remote work benefits – Talent500 Blog

Because of the unmatched advantages remote teams provide for both employers and employees, they are expected to continue to prosper even after the effects of COVID-19 wear off. Establishing a remote company is undoubtedly extremely profitable, but there are a few important factors to take into account before switching.

Before we get into that, let’s look at the advantages of hiring full-time employees remotely.

Competitive cost of acquisition

In a Harvard Business Review study, researchers discovered that having remote workers resulted in savings of more than $1,900 for each employee in simply office space and equipment expenditures over nine months.

It shouldn’t be a surprise that cutting back on employees is a cost-effective strategy. You won’t be required to pay for office space, furniture, supplies, cleaning services, technology, machinery, or even amenities like power and water.

Unlimited pool of talent

By giving the opportunity for recruiting talent without regard to regional restrictions, a company’s chances of connecting with job seekers who possess the skills and knowledge the company needs are boosted.

In addition, a lot of job seekers are ready to look for employers outside of their surrounding location. And over half of them, As many as 98% of people are interested in working remotely for companies with corporate offices.

Probably the biggest advantage of a global talent pool is that you get access to candidates with specialized & niche skills. Furthermore, the competitive nature of hiring globally allows for more savings without compromising the quality of hiring.

Increased productivity

Surveys show that 85% of companies report better productivity from remote employees. Thanks to the elimination of the daily commute, remote workers end up saving a substantial amount of their time every day. Better time management and an increased level of control over their workday result in remote workers often reporting better productivity universally.

Decreased attrition

Research shows that hybrid & remote work can reduce employee attrition by 35%. Moreover, having the option to work remotely enables employees to achieve a better work-life balance, which in turn improves their general well-being. Increased flexibility at the workplace has a direct impact on employee engagement, consequently reducing attrition.

Ability to enter foreign markets

For a large chunk of companies around the world, entering new markets became easier as they could now set up remote teams and employ local talent. Many firms have been able to enhance productivity, foster creativity, and expand their worldwide reach by building distributed teams in different locations.

Building a scalable remote workforce positions companies to better meet the difficulties of expansion, despite the intimidating nature of developing a company with locations scattered over several cities, states, and even other nations.

Factors to consider when building your global team

An increasing number of workers are asking to work remotely for a variety of reasons, including a desire to avoid spending hours in commuting time, a desire to explore the world, to be able to spend more time with their families, or even concentrate on multiple projects.

Here are 10 things you need to know before you dive into building your remote workforce.

Find the right people

You must assemble the right team to lead it well. Check to see whether a candidate possesses traits that would help them succeed in a virtual work setting before hiring them.

Self-motivation and discipline are the most crucial personality attributes in this situation, as it is impossible to keep checking in on each member of your team at all times.
Time management is another important character attribute for all remote workers. Location-independent work requires meticulous planning and prioritization; if a candidate does not show signs of being good with timelines, they are not a good fit.
Strong communication skills are imperative for all remote hires, as they will be communicating extensively with their team members via multiple media. Check for verbal and writing communication skills.

Access to the right tools

To achieve maximum productivity and efficiency, your remote employees will require the tools they need to perform their tasks. You’ll have to invest in a wide range of technologies because working remotely requires both synchronous and asynchronous communication.

Along with other things, you’ll need to provide your staff with project management tools like Asana and Jira, video conferencing software, and messaging apps like Slack. Being ready is always a good idea because your remote team won’t have the same direct exposure to IT support as an in-office crew.

Recruiter readiness

Review your company’s readiness to hire, manage, and keep remote workers before deciding to implement remote recruiting. This might entail reviewing your whole remote hiring process, updating your hiring software, and confirming that the employees in your company who will oversee remote workers have the necessary qualifications.

You might also need to learn how to properly execute remote interviews and smoothen out your virtual onboarding to create a polished and professional experience for a fresh starter. Some businesses utilize an all-inclusive ATS (Applicant Tracking System), while many others choose to create an integrated tech stack of top-notch programs.

Taxation & employment laws

Recruiting for a transnational workforce may increase the diversity of your business and provide you access to a vast pool of candidates, especially for skills that are in high demand.

