3 in 4 CFOs Intend to Shift Employees to Remote Work
Remote work has lots of benefits, and many CFOs now plan to implement it permanently. According to a Gartner, Inc. survey, 74% of Finance leaders and CFOs will move a minimum of 5% of their on-site workforce to remote positions after the COVID 19 crisis.
The data from Gartner is an example of the lasting impact of the coronavirus crisis on businesses.
Finance leaders looking for costs to cut now plan on adopting remote working because it cuts down on expenses. It minimizes the impact of daily operations and the need for office space. Other finance leaders plan on taking measures, such as adopting flexible work schedules. It improves the work-life balance of employees and cuts costs.
In the past, remote working was a privilege for senior employees. However, the COVID 19 outbreak has revealed it as a viable option for all employees. Many workers who are currently working in their home offices may not go back to their offices.
What are the Benefits of Remote Working?
One of the main reasons why CFOs plan on adopting remote working is to cut down on costs. It is a creative way to save money without having to implement severe measures. Office space is costly, and remote working allows you to minimize it. It makes it possible to save on the costs of renting office space, which is one of your most significant business costs.
Even though you don’t necessarily get to do away with an office completely, reducing office space saves you money.
According to Gartner, many CFOs cited the need to minimize disruptions as one of their reasons for adopting remote working. When employees commute from home to work, they are likely to run into disruptions that may affect their productivity.
Reduction in the amount of time that employees spend commuting preserves their time and energy. The wellbeing of employees has a direct link to their performance. When working from home, all they have to do is get to their desks and start working. They minimize traveling costs and can spend their money on things that are important to them.
The Use of Technology
Many CFOs are starting to realize the role of technology in remote work. With technological advancement, remote work is a viable option for many job positions. Gartner reports that 90% of CFOs do not expect much disruptions to their close accounting process. It means that most activities can be performed remotely.
Working remotely would not be possible without the use of technology. It relies on Wi-Fi, VoIP, instant messaging, and cloud computing for secure communication.
Remote working forces companies to make maximum use of their technology.
While employees will never be excited about getting a pay cut, research suggests that 36% of them would take the chance to work remotely over a pay rise. Instead of offering a pay rise as a reward for impressive performance, employees may have more appreciation for the flexibility to work at home. It is a great way to improve the cash flow in your business.
The ongoing crisis has promoted flexibility at work, and many employers are beginning to embrace it. Remote working has lots of benefits. Some of them include reduced salaries, better use of technology, and lower operational costs.
Many finance leaders feel that remote working is not only a good idea during the COVID 19 crisis but also in the long-term. It is a creative way for both businesses and their employees to save money. According to Gartner, other ways to save money include canceling on-site events, implementing a hiring freeze, and suspending capital expenditure investment.