During the Vistage Executive Summit in Austin, TX, virtual workplaces were a common theme with the presenting speakers. Anne Petrik of Vistage Worldwide presented us with some statistics on whether a polled group of CEOs plan to be fully remote, hybrid, or in-person for the remainder of the year.
The results were interesting as approximately 2/3 of the CEOs are taking a fully remote and/or hybrid approach to their workplace. 1/3 reported that they plan to be fully onsite and in-person. With a majority of workplaces exploring the virtual world, we figured it could be helpful to lay out a few things that are beneficial for employers and employees while operating virtually.
Greater Employee Flexibility
Work-life balance is something that we firmly believe in here at AccountingDepartment.com. With a fully virtual team, there is no office space. Employees no longer have a commute to work, they can easily work around personal appointments and be in the same house as their kids while they partake in remote learning. Employees sitting in an office chair from 8-5 every day with minimal schedule flexibility and/or time off can eventually lead to an employee feeling burnt out with their work. It is common for companies to see that when their employees have a healthy work-life balance, they become more engaged with their workload. This directly drives more productivity for the employee and the company as a whole. We routinely hear from our team how great it is that they are able to make time for personal pursuits, all because of our work-from-home, family-first approach to balancing life and work.
Higher Employee Retention
While this point runs side by side with employee flexibility, chasing down the goal of making more money in their career is not always the reason why an employee may decide to move from one employer to another. Having flexible hours, time-off policies, etc. can drive employee retention. Additionally, being virtual and giving employees the freedom to ultimately live wherever they want, rather than within a few miles of an office building is a major benefit. Life happens and sometimes things require relocations or sometimes you just simply don't like where you are living. Having that ability to remote in from anywhere adds to the flexibility and is certainly more likely to keep an employee around longer.
AccountingDepartment.com's involvement in the Military Spouses Employment Partnership (MSEP) aids many with providing a virtual work option when it comes to military relocations and other personal commitments. Military spouses make great sacrifices. We believe that stable employment and opportunities for advancement should not be part of those sacrifices. Our military spouses often face unique challenges, such as having a deployed spouse while caring for a new baby. We're proud to employ and support military spouses and their families.
Reduced Overhead Costs
This one may seem like a given, but during the COVID-19 pandemic, many offices sat vacantly. Afterward, many companies downsized their office spaces when switching to a hybrid format, or those that went full virtual jumped out of the leasing/renting game completely. While removing that monthly lease payment for office space, you also knock out other associated costs like electricity, cleaning services, and more. Omitting or reducing these overhead costs can open up more money for you to spend on other things such as employee growth, training, and recruitment. Removing these office spaces may seem like a great idea, but one of the few things lost here is the in-person contact. Bumping up the focus on employee communication and morale throughout the company will become more important for owners and management.
Expanded Talent Pool
To hire the best of the best within your industry, oftentimes candidates don't all live near your business and you have to venture out. Whether the talented employees in your town don't plan to stay in your town, or the talented employees already live 3 states away, a virtual workplace allows for your options to be endless when it comes to selecting from the talent pool within your industry. AccountingDepartment.com prides itself in hiring the best Accounting Specialists and Controllers to serve you from all over the United States. It ensures that we have the best of the best from an unlimited talent pool to give you top-notch service where ever it is you call home to your business. Click the Request a Demo button below and let us show you how we are the best of the best, virtually.