distracted by their co-workers. The issue resonates -- and in no small part because of the money at stake. With millions of Americans suddenly working remotely, we decided to highlight just how much cash and time they’re saving. For example, you may need to pay for video conference software or other collaboration tools. A salary of $80,000 per year is approximately $38 per hour (given a 40 hour work week). Exclusively working from home can feel as if the line between work... How to Avoid Mistreating Employees During COVID-19. Read how businesses around the world are embracing a new work paradigm and leveraging video to enhance productivity and collaboration. Many established businesses have already enjoyed savings due to telecommuting. Not only does this open up the flexible working possibilities that workers are starting to enjoy, but it also means that, with a bit of clever planning, this can actually save money, too. Most business owners appreciate that meetings can be a time suck and waste precious resources. Can working from home save companies money? It also calculates the amount of time you could save per year. It was kosher. And that's qualified as if you work between two to three days at home. Valid email. Remember, time is money! The nature of every job does not necessarily lend itself perfectly to working from home, even a few days a week. Another of the most popular policies to revisit is the five-day work week. While working from home, she was able to keep an eye on her kids. To continue without changing your browser settings means you agree to the use of cookies. Does Working From Home Save Companies Money? You may need to make some infrastructure changes to support remote workers and prepare for any remote technical support issues. When you work from home you might not want to invest that much money into proper home office equipment. Companies have been forced to embrace remote working amid stay-at-home orders for all nonessential positions and businesses. Working from home is also a great option for small business owners who want to forgo on the hassle of renting out an office, buying office supplies, and the overall preventive maintenance that comes with renting a space. SkipTheDrive’s Telecommuting Calculator calculates the amount of money employees could save by telecommuting as opposed to driving to the office on a daily basis. Remote workers typically save about $4,000 a year by working from home, according to a study from FlexJobs, an online job service that specializes in flexible jobs. “Every single time you save our company money -- say by staying at a cheaper hotel or using a coupon -- you get 10 percent of the savings back as rewards points,” says Zakir Hemraj, sales engineer at I Love Rewards, which both markets a Web-based rewards system and uses the system to recognize its own employees’ money savings. Shortening work would simply reduce productivity and forego revenue. Even if you work from home only two or three days a week, that can add up to substantial savings in gasoline. My name is Baruch Silvermann and I am the founder of The Smart Investor, a free online academy for investors. Teleworkers will need access to software, data and your computer systems. Dismiss. See how the perfect mix of smart video conferencing systems and easy-to-use video conferencing apps sets Lifesize apart, A detailed look at the two leading cloud video conferencing solutions, Learn everything you want to know about video conferencing from the history of the conference call to selecting an enterprise-grade video conferencing solution. When employees are sick, working from home helps keep them from infecting others and causing large portions of the company’s workforce going absent on sick leave. Remote work reduces healthcare costs. As a result, we’re now watching the work-from-home trend take off. There are pros and cons you need to consider before taking the plunge. With the number of telecommuting remote workers increasing by 115% in the last decade, companies are discovering the many advantages of having a remote workforce. Do you think a four-day work week is a good idea? However, studies have shown that a flexible work schedule also leads to healthier employees. 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