Remote work has been trending more than ever. While it is easy to understand why remote work attracts top talent, there is still some uncertainty among companies whether hiring remote talent is the right strategy.
Researches show that companies who switch to remote talent have plenty of benefits. In case if you are still not convinced, here are few top reasons why you should start hiring remote workers.
When you are hiring for a particular position in a set location or country, you are limiting your talent pool. With increasing demand for good software engineers talent war is something you face when hiring onsite. Big benefit of hiring remote talent is expanding your talent pool by 100x, since you are able to reach talent around the world.
Big benefit of hiring remote talent is expanding your talent pool by 100x, since you are able to reach talent around the world.
This leads to higher high quality talent and it means you don't need to compromise on the talent quality. With hiring remote you will be able to find the top person for your position.
At the same time, you will not need to break the bank compared to hiring local in a limited talent pool.
Like famous investor Charlie Munger says. Why would you fish in a pond if you can fish in the sea.
Real estate and increasing costs are the most obvious places where you can save money when building a remote team. Office costs can be as high as $10,000 per employee when considering office costs, furniture, electricity and all other costs connected to running in office team.
More to that, employees also save a significant amount of money and time (up to $5,000 in major tech hubs) by not having a need to commute every day.
One of the first concerns from companies who are hiring remote talent is whether remote talent is productive. Researches show that remote workers are 20% more productive compared to peers who work in offices. The reason lies in the lack of distractions and flexible work time. Remote workers choose to work in their peak performance hours and due to this reason productivity boost is huge.
Another reason is lack of commute. Without need to commute, workers are more rested. Consequently, more than 30% of remote workers are willing to work overtime from time to time since extra time still takes less time compared to working from office and commuting.
Cost of turnover or replacing a position can cost up to 1 year of salary per position when considering hiring for a new position, onboarding a candidate and getting them to be fully operational in the role. This is why businesses strive to retain employees as long as possible.
Compared to Silicon Valley where employee retention is 18 months, happiness of remote workers increases and current retention for remote workers is 5 years which is a more than triple!
If you are building your company for long term, hiring remote talent is a no brainer because of this reason.
Diversity of employees have numerous benefits for the company. By hiring remote you are able to attract talent with different backgrounds, different regions and different age. Employees with different cultures and backgrounds give a better overview on the business overview and ways on how to approach problem solving. Remote work is also less discriminatory to people with disabilities and women with children.
There are numerous benefits of building remote team. Transitioning to hire remote staff is not difficult thing, however it needs to be systematic with a lot of focus on onboarding and communication. Once you will start hiring remotely, you and your business will feel the positive aspects of making this change due to productivity boost and better outcomes.
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