Seven Business Benefits Of Having Remote Employees

Working remotely is becoming a mainstay in U.S. workforces. With 43% of Americans saying they spend some time working remotely, according to a report by The New York Times, it is important to make sure your remote teams are effective in their abilities to contribute to your business’ bottom line.

Setting up remote employees for success right out of the gate can help ensure your business sees financial gains from this arrangement. We asked seven members of Forbes Finance Council for the main benefits of working with telecommuting employees so as to ensure financial success. Here is what they had to say:

 

All photos courtesy of Forbes Councils members.

These Forbes Finance Council members explain how remote workers the benefit a business.

1. Lower Costs And Improved Productivity

The most obvious advantage to a company’s bottom line is the savings in office-related expenses. But, another hidden gem is increased productivity when employees are no longer on long commutes. If you hire the right people, you will actually get a better yield on time spent. - Lee Reams, ClientWhys, Inc.

 

2. A Leaner, Smarter Development Team

While hiring and managing remote developers can be challenging, there is definitely a benefit to the company. You're able to run a more cost-efficient product development team if you do things right. You'll also find that a well-run international team brings in new perspectives and can accomplish time-sensitive tasks on a 24/7 basis, helping you get things done at all hours. - Charlie Youakim, Sezzle

3. A Higher Number Of Part-Time Workers

While there will always be the need for full-time, on-site staff, the popularity of remote work might allow you to also use part-timers and save thousands in the process. People are much more likely to consider part-time work if they don't have to come in and can have flexibility, and not every role or company need requires a full-time employee. You also won't limit your talent pool by geography. - Elle Kaplan, LexION Capital

4. Better Alignment With Employees

Companies are being forced to address production over presence as the ultimate indicator of value in the remote world. That is forcing people to rethink their traditional compensation plans. As these compensation plans better align employees with the company, the overall financial picture improves. People are incentivized to the right behaviors, and both the company and employee benefit. - Matthew May, Acuity

5. Less Overhead

Distributed teams enjoy certain advantages, especially reduced fixed costs. From an employee’s perspective, there is no transportation cost and no investment of time for transportation. As for the employers, they save major overhead as a result of not having to rent office space for that employee. - Ibrahim AlHusseini, The Husseini Group

6. Increased Cash Flow

Remote workers often mean more cash flow and greater productivity, increasing a company's bottom line. Allowing people to work remotely often cuts overhead by reducing expenses, such as a larger office space. Greater productivity, which again increases the bottom line, is typically achieved because employees have the freedom to work at their own pace, knowing they have a job to complete. - Justin Goodbread, Heritage Investors

7. Access To A Larger Talent Pool

From my experience, remote team members have allowed my company to recruit from a larger talent pool worldwide versus being limited to the geographic location where our offices are located. From an employer's perspective, by going the contractor route (versus just remote), you pay for only the work being done, instead of a full payroll, while allowing flexibility and freedom within the position. - Shane Hurley, RedFynn Technologies

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Working remotely is becoming a mainstay in U.S. workforces. With 43% of Americans saying they spend some time working remotely, according to a report by The New York Times, it is important to make sure your remote teams are effective in their abilities to contribute to your business’ bottom line.

Setting up remote employees for success right out of the gate can help ensure your business sees financial gains from this arrangement. We asked seven members of Forbes Finance Council for the main benefits of working with telecommuting employees so as to ensure financial success. Here is what they had to say:

 

All photos courtesy of Forbes Councils members.

These Forbes Finance Council members explain how remote workers the benefit a business.

1. Lower Costs And Improved Productivity

The most obvious advantage to a company’s bottom line is the savings in office-related expenses. But, another hidden gem is increased productivity when employees are no longer on long commutes. If you hire the right people, you will actually get a better yield on time spent. - Lee Reams, ClientWhys, Inc.

 

2. A Leaner, Smarter Development Team

While hiring and managing remote developers can be challenging, there is definitely a benefit to the company. You're able to run a more cost-efficient product development team if you do things right. You'll also find that a well-run international team brings in new perspectives and can accomplish time-sensitive tasks on a 24/7 basis, helping you get things done at all hours. - Charlie Youakim, Sezzle

3. A Higher Number Of Part-Time Workers

While there will always be the need for full-time, on-site staff, the popularity of remote work might allow you to also use part-timers and save thousands in the process. People are much more likely to consider part-time work if they don't have to come in and can have flexibility, and not every role or company need requires a full-time employee. You also won't limit your talent pool by geography. - Elle Kaplan, LexION Capital

4. Better Alignment With Employees

Companies are being forced to address production over presence as the ultimate indicator of value in the remote world. That is forcing people to rethink their traditional compensation plans. As these compensation plans better align employees with the company, the overall financial picture improves. People are incentivized to the right behaviors, and both the company and employee benefit. - Matthew May, Acuity

5. Less Overhead

Distributed teams enjoy certain advantages, especially reduced fixed costs. From an employee’s perspective, there is no transportation cost and no investment of time for transportation. As for the employers, they save major overhead as a result of not having to rent office space for that employee. - Ibrahim AlHusseini, The Husseini Group

6. Increased Cash Flow

Remote workers often mean more cash flow and greater productivity, increasing a company's bottom line. Allowing people to work remotely often cuts overhead by reducing expenses, such as a larger office space. Greater productivity, which again increases the bottom line, is typically achieved because employees have the freedom to work at their own pace, knowing they have a job to complete. - Justin Goodbread, Heritage Investors

7. Access To A Larger Talent Pool

From my experience, remote team members have allowed my company to recruit from a larger talent pool worldwide versus being limited to the geographic location where our offices are located. From an employer's perspective, by going the contractor route (versus just remote), you pay for only the work being done, instead of a full payroll, while allowing flexibility and freedom within the position. - Shane Hurley, RedFynn Technologies

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https://www.forbes.com/sites/forbesfinancecouncil/2017/09/27/seven-business-benefits-of-having-remote-employees/