Count the Costs Before You Go Remote
It’s easy to jump at the idea of cost savings when considering remote working. But if you’re thinking you can save on company expenses by cancelling your rent and sending everyone home with a laptop and a cell phone stipend, you need to reconsider.
Yes, a remote team can save you money in different ways. IBM showed an incredible savings of $100 million annually thanks to remote working. Reduced absenteeism, increased retention, and minimized office space can benefit your company.
However, leaders who want to transition to remote need to see the bigger picture. There are some costs unique to remote working that are necessary for your team to be successful. If you don’t plan for these expenses, you may be disappointed in your dream of endless cost savings. Here are a few areas where you may spend more with a remote team.
Just because you don’t all come into the office each day, doesn’t mean you never see each other. There are important benefits to getting together in person at least once a year. But these global staff meetings come with a price tag!
You must account for flights (possibly international, depending on your hiring and meeting location), lodging, food, activities, and more. In-person gatherings are a great opportunity to care for your team, so you don’t want to be sweating every penny. (If you want some travel hacks for planning an All-Hands, you might enjoy this post.)
Remote teams absolutely need quality technology to be successful. And it may extend beyond the basic laptop. Your team may have additional technology needs based on their role, and you want to create an environment where they feel they have complete access to the equipment they need.
Also, you’ll want to research and find top software for your remote employees. Your attention to this need will support your staff and projects. Scrimping in this area could actually cost your company more in the long run if team members can’t collaborate and communicate well.
When so much of your business hinges on technology, you must be willing to spend on support. If someone’s laptop breaks, they need to be able to get it up and running right away. You want to have access to IT professionals who can support your team well.
Just because your employees are out of sight doesn’t mean it’s their responsibility to get their technology set up or fixed. Make sure they know you have support in place to help them with everything they need to get going.
Remote working offers opportunities for saving money. But there are additional financial costs to be considered. It’s important for you to weigh the pros and cons for your business before jumping in.
What costs have you seen increase with remote teams? Did the benefits outweigh the costs for your company?