When you’re running a company, you know that time is money. So how does one manage to save a little bit of both for a business? Start-ups are often penny pinching to make it through the earliest stages of development, while well-established companies aim to have a seamless workflow that allows for the most productivity with the least amount of cost. Hiring remote employees is one surefire way to help accomplish both.
The Merriam-Webster Dictionary defines “opportunity cost” as the following:
In layman’s terms, opportunity cost is defined as the costs acquired from not making use of an alternative option.
To further understand how opportunity cost can affect businesses, check out this typical scenario below that demonstrate a way in which companies can lose money because it didn’t make a wiser, alternative decision.
Remote hiring opens the door for companies to employ the best in business despite location. This means that companies can bring out full-time or contract remote employees to help accomplish tasks that the current employees are not capable of doing at the same speed or level of professionalism. Let’s revisit our case study from above when remote hiring is implemented:
Remote hiring allows for companies to bring on the top talent to complete work instead of overpaying unskilled employees to complete jobs for which they are not trained. Many times, the amount it would cost (both in time and money) to train an employee in learning a skill is much higher than it would cost to hire a specialist who can get the work completed at a significantly faster rate and for a lower cost.
What are some other major benefits of hiring remotely? Share your #remotelife with us on Twitter.
Originally shared on Remote.com