However, you must adhere to regional labor and tax laws and regulations if you want to hire and retain remote workers from around the world. This can be extremely challenging if you’ve never designed a payroll for remote teams. Additionally, non-compliance with tax and employment laws can result in heavy penalties and legal repercussions.

When calculating compensation for remote employees, you must take into consideration the expense of living in the region, as well as market and economic developments, to ensure that the remuneration you provide is reasonable and competitive. A systematic payroll for remote workers ensures minimal hiccups.

You must conduct thorough research and make sure you are ready to employ people from particular locations to develop distributed or remote teams quickly and effectively. Engaging an EOR platform that can manage your international payroll, employee benefits, and legal and regulatory issues without you having to set up a local business entity can be helpful in this regard.

Data & information security

It is necessary to have strict data protection and security protocols in place when hiring remote workers. Increased use of personal devices, unsecured wifi connections, and dangerous file-sharing behaviors might endanger sensitive data and result in legal violations.

Threats like this put your business at risk for security lapses, penalties, and even reputational harm. Strict regulations that outline how to utilize VPNs, private connections, and password management should be in place for businesses that wish to move toward a remote workforce.

You can also use encryption tools or provide encrypted devices to your workforce. This ensures a minimal risk of data leakage, especially for organizations working with sensitive information.

Remote work policies

Whether you’re thinking about moving your company permanently to a remote environment or just contemplating telecommuting as a backup plan, you should construct a thorough remote work policy.

Certain aspects of remote work ought to be integrated into your current policy to eliminate any uncertainty. Working conditions for remote employees should be adjusted, including vacation time, sick days, and other perks.

Flexibility and autonomy over work hours is a major benefit of remote employment. On the other hand, work hours should be expressly defined in your remote work policy. Members of distributed teams often work in different time zones. It is important to be clear about everyone’s working hours as well as the times for meetings, training sessions, and other events.

Culture & engagement

The in-house staff environment that characterizes traditional business cultures must be modified to fit the contribution that remote employees add. Focus on transparency to ensure that everyone, no matter where they are, is aware of what is happening and what to expect. Your company’s culture should place a high priority on encouraging employees to communicate with one another as frequently as feasible.

A minimum of once a year, find chances for the employees to physically be present together. Together, these factors ought to foster trust among all employees, but notably between local and distant workers.

One of your responsibilities as a leader is to support an employee’s growth and development so they are ready for the next stage in their career. If you’re not careful, giving this instruction to remote workers might be difficult and lead to development isolation. This can be providing them with a leading position on a task or offering them chances to learn new skills.

Remote employee compensation strategy

While employing remote workers transnationally, it is imperative to remember many countries have inherently different compensation laws and statutory rules. Before delving into any country, it’s best to do surface-level research on how compensation is calculated.

Career path for remote employees

Employees place high importance on professional development and advancement, which is very advantageous to businesses. Companies can guarantee that their workforce remains competitive and that the products and services they offer customers are of a high caliber by investing in their workers’ growth.

Offering employees growth opportunities, such as seminars, masterclasses, coaching and mentoring, tuition assistance, and new work opportunities is a great way to incentivize good performers.

Health & safety policies

Employee wellbeing has always been a top concern for the business as well as the workers themselves. But given that the COVID-19 epidemic has caused many individuals to consider their health more seriously, it is understandable why health and wellness initiatives continue to rank high among employment perks.

Health coverage and insurance have become one of the most widely desired benefits today. In addition to the same businesses can offer digital gym subscriptions or coupons for a fitness club that has several locations nearby, making it convenient for remote employees. To assist remote workers in maintaining a healthy diet, businesses might also provide discounts for subscriptions to healthy food delivery services.

Conclusion

There is little doubt today that the advantages of hiring full-time employees are limitless when done remotely. Although it is similar to hiring in-office, these seven suggestions will assist you to deal with some of the subtleties involved in finding and keeping the greatest remote staff.

Take the first step towards building your distributed team with Talent500. With our pre-vetted talent & AI-powered tools, we get to the core of your distributed teams and offer personalized solutions. Book a consultation now to learn just how you can get the best out of your remote workforce.

Remote employee benefits include more than just flexible hours and work-from-home opportunities. As companies are adjusting to most of their workforce working remotely, they are offering new benefits to encourage remote employees. Let’s take a look at some of the most popular benefits that new age companies are offering to their employees.

