Increasingly, people are opting for jobs with location flexibility. Getting glued to one desk is passe and many prefer to work out of coffee shops, co-working spaces, or from the comforts of their own home. All you need to work is good wireless internet connectivity and smart devices.
Gallup research study, reveals that around 43 percent of America’s workforce works remotely at least some of the time. Similar studies suggest that over 50% of the workers in the region shall be freelancing by 2020, instead of full-time employment. The trend is slowly but strongly coming to India. Per a recent study done by Indeed, employees in India are seeking the ability to work remotely more now than ever before. The study reveals that nearly 40% of respondents would consider a pay-cut or job change if they do not get the flexibility to work remotely. The study suggests that around half of the respondents plan to quit their current job if their employers removed the flexible remote working option for them.
How does working remotely benefit the employees?
Working out of the office, in ever-expanding cities, can get difficult from a logistics perspective. The long and crowded commute could add to stress and lower an individual’s productivity. With the rise of small nuclear families, caring for young children and managing the house are practical challenges that your employees face every day. Balancing work and family life are getting tricky, add to it the compulsory number of hours in the office, and you would get some very frustrated employees. Flexibility to work remotely (at least a few days a week or on need basis) can better the employee morale, and hence productivity.
What is in for the start-up?
The job market in India is hot, as companies compete with each other to hire the best talent. Talented, hardworking people are much in demand. Start-ups that are not flexible to accommodate, maybe soon left behind in hiring and retaining talent.
Creating and managing work-spaces can be expensive; additionally, as start-ups scale up, adding additional spaces can be quite a challenge. Considering remote work arrangements can help start-ups save the costs of one seat, which could mean a saving of about 10,000 per employee a month.
Remote working can help start-ups, already under cash crunch hire talent from Tier 2, 3 cities, without needing to relocate them. Instead of hiring from an over saturated pool, hiring from smaller cities could mean getting fresh talent at competitive salaries. Co-working spaces in emerging cities are on the rise and cost lesser compared to densely populated cities like Mumbai or Bangalore.
A few start-ups may feel that remote working could mean limited visibility and control over employees. However, technology advancements and availability of cool, savvy tools can make managing and collaborate with, a remote workforce, hassle-free. Applications like Slack, Connected communities, Teleconferencing, Distributed software application, can help keep remote worked connected irrespective of the geographic location.
Remote work culture shall continue to expand in the future. In the upcoming years, both large and small firms will hire more distant workers, embracing the many benefits the phenomena has to offer.
We understand the importance of working remotely. Which is why we have a Virtual CFO service. Irrespective of where you are located, TheFilings.in can be your virtual CFO, managing all your compliance and finance needs.