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Entries in work from home (1)

Thursday
Aug312017

Forget the Haters: 3 Financial Benefits Of Working From Home

More than 2.5 quintillion bytes of data are generated each day, and in the era of ever-evolving technology, the opportunities for innovation are virtually never-ending. Both employers and employees are quickly learning to reap the benefits of technology, and telecommuting is just one example of the way technology has revolutionized the nature of work.

Workforce writer Ariel Parrella-Aureli agrees, and she feels as though millennials are the catalyst driving further technological developments and modernized work spaces.

"Gen Y pushes the need to create a balance between traditional corporate environments and make room for remote access employees that act as a second home for creativity, productivity and engagement through technology and collaboration," she writes.

Even though telecommuting situations aren't viable for all businesses, nearly six out of ten employers identify cost savings as a significant benefit to telecommuting. But telecommuting can save employees money as well.

Here are just a few ways employees can save money by telecommuting.

Less Work-Related Traveling

One clear financial advantage of having the ability to work from home is the reduction in gas and car maintenance costs that come with traveling to the office less often. Even if you take public transportation, you're saving on traveling costs.

Salary.com contributing writer and CEO of FlexJobs Sara Sutton Fell says, "If you work from home full-time, you immediately eliminate any costs associated with your commute, whether they be from driving to work or taking public transportation. Even if you’re walking or biking to work, you’ll wind up with lower bike maintenance costs and fewer pairs of sneakers to buy."

Convenience Of Technology

Even though technology requires an initial investment, it can come with significant cost savings. If you do have to purchase work-related equipment yourself, you can receive some serious deductions when tax season rolls around. But normally, employers foot the bill for telecommuting technology. This includes security-based technology, which is especially essential for telecommuting positions.

That's one reason the managed security services market, for example, is expected to almost double by 2020, from $17.02 billion to $33.68 billion. This is directly in line with the increase in telecommuting opportunities, which The NWI Times reports grew by 115% over the past ten years.

"Technologies such as the cloud, teleconferencing and virtual meeting software make it easier than ever for many white-collar jobs to be performed from anywhere," writes Craig Guillot.

Sometimes, employees are able to keep software and other technologies paid for by employers even after they've left the job. These cost savings are invaluable to driven workers looking to expand their skills and areas of expertise.

Fewer Professional Wardrobe and Laundering Expenses

One often overlooked aspect of working remotely is that there's no need to adhere to a company dress code. You don't need to don a suit every day, cover up any tattoos, or remove any piercing jewelry. Likewise, there's no need to purchase expensive designer clothes to impress superficial bosses. While it may seem like a small thing, the Department of Labor has found that working Americans spend about $1,881 on clothing and apparel each year. If even a quarter of that money is spent on professional clothing and/or dry cleaning services, you're already saving hundreds of dollars a year.

Ultimately, these are just a few of the many financial advantages that come with telecommuting. Brie Reynolds, FlexJobs senior career specialist, feels as though remote opportunities will only continue to expand.

"The rise of the knowledge economy means that more people's jobs are compatible with remote work than ever before," Brie says.