Let’s be honest, most office workers would rather be working from home. It means they have more time to spend with their families, less commuting, less stress, and often increased flexibility in their schedules as well. In fact, there are so many benefits to working from home that it’s easy to overlook one of the obvious: saving money.
You may think that it’s only employees who benefit in this area but it’s not. Companies are also beginning to enjoy the financial rewards of implementing telework programs. Let’s have a look at some of the ways that you, as a worker or an employer, could be saving money with telecommuting:
How Employees Save Money
Employees who start working at home will soon notice a little more cash in their wallets; which is excellent motivation for any worker. Wondering where it comes from? Let’s break it down:
Any form of transportation that you use to get to work costs money. Cars require gas, bikes need maintenance, even if you walk you need shoes to do so. If you drive to work you could be saving upwards of $1000 a year just on gas, never mind services and other costs. Studies show that telecommuters could save up to $7000 just on transport costs – now that’s not small change.
• Professional Clothing
Workers in the U.S currently spend an average of $1800 a year on clothing. Professional clothing for the office doesn’t come cheap and while you still need clothes to work at home, you could probably save at least half this amount by telecommuting.
• Dry Cleaning and Laundry
All those professional outfits need cleaning as well and this could be costing you up to a $1000 a year!
• Takeaway Food
Even if you only spend $15 a week (modest) on takeaways and coffee at the office that still adds up $832 a year. Plus, if you eat at home, you’re more likely to choose a healthy option.
How Companies Save Money
If you’re a business owner having remote employees can help you save money by:
• Reducing overheads
Save money on office space and utilities. This could work out to be a savings of more than $11 000 per year per person.
• Retaining staff
Training staff members costs money. Losing a valuable worker can end up costing the company anything from $10 000 upwards.
• Reducing relocation spend
Nortel says they are saving in the region of $100,000 for every employee that can work from home instead of relocating.
• Minimizing unscheduled absences
In the U.S unscheduled absences cost companies up to $300 billion a year. And almost 80% of the time when a staff member calls in sick, they are not actually sick.
As well as these savings you’ll also enjoy higher productivity with remote workers. Companies like British Telecom and American Express who have already tried it reported that their teleworkers are 15-43% more productive than their office-bound colleagues.
So there you have it, the numbers don’t lie, working from home not only provides a less stressful working environment, increased productivity and flexibility, and a reduced carbon footprint but it also saves you money. So if you’re an employer thinking of starting a work from home program then you can see how this could help your business and if you’re thinking of getting a work from home job then this is definitely a top reason to do so!