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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
More companies than ever before are conducting remote operations, at least partially. This means an increasing number of workers across industries have settled into a remote office environment.
Business owners are now asking themselves important questions, like what the future of remote work looks like and whether they should embrace a fully remote environment.
For some companies, going fully remote has proven beneficial. According to the 2021 PwC US Remote Work Survey, 83% of employers feel that letting employees work from home has been successful at their companies. Still, this new setup comes with its own challenges, as some employees may struggle in a long-term remote office environment.
Understanding the implications and future of remote work can help you craft the best plan for your own company. If you're thinking about taking your business in a new direction as a remote-only company, consider the following.
A successful, fully remote business involves more than a business owner simply running their business from home. With each of their full- and part-time employees also working from their own remote offices, businesses that become completely remote may no longer have a centralized, brick-and-mortar workplace. They might not even need a centralized head office at all.
Since many businesses were forced to depend on remote work due to pandemic restrictions, some have gone completely remote. Others are offering flexible work-from-home options, letting employees combine at-home work with office hours.
Although some have seen great success, others may find it difficult to support employees facing new challenges in a remote work environment. Weigh the pros and cons of going fully remote versus keeping some form of a physical office in the context of your company's specific needs.
There are many good things about transitioning to a remote-based business that supports your staff working from home.
Business owners should also consider some of the downsides of running a business remotely.
There are other considerations in addition to employee engagement and morale, collaboration and IT security costs. For example, you might decide to cover the costs of new tech installation, digital security and office furniture for your staff. You'll need to make decisions about tracking work hours, handling power outages and establishing policies for learning new software technology to support your remote workers.
In the end, it seems remote work is here to stay. Learn about the benefits and challenges you may face so you can make the choice that best fits into your business strategy and long-term plans.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.
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