2021 is here, and… we’re still in lockdown. Though the vaccine is here and there looks to be a light at the end of the tunnel, many are still reluctant to return. But some are asking whether that’s such a bad thing. With many professionals accustomed to the new way of work, leaders and hiring professionals wonder if there is an opportunity to make the move to remote work a bit more permanent.
In fact, according to an August 2020 PwC survey, “54% of CFOs plan to make remote work a permanent option.” All this begs the question—should you start looking at making your remote work strategy a bit more… robust?
Benefits of Switching to a Remote Work Model
Though transitioning to a remote work model does have its challenges, leaders need to be aware of the potential benefits that go into the move as well. Here are just some of the reasons you may want to consider seeking out talent from outside your market.
Broader Talent, Lower Cost
The one thing that happens when you have a strictly local presence and a traditional employment model? Your main pool of talent is local. This leads to one of many challenges. In large market companies, the talent may be easier to find, but often demanding large market salaries—along with competitive benefits, perks, and more. In small markets, the talent may be more affordable—but scarce.
Remote work addresses both sides of this problem. Rather than limiting your search to your current market, you can expand beyond your normal search.
Diversity Initiatives Made Easier
In 2019 The Wall Street Journal ranked companies in the S&P 500 by levels of diversity and inclusion. They found the top 20 companies (or those with the highest scores for DE&I) had better operating results on average than the lowest-scoring firms.
Companies are focused on finding a diverse talent base. Similar to the skillset issues that can be addressed with a remote-focused workplace, expanding your search beyond your local area can help you find talent more diverse than the local talent pool.
Tech Savvy Corporate Finance Staff
Companies are putting a higher priority on increasing their staff knowledge in a variety of areas. But often, many things ranging from the mentality to the local education can hinder your ability to find talent who can deliver these skills. Technology knowledge will continue to be a priority, and an expanded search radius may be the key.
Less in-office talent means less office space. In turn, a push to incorporate a deeper remote work mentality could facilitate downsizing initiatives. However, convincing staff of the benefits behind this will require a communication and benefits initiative focused on delivering new perks to improve remote work satisfaction.
Share Your Thoughts, Grow Your Role: Just a Few Reasons to Join Controllers Council
Whether you’re looking to hire, looking to find a new role, looking to learn, or simply looking to connect with other likeminded individuals, the Controllers Council is the place for you. As the fastest growing community of corporate finance and accounting professionals, we offer a place for leaders to network with peers, secure CPE discounts, find work and more.
There are so many reasons to join Controllers Council before 2020 ends. Learn more about the benefits of membership here.