As the COVID-19 pandemic rages on, working from home has become a fact of life for many people in the US and worldwide. For jobs where it is possible, remote working has become a newly accepted norm. As many newly remote workers get a taste of this flexibility, it’s expected that the demand to work at home will rise.
Whether it’s on a part-time or full-time basis, employing remote workers can actually save your company a lot of money and increase employee satisfaction in the long run. But how do you save money exactly? Here we look at some ways that remote working can save companies money.
Let’s go!
You can downsize your building
Companies have offices in prominent locations largely due to image and prestige, but these buildings can be very expensive to rent or buy. If a significant portion of your workforce starts to work from home, then it gives you the freedom to downsize to a smaller building.
In their recent operational finance explained blog, VersaPay explained how nearly 60% of a finance team’s day is spent on mundane operational activities. While much of this work can be automated, employees carrying out simple data entry tasks like this can usually do it from home without any trouble.
By renting a smaller building for your team, you’re able to save a significant amount of money while keeping your workforce happy.
You save money on overheads
On a similar note, less people working in your building means that you save money on bills and utilities such as water, heating, electricity, and more. If you’re able to downsize your office or just have fewer people in your office, then the resources your building uses up will naturally be lower, helping you to save cash.
You can also save money on services like catering and cleaning – the less people you have in your team, the less catering and cleaning you require!
Your tax burden may be reduced
Depending on where you live and how the tax system works, you may be able to take advantage of certain tax incentives if a portion of your workforce works from home on a part-time or full-time basis.
Many governments around the world now encourage businesses to let their employees have more flexible working hours, especially as the “gig economy” of the digital age continues to rise.
These tax incentives could help to reduce your bottom line tax bill at the end of the year, which is always one of the biggest financial drains for any size of company.
Reduced pay (or raises)
While it’s not the case for everyone, some employees will be happy to take pay cuts (or perhaps avoid a raise) for the benefit of working from home instead. The idea is that they will save money on reduced commuting, travel, and eating away from their home etc.
Some people also just value flexibility and free time more than having more money, which is fair enough. Time is valuable!
If your employees are willing to take minor pay cuts in exchange for the flexibility of working remotely, then you should take advantage of it. Most of the time you’ll end up with happier, more productive employees who you’re paying less while spending less on office utilities because they’re not there to use them.
In many cases, it’s a win-win for employees and employers.
We hope you enjoyed these tips on how working from home can save companies money! From electric bills to tax incentives, there are many reasons that remote working can be cost-effective.
There has never been a more perfect time to become a freelancer.
With so much of the workforce switching to the gig economy, it might be time for you to take a look at your own career and see if serial side hustling is the way to go.
Today, we are going to look at 38 freelancer statistics that you need to know for 2021 that might surprise you.The freelancer population grew from 17% of full-time freelancers up to 27% from 2014-2019.Making up 36% of the global workforce in 2020, freelancers are becoming more of a demand in many niches.In 2020, the second most common insurance policies sold were from freelance and consultant insurance workers.Over 90% of freelancers are optimistic about their future in freelancing.From 2019 to 2020, there was an 8% increase in freelancers, which totaled about a 2 million freelancer increase.With the current pandemic, freelance job postings increased by a little over 40% during Q2 of 2020.
Freelance and consultant policies that were purchased over the last year grew by 26%At the beginning of 2020, freelance policied dropped heavily up until the height of the pandemic.
The freelance community bounced back dramatically in the later months with policies being purchased through freelance and consultant insurance workers doubled each month.While Gen Z has seen a tougher job market, over 50% of 18-22-year-olds have claimed to freelance in the past year.A little over 40% of millennials have reported having freelanced over the last year.Due to COVID-19, 36% of Gen Z freelancers started after the onset of the pandemic.Over the past year, over 59 million Americans have participated in some type of freelance work.When it comes to 39-54-year-olds (Gen X) 30% of them are freelancers.When it comes to Boomers (55+ years old) 26% have or currently freelance.When it comes down to gender, 60% of freelancers are men while 40% are women.Freelancers who perform skilled services earn on average $28/hour, which is more than 70% of workers in the US economy.
When it comes to wages, over 30% of freelancers are making $75,000 or more.For freelancer copywriters, the national average salary is $81,748An average workweek consists of 43 hours for most freelancers.With COVID-19, 23% of freelancers have lowered their hourly rate.Over the past 6 months, 58% of freelancers worked with more than 5 clientsIn the total arts and design workforce, freelancers had made up around 75% in 2019.When it came to freelancer policies sold, 50% were sold to photographers in 2020.Over 60% off all freelancers sell 2-3 different skill sets.
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