Numerous businesses have closed down and others are barely surviving the crisis caused by the COVID-19 pandemic. One way your company can survive this period? Have a remote workforce. Read on to find out why.
Empty, silent streets during rush hour. Offices completely devoid of people. Businesses closed down indefinitely, and people couped up in their own homes.
This isn’t some made up, post-apocalyptic, dystopian world– this is the world as it is today.
A lot has changed since the start of the COVID-19 pandemic, and it’s turned the world into one straight out of science fiction. But it’s not all doom and gloom. While offices may have been emptied and people isolated in their own homes, many businesses are still running and even growing thanks to remote workers and remote hiring.
A Somewhat Novel Idea
Working remotely has become the most appropriate option, if not the only option for many businesses today due to the pandemic.
It isn’t a new concept– based on an analysis of data issued by the U.S. Census Bureau and the Bureau of Labor Statistics, around 4.7 million people in the United States were already working remotely even before the COVID-19 pandemic. This figure, however, only makes up 3.4% of the entire U.S. workforce, which means that for most businesses operating remotely is an entirely new concept.
Why Go Remote?
While it may be new and somewhat challenging for some, making the change to working and hiring remotely offers a number of unique advantages to businesses. Firstly, it allows businesses to cut costs on things like office supplies and utilities, in-office perks, and team outings. It can also help lower the cost of your actual workforce, as hiring foreign talent can be more affordable than hiring local talent. A remote developer based in the Philippines for instance, can cost roughly half of one with the same skill level based in the U.S.
Secondly, it gives businesses access to a wider range of talent. Having an international talent pool to choose from means that businesses don’t have to be limited by what’s in the immediate
vicinity. They also don’t have to shoulder the costs of uprooting and transferring foreign talent from different locations to their site.
And the list of benefits goes on:
- Gain a competitive edge – With more diverse talent in your team, you gain a competitive advantage in terms of innovation and skill sets. You are also able to come up with more well-rounded solutions to problems and more unique perspectives and ideas.
- Give a better offer to workers – Remote work often gives employees more flexible work hours, which is huge. According to Gallup analytics, 54% of office workers would choose to leave their jobs for ones that would give them more flexible work hours. This flexibility means they can balance their time better between work and personal life. And if you think this makes them less productive, think again–
- Have more productive workers – Numerous studies including one from Stanford University have shown that remote workers are actually more productive and engaged with their work than their in-office counterparts. There are several reasons for this, one of them being that remote workers aren’t exposed to such onsite distractions as office noise, impromptu meetings, or idle co-worker chit-chat. Given their better work-life balance, they also tend to be much happier with their work, and many studies show that happy workers are more productive workers.
- Avoid costly employee turnover – Research from Owl Labs shows that companies that engage in remote work have a 25% lower turnover rate than those that don’t. This is a great relief as employee turnover is not only expensive, it can be a terrible nuisance especially when you’re in the thick of your operations and have to train new recruits. With all the employee benefits you can offer in a remote working set-up, you can say goodbye to that tiresome turnover and enjoy smooth, seamless operations.
… And Why Now?
Remote working and hiring are beneficial for sure, but why now? With just about everything and everyone shifting online due to the pandemic, there’s no better time to consider remote worker hiring than now. You’ll have access to more talent than ever before and they’ll likely already have their own work setups at home.
Having a remote workforce allows you to cut your costs smartly, something that a lot of businesses are struggling with but must do in order to stay afloat at this time of economic uncertainty.
Another thing it cuts down on: carbon emissions, since workers won’t have to commute daily to their offices. While that may not seem like a significant reduction, it is important considering the fragile state of the environment right now.
Having a remote team now allows your business to not only adjust to the current situation, but also go along with the prevailing trend and better prepare for the future. According to Global Workplace Analytics remote work in the U.S. has risen by a whopping 173% since the early 2000s, and is showing no signs of slowing. Gartner research also shows a similar trend, with 74% of companies planning to shift some of their employees to remote working permanently. By establishing your remote workforce now you can get ahead of the curve and your competition, keep your business running smoothly despite the pandemic, as well as stay prepared for any future crises.
No one knows exactly what the future holds, so it’s best to be prepared. For a lot of people that means establishing a remote workforce as this offers more flexibility, resilience, and cost savings.
Ready to go remote but don’t know where to start? Start with CoDev. We’re an established offshore outsourcing company with a simple yet reliable process that helps businesses build their remote teams quickly, affordably and effortlessly. Whether you need just a few more people to round off your current team or need to establish a whole new remote team, we’ll make sure you get the best offshore talent suited to your specific needs and budget.
Give your business a better chance at success now and in the future, and gain many benefits by leveraging remote worker hiring. Get in touch with CoDev today to start your search for remote developers for hire and more.