Lessons from COVID 19: Why Startups Should Leverage The Benefits of Remote Working
The dreaded COVID-19 virus has brought the modern world to an absolute standstill and has completely changed the way in which we conduct business. The world of commerce can no longer operate in the conventional working model it used to and is being forced to shift to a more global model of operations.
Prior to the unprecedented impact of the virus, the stigma attached to the concept of remote working seemed to be too difficult to break. Nobody would have even thought that one day companies all over the world would be clamouring to transition into remote working models to survive and remain profitable. But today the rules of the game have been completely revised and rewritten and there is no choice but to accept remote working as an acceptable and maybe even superior mode of operating and running a business.
Remote working isn’t just about working from home. It has a much wider scope, as it brings together the world of commerce under a single umbrella and allows for greater mobility of labour.
It is exactly the kind of miracle a startup like yours is in desperate need of. Keep reading to know more about the ways in which remote working and virtual collaboration is the best way forward and how it will completely change the game for your startup?
Greater Talent Pool For Recruitment
When you go remote, you expand your startup’s recruitment process way beyond the conventional geographical constraints. You gain access to remote developers from all over the world, each bringing with themselves diverse perspectives and skillsets.
You can also attract and retain exceptional and top talent, without having to settle for substandard or expensive employees, just because they can punch in at the office every day. Even big companies like Amazon, Cisco, Microsoft and Zoom offer remote working options because it is the only way to retain top talent.
Research by Gallup shows that “54% of office workers say they’d leave their job for one that offers flexible work time”. Another study from Owl Labs’ 2017 “State of Remote Work” report showed that companies that did not support remote working lost 12% of their employees yearly, while companies that encouraged remote working lost only 9% of their employees, which might not seem like a big difference, but it means that there was 25% less employee turnover in companies that backed remote working.
In light of these numbers sifting to remote working is the best decision you can make because more and more organizations worldwide are opting for remote working. By not conforming to the need of the hour, you will not only be restricting your startup’s recruitment pool, but you will also be at risk of losing the employees you have already heavily invested in.
Reduce Expenditure
Hiring remote workers is the best way for startups to cut costs and remain cost-effective. You can save your scarce startup’s funds by outsourcing your software product development and acceleration needs to countries which offer cheaper workforce at the same quality of output.
Moreover, the current human resource community is leaning towards the benefits of remote working. 24% of the Owl Lab’ 2019 State of Remote Work survey participants, said that they would take a pay cut up to the tune of 10% and 20% of survey participants said that, they would take a pay cut of more than 10% if they were allowed to work remotely. This combined with lower employee turnover rates means that lesser expenditure is incurred, in retaining and attracting top talent.
Your startup can also save on real estate, office space and other resources, as employees work from home. According to Global Workplace Analytics, business organizations can reduce expenditure up to $11,000 per person, per year by simply allowing employees to work from home.
Accelerate Product Development
It is no secret that remote working massively increases an individual contributor’s efficiency, satisfaction and performance, which directly and indirectly accelerates product development. By allowing employees to work remotely, you eliminate the commute from home to the office and inject more time into the working hours. Moreover, studies show that a remote worker works for greater hours than an on-site worker, and they so because they largely enjoy what they do and not because it is required of them.
Remote working also improves productivity and focus due to the decreased stress of losing life to work. Since employees these days are placing greater importance to work-life balance than remuneration, productivity naturally follows, since they are better motivated to work under remote working conditions. When your startup’s team of developers are happy with their working conditions, they naturally work harder and accelerate product development.
Take the ‘Remote’ Out Of Remote Working.
Now that you know how to leverage the benefits of remote working, you’re probably wondering how to overcome its obstacles. Don’t worry about that because we got you covered.
Magic Factory strives to help your startups evoke the full benefits of remote working without compromising on quality. Our team of experienced remote developers backed by a tribe of experts are accessible to you on your time at just ½ the price.
Moreover, when you partner with us, your startup can easily achieve the objective of staff augmentation and accelerated product development with our ‘always-on video’ collaboration suite, which takes the very remote out of remote development. You also reap the benefits of a flexible cost base, a no-frills month on month payment mechanism and 1a 00% saving on your operating costs.
What are you waiting for? Give your startup am actual fighting chance against the detrimental effects of the COVID-19 pandemic. Drop by to know more about us.
With a promise to give your startup the competitive edge of a unicorn
Signing off,
Team Magic Factory
