Since the start of the COVID-19 Pandemic, working from home (WFH) has likely become a possibility for your company and may have even been necessary at one time. After a year and half, as an employer you might find yourself asking, is WFH still ideal for my business? 

Here are some benefits and drawbacks to consider when deciding if WFH is the right move for your company and its employees. 

5 Benefits of Working From Home

  1. Sustainable work-life balance – The flexibility of remote work allows your employees to find the time of day that compliments their productivity, creativity and performance.
  2. Improved Inclusivity – Since your company is no longer locked only to a specific location, embracing diversity and inclusion becomes easier. Hiring individuals from all socioeconomic, geographic and cultural/ethnic backgrounds is no longer restricted by location. 
  3. Cost savings – WFH could help your business save on things like:
    • Office space
    • Office supplies
    • Utility bills
  4. Increased performance – Remote work can encourage your employees to have fewer distractions, quieter workspaces, and more efficient (and maybe even less) meetings.
  5. Happier and healthier employees – WFH for many employees can lower stress and fatigue by allowing more time for hobbies, interests, and physical activity which can carry over to better job performance.

5 Drawbacks of Working From Home

  1. Not for everyone – WFH might not work for all your employees. Some of your workers may need the structure, stability, and routine that working in the office provides. 
  2. Staff isolation – WebEx, Zoom, and Google Meet (or other platforms) may leave your employees feeling more isolated, alone, and overwhelmed than the in-person work relationships they had established in the office. 
  3. Burnout – Creating boundaries between work and home may become difficult for employees resulting in increased hours, stress, and burnout. 
  4. Information Security – There is a higher chance of security problems and data encryption if your staff is working from their own personal computers. 
  5. Internet unpredictability – We’ve all experienced it. The internet isn’t perfect. Sometimes you just can’t get your audio on zoom to work for those weekly meetings you have. 

As you consider these advantages and disadvantages to working from home, remember that your company is unique and has specific needs that only you and your employees know! 

Need more help with managing your business? Talk with a banker and contact us today at 800.526.9127 or visit our website at 

https://republicebank.com/business/manage-your-business/

Copyright © 2021 Republic Bank of Chicago. All rights reserved.

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