Remote work opportunities are available to more people than ever, it's no surprise that financial transformation is also taking place. By transitioning to a remote work lifestyle, individuals have the opportunity to take control of their personal finance and financial transformation.
Working remotely offers unique benefits and challenges when it comes to managing finances, which is why it's important for remote workers who are considering such a lifestyle change to understand how to use these opportunities best to make sound financial decisions and a better work-life balance.
A Quick Overview of Remote Works and Financial Conditions
According to a Chief People Officer (CPO) through HRD Asia, as gig workers are encouraged to reskill for the future, the growth of remote and hybrid working arrangements in Malaysia would raise demand for the gig economy.
More flexible work schedules and self-employment are made possible by an important aspect of Malaysia's Industrial Revolution 4.0. Even so, a 2021 Ipsos study found that employees support flexible work arrangements, with 74% of Malaysians stating that they want this option for their schedules.
In addition, those already employed can benefit from remote work by having more control over their finances and making decisions without being tied down by office politics.
Remote work allows individuals to take ownership of their lives by setting their hours and working from home or other remote locations. This freedom offers those who may not have access to conventional jobs a chance to make money on their terms.
There are several benefits to working remotely. It may allow you to work from the convenience of your home or even from a different city or country. By working remotely, it is possible to achieve a work-life balance.
Working from home may even help you save a lot of money and help you to become financially independent and secure your future. Here are the financial benefits of remote work you may get.
Financial benefits of remote work
According to some resources, here are the financial benefits of remote work you may get:
1. Reducing daily commute
One of the biggest benefits of remote work is the daily commutes reduced. Hence it can help your wallet, according to Forbes.
You can reduce the cost of parking and regular maintenance, gas, oil changes of your vehicle, and tolls fee. You no longer deal with the daily rush-hour traffic.
Further, reducing your daily commute to work also helps you save on public transport costs.
2. Increased flexibility
Gartner showed that remote workers now have more freedom to choose their hours and places of employment thanks to the enhanced flexibility given in 2020, and they want to continue to enjoy these benefits through 2021 and beyond.
“I would only consider a new position or employment that allowed me to work from a location of my choice”, according to a study of workers, 59%, as opposed to the assertion that location would not matter. Similarly, 64% of respondents said they would be more likely to consider a job with flexible hours than one without.
3. Improved productivity
One article from Business News Daily showed that according to research by Ergotron, 40% of workers put in more time at home than at the office.
However, according to information from the National Bureau of Economic Research, these longer workdays are often 48.5 minutes longer. This time can result in more than 193 extra working hours each year for full-time workers.
Furthermore, 75% of Egotron survey respondents said their work-life balance has improved since they’ve been working from home. Data from Future Forum supports this idea. Further, Future Forum in April 2022 found that remote workers have twice as much work-life balance as full-time office workers.
4. Gig economy
One study from McKinsey showed that 19% of business executives worldwide stated they anticipated workers working remotely for three or more days following the pandemic.
For people who work remotely, the gig economy offers opportunities for short-term tasks that have become more interesting. Any worker looking to boost their income while keeping the freedom they need from a job may find these jobs a good option, according to Leveldo.
Due to the gig economy, specialised employment is possible. Businesses can hire the right people for specific jobs and only for the duration required by doing ad-hoc, short-term hiring.
5. Reducing unnecessary meeting
According to Business, most business owners know that meetings can waste time and money. Keeping everyone organised and on track may be challenging, even with the strictest of agendas.
Further, bringing together personnel from many departments in one location causes delays. You can still cooperate with today's technology, but your sessions will be better organised and stay on track.
6. Free to choose where to live
You are not limited to a particular city or office complex if you operate remotely. You can live anyplace you choose thanks to that. Moving to one of the most affordable cities is a smart move if you want to save money, according to Fool.
Lower living expenses will result in lower monthly expenses, allowing you to invest more money towards your financial objectives. This may be especially useful for those who feel like they can never advance in life since they reside in an area with a high cost of living.
Tips for financial transformation and remote work
Establishing a remote work policy: A remote worker policy may also address things like who is allowed to work remotely, what kind of communication is expected, time-tracking, data security guidelines, and so on.
Investing in technology and training: Workers that receive training, especially regularly, have better job-related skills and knowledge as well as more self-confidence. By providing the means to accomplish them, you are effectively helping in goal-setting, according to Vaillant.
Using the right tools: There are many benefits when working remotely, however, you need to explore the methods for managing a remote team. We recommend a project management tool using VirtualSpace as a great way to manage the team and track the project processes with the features by doing so.
Remote work not only offers a flexible and comfortable way to work but also personal financial change and cost savings.
The benefits of remote work include reducing daily commutes, increased flexibility, improved productivity, and reduced unnecessary meetings that can impact your finance transformation.
Overall, it's clear that remote work is shaping the future of financial transformation in significant ways. Staying informed on its impact is crucial for businesses to stay competitive in a rapidly changing world.