Why are companies incentivizing work from home culture?

A recent Gallup research shows that 59% of the U.S. employees who started working from their home during the coronavirus pandemic would prefer to become remote workers permanently.

To retain the talent and improve employee engagement, companies are offering some amazing benefits. Studies show that 69% of employees believe a wider array of benefits is important to be more loyal to their employer. Furthermore, 78% of employees report benefits programs as the major reason to stay with an employer.

Let’s face it, the pandemic has caused a major shift in how employees perceive job satisfaction. Here’s a list of some of the most popular benefits that new age companies are offering to their employees.

1. Mental health support

It is not surprising that ever since the pandemic hit us, mental health is on peoples’ minds. According to the recent US Census Bureau survey, more than 42% of people surveyed reported mental health issues such as anxiety or depression, an 11% increase from the previous year.

Employers are proactively providing mental health training sessions for remote workers virtually. If you think it’s the same self-guided meditation sessions scattered all over the internet, it’s not. Chevron Corporation is one such employer offering mental health and well-being support to its remote workers through its Employee Assistance and WorkLife Services program. This program provides remote workers access to licensed counselors to help them cope with mental issues.

Remote workers need more of a practical approach to prevent stress and anxiety and fight burnout. This is why companies are onboarding experts to offer support through mental health information sessions. Good mental health training helps remote workers create a more engaged, safer, and productive work environment without feeling isolated.

2. Increased location and schedule flexibility

Companies are increasingly appreciating the flexibility in work schedules and how it benefits both employer and employee. Employers are offering an increased level of flexibility allowing remote workers to take more responsibility for their schedules. This leaves scope to manage any precarious crises that may arise establishing a healthier work-life balance.

Companies are getting comfortable with custom scheduling and longer deadlines. There have never been better opportunities for remote workers to work from any location they want. If you are planning to become a remote employee but are worried about managing your personal and professional life simultaneously, increased flexibility in terms of location and schedule is an incentive that will help you strike a balance.

American Express, the credit card giant has adopted a flexible scheduling model for its workers offering them the flexibility to work from home and manage their timing for a more balanced work and home life.

3. WFH allowance

Monetary compensation is one of the major contributors to job satisfaction. Companies are incentivizing this by offering work from home allowance.

Remote workers often complain about missing the perks culture of being on campus. Employers like Google are building this gap by offering a stipend for buying home-office equipment, paying internet and phone bills, and setting up workstations.

Organizations are seeing the positive impact of moving dollars to the pockets of employees. Since other bills at home go up, adding WFH allowance in the benefits program makes remote workers feel rewarded.

4. Learning and development opportunities

Previously, remote workers were not able to benefit from upskilling programs companies offered to in-house employees. However, that is not true anymore.

As work-from-home culture is becoming the new normal, companies are offering numerous learning and development opportunities. A recent IBM research suggests that employees are 42% more likely to remain at the same company if they are trained to get more skilled and perform at a higher level.

Employers are helping remote workers learn new technologies, enhance their skills and grow professionally by offering an L&D budget. Another way they are encouraging employees to learn while working simultaneously is by partnering with courses on-demand providers such as Udemy and Coursera. Squarespace’s robust L&D program is a good example of how a blend of in-person and virtual classroom development experience can be effective for the self-paced upskilling of remote employees.

Many companies are now offering remote workers the opportunity to access premium online courseware as a benefit.

5. Subsidized insurance plans

Employers are adjusting their strategies to accommodate remote workers from a health benefits perspective. As employees working from home may not be in the same geographical region as the employer’s office, they may not benefit from in-network coverage offered by the company.

Companies are now offering subsidized insurance plans to help remote workers avoid paying higher costs. DuckDuckGo and the cryptocurrency group Ethereum Foundation signed up with SafetyWing, a company offering subscription-based travel and medical insurance for remote workers to provide insurance cover for their employees.

This adds to the sense of financial security of the employees making them more loyal to the organization.

The best way forward

At Talent500, we help companies build, manage, and scale their distributed teams. With our best-in-class benefits, managing a remote team becomes easy with us as your EOR. We leverage a host of community activities, learning and development initiatives, and many more methods to help bolster employee engagement. To know how we can help you achieve this goal, book a consultation online.

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Hiring a remote workforce? Consider these 10 things