The conjunction of socio-economic and technological advancements has started a revolution of sorts in the way that businesses conduct their everyday operations. A very significant yet not often discussed trend is that of remote work, particularly full-fledged teams of employees working entirely away from their employer’s offices. What started off as something that individuals resorted to as a “side hustle” or a temporary means of earning an income while unemployed, remote teams have achieved explosive ubiquity owing to the benefits they bring to both businesses and individuals.
For one, bar some specific fields (e.g. dentistry), managers and business owners now have a wider pool of employees to create a team from than they ever had before. This in turn multiplies their chances of hiring exceptional talent that might otherwise be unavailable in their geographic region.
Perhaps you are a small firm in a sparsely populated, quiet town and you require a modern, bespoke software to be created. But the young lot not only left (and will continue to leave) for college in another bigger city, but they also choose to settle elsewhere like NYC or San Francisco where job opportunities and salaries are attractive. Just a few years ago, you might have had to travel, organize multiple face to face meetings, appraise an individual’s experience and capabilities along with other time consuming, costly, confusing steps. In contrast, now you have the option of recruiting, for this example, the services of firms like Gaper. A remote-based company that not only recruits vetted engineers for you but also quality checks the final product before delivering it back. All this with the crucial perk remote teams bring which is lower cost.
What with increases being seen in salaries across America, remote teams are becoming a necessity for small businesses and startups there. NYC for example has seen a 10% increase in tech salaries since 2015. Some in Silicon Valley are demanding rates as high as $300/hour. Such compensation is very justified when employees are expected to travel on their own, move residence to a more expensive location for the job, be at an office every day with stringent time (and time off) measures, etc. Because remote teams do not have these inconveniences to adapt to, their reservation wages are significantly lower.
For entrepreneurs with new businesses, every form of cost-saving process that does not compromise the quality of their product or services is vital. Besides saving on labor wages, remote teams also eliminate the need to rent offices, pay for internet and utilities, buy furniture, and arrange for job perks that add to costs.
Accounting and bookkeeping for example are very crucial operations for a business if they are to make effective financial strategies or present a pitch to VCs and investors. It would be quite imprudent to hire, train, accommodate, and pay for an accounting department in an office if remote bookkeepers are offering their services with no overhead costs and at affordable rates. Services like Bench or Pilot are ideal solutions in this regard. There are even more focused and targeted remote services available nowadays. Madera.ai is a remote bookkeeping service that targets NYC based startups and small businesses at impressively affordable rates. Such remote service providers play their own part helping these businesses scale and flourish in the otherwise competitive entrepreneur circles.
Considering all this, a lot of businesses today consider remote teams as an essential part of conducting operations. Low-cost digital technologies, dashboards, AI, communication systems, cloud services all amalgamate to create smooth and hassle-free workflows between an employer and these teams. Remote teams are no longer a thing of tomorrow anymore, they are here and thriving.