Remote work came into spotlight during the 2020 covid-19 pandemic.This new concept , now considered as the new normal , led businesses worldwide aware of the intrinsic benefits of a ‘recently discovered’work culture.
The opportunity to save functional costs and the ability to expand the hiring domain globally bring about massive changes in the business landscape. The trend made a large number of businesses to embrace the new world of remote hiring without further indecivnesseess.
The benefits of remote hiring gain popularity in the business world and nearly 20% of global companies have made a permanent switch to remote hiring , leaving behind the conventional office system.
Let’s delve deeper into this and analyze how remote work can help companies increase profit within just a few years.
How companies can benefit from remote hiring
Reduced overhead costs
Remote work almost set aside overhead costs for companies , such as lease expenses, insurance costs , office setup costs and repair costs.It also eliminates the cost of the office desktops and electricity bills that may be required if opting for a non virtual office space.For instance, many big companies saved millions by switching to remote settings during the pandemic.
The initial savings of the company and this reduced overhead costs can be used as an asset and companies can allocate funds to other areas, such as marketing and employee benefits.
Higher chances to discover global talents with cost effective compensation
Traditional work culture can limit companies in recruiting great talents , as many employees may be unwilling to relocate abroad in search of job opportunities.With the trend of Gen Z and Millennials preferring to work near their homes, companies may risk losing out on the best talents.Remote hiring can solve this problem by offering companies the option to hire global talent , often at a competitive cost compared to hiring native employees, due to currency exchange rate differences across countries.
Remote hiring allows companies to access top global talents at a lower cost, often 50% lower than the prevailing market rates in their home country.Furthermore, remote hiring eliminates location constraints , making hiring easier and increasing the probability of getting the best talent within a short time span.
Flexible work hours and higher employee retention
Recruitment is indeed an expensive endeavor! On average ,U.K companies invest £3000 , and it typically takes 60 days to onboard a new employee.Considering this factor employee retention is one of the prominent ways companies can adopt to mitigate the significant expense of hiring new talent.
Flexible work hours, including working from home and virtual offices , offer an excellent means to achieve higher employee retention rates.Moreover, flexible work contributes to happier employment for employees and in turn boosts productivity.
A global survey report indicates companies can potentially save around £8000 per year for each employee by switching to remote settings.
Nullify hiring expense and reduce the time to find the best talent
The hiring cycle is often prolonged and requires HR professionals to invest significant time and effort in finding the right talent.Scheduling and conducting non virtual interviews for various candidates is time consuming ,While it is also possible for candidates to miss scheduled interviews in online settings, the time lost is considerably less compared to the rescheduling process in offline interviews
Furthermore, leaving a position vacant for an extended period can impact a company’s smooth operation.
Posting job listing on various portals and conducting multiple offline interviews can be a tedious process , not to mention the financial costs associated with it.
Many of the hiring challenges can be reduced through remote hiring.Remote hiring streamlines the hiring process by eliminating the need for lengthy offline interviews and allowing companies to quickly fill vacancies with access to a vast global talent pool.
The most effective solution to reduce hiring costs is to swiftly switch to remote settings .
In addition to these benefits , remote work can foster a creative environment and navigate towards creating a positive mindset among employees , which encourages them to think out of the box.
According to research from Harvard Business Review, remote employees show a greater tendency to produce innovative ideas when compared to their in -office counterparts.
How VFTalent can help you find the best remote Talents
VF talent functions as a mediator connecting remote talent with worldwide remote jobs.Through our remote hiring services, companies can discover the best global talents ready for remote work.We tap into the world’s vast talent resources and address the global talent shortage and help companies go remote friendly.
Our dedication and commitment to making companies grow in a remote setting is what makes our services unique and incomparable.
If you are looking to enhance your workforce by bringing exceptional talents onboard , we suggest you to opt for remote hiring.Get in touch with us today to meet your hiring needs immediately and cost effectively.
