In theory, work from home (WFH) is a win-win situation for everyone.
Mostly, WFH save all the time, money and hassles of commuting, allowing staff to focus better and spend more time on the job. Furthermore, when staff feel that they have more autonomy over where and when they work, they tend to feel happier and more productive. Also, since staff are able to spend more time on themselves and their loved ones, it allows a better work-life balance.
For employers, the major benefit of WFH is that they can save on some overhead costs like rent, utilities, and office supplies. At the same time, turnover rate is said to be lower because staff have fewer reasons to look for a new role when they work from home.
However, in real life, work from home is said to undermine productivity.
In an article by the Financial Review published last month, working from home has been pointed out to not be working for firm owners/employers.
According to a study involved 10,000 staff at a prominent Asian tech company, productivity had fallen by 20% though staff are working longer hours. The study found that since working remotely requires more co-ordination, staff end up spending more time attending meetings and answering emails and not in the outputs.
“It seems that the pandemic has spawned a huge amount of literature focused on employee wellbeing, but rather less about the wellbeing of the customers and organisations they serve.”
Firm owners are now on the horns of a dilemma: if they continue WFH they will face profit loss, but if they make return to the office mandatory they will face high turnover rate.
Outsourcing appears to be the only realistic option for business owners at the moment. Because outsourcing providers are only paid when the work is completed (output), rather than by the hour, it helps businesses stay productive while keeping expenses down, especially in the work-from-home era. Not to add, considering Australia’s current labour shortage crisis, outsourcing is a wonderful option to hiring and retaining staff.
If you’d like ad-hoc assistance with your compliance work then drop us a line.