Economic Impact of Remote & Hybrid Work

February 28, 2022    By Sunitha Rajendran

Remote & Hybrid Work

It’s been nearly two years since the Covid-19 crisis began. Well, we are all familiar with countrywide lockdowns & restrictions that are still happening in our life on a regular basis.

However, many companies are offering their employees a chance to flexible work than ever before. In simple, this means allowing a fusion of both office-based working and remote work. This has led to a sudden increase in hybrid working for many organizations. 

But how has this happened? Let’s take a look at how the pandemic has changed our working system.

In 2020, we all saw 10 years change in just one week as the outbreak of a pandemic. And we all experienced employees working in an office shifted to employees working from home. 

However, when the first lockdown happened, we all felt that working from home is going to be temporary. It would be until everything is back to normal.

But in 2021, the Covid-19 pandemic continues and we had a new strain of Covid that impacted our everyday lives like the Omicron, Delta and many others. In this case, businesses now realize that they can’t panic over every new wave or new lockdown. So, businesses started deploying technology in a collaborative manner and enabling their employees from different locations to meet easily. This is how the businesses are forced to adopt a hybrid working model.

Before 2020, hybrid work would have demanded slow & painful overhauls, but now thanks to remote work and many of them started accepting the change. Some have struggled to adjust at the initial stage, but many are reaping the benefits.

General Statistics – Work from Home

According to data provided by the U.S Census & Bureau of Labor Statistics, it has observed that 4.7 million employees were already working from home remotely before the Covid-19 pandemic.

Likewise, March 2020 study surveyed that worldwide 66%of organizations have made their employees mandatory to work from home at the outbreak of Covid-19 pandemic.

Likewise, according to Statista, worldwide 66% of organizations have made their employees mandatory to work from home due to the outbreak of Covid-19 pandemic.

Over the past decade, the advancement of technology has been instrumental in welcoming the concept of work from home to the place of today’s working landscape. 

With the development of the internet, cloud storage, remote working tools & other software, the work from home model has grown many folds faster thanearlier. At the end of 2021, 30% of the workforce started the hybrid work model.

Benefits of Remote Working

The benefits of remote working for employees are widely discussed. So, here you will get to know about the business benefits of remote working. From employee retention to overhead cost savings, there are several benefits to businesses that would embrace remote working such as-

  • Increased Productivity
  • Lowered Business Expenses
  • Employee Satisfaction
  • Increased Performance
  • Improved Retention Rates

How Remote work opens the door of global outsourcing?

Outsourcing – Does it matter?

Outsourcing refers to delegating the business processes to the external company or individuals.In simple, any task that has been done by an external vendor is called outsourcing. There was a time that organizations and companies are recruiting product development & marketing. 

However, taking care of every aspect requires more expertise – businesses would spend more on hiring the employees to get the job done. This is quite expensive for small businesses to find space in the competitive market. Anyhow, outsourcing has made all the processes easier with less cumbersome. You can just make the process easier with remote work & cheaper by outsourcing the service to get your project done successfully.

Have you ever wondered why businesses are outsourcing?

This covid-19 pandemic has opened the eyes of many organizations. Outsourcing becomes a popular business decision and that could be beneficial for the company. With outsourcing, you can hire remote employees or get connected with the world’s top talents. Overall, Outsourcing is a business solution that helps companies to achieve these goals and remain viable long-term. 

In times of disruption & uncertainty, for example, the start of the Covid-19 pandemic, outsourcing becomes more pronounced than its drawbacks.  

In the case of the covid-19 outbreak, many companies have downsized their staff/budgets and are looking to cut off their costs. With outsourcing, the cost comes down to the fee for the work done. Moreover, in outsourcing, you have the possibility to avoid the overhead of hiring employees, onboarding, or managing in-house employees. The Covid-19 Pandemic has triggered a seismic shift in how we work, causing several companies to transition from office-centric work to a more flexible way of remote working.

When we think about remote work or hybrid, there are benefits on both sides.

Remote work

  • Better employee well-being
  • Lower Costs
  • Saving Time

Hybrid work

  • Higher productivity
  • Fewer business expenses
  • More employee satisfaction

In addition, do you want to know “why companies are hiring an outsource?” There are several reasons behind this question. Well, to describe in short - You will get the skills, what you pay for.

  • Things get done quickly
  • You can reduce costs
  • Focus on core competencies
  • Lower employee costs
  • Offer staffing flexibility
  • Promote growth

Wrapping up!

The last two years' business landscape has fundamentally changed. In early 2020, we had become remote workers. However, the lead to increasing shift to hybrid working seems like a return to the office. Through all of this disruption, IT sectors across the world rapidly adapt to their end-users working from different locations. CrimsonBeans, a successful growing software development company in the UK, hired a talented resource and that results in increased productivity.

Working from home can also be a productive work environment compared to a typical office cubicle. The pandemic has changed the way of working style and many companies are now turning to remote work solutions. 

Make sure that your remote workers are comfortable and organized to make the company productive and growing. If you have an idea of starting remote work, it’s a good idea. Start with hope and achieve your goals. Good luck!

Leave a Comment