1. You save on the Cost of Hiring:
Hiring an employee involves a lot of cost and is not a cheap process at all. Considerable expenses are involved with the acquisition of any full-time employee which comprises costs of advertising, arranging behavioral interviews, conducting background and skill checks and numerous pre-employment valuation tests etc. This involves not just a lot of time but also a lot of money. However, hiring an employee through remote staffing alleviates an organization from incurring all such additional outlays.
According to a report published by the Centre for Economics and Business Research (CEBR) and the UK’s Federation of Small Business, hiring the first employee is the most expensive, and the more you hire, the cheaper it gets. According to Forbes’ evaluation of this report, it is lucrative for larger firms but small entrepreneurial firms tend to lose a lot of money on hiring. You can easily hire a remote team and allay such additional hiring charges by opting for remote staffing services.
2. You save on Staff functions for a full-time employee:
Apart from the hiring process, there are several other noteworthy expenses involved after you hire any full-time employee. To name a few, these consist of training programs, payroll expenditures, documentations, employee assistances, various taxes, insurances, long-term sabbaticals or vacations, maternity or paternity leaves, paid leaves etc.
By hiring competent, provisional professionals, who are being administered by the remote staffing organization, any issues that can transpire in normal day to day processes of a company can be allayed and you can save a lot on such superfluous expenditures.
3. You save on any Bad Hire Loss:
It could be a costly affair if you mistakenly hire an off -beam applicant because every employee in an organization has an immense bearing on a company’s success. A study by the Society for Human Resources Management (SHRM) reports that a bad hire could cost up to as much as five times his/her total annual salary. The hiring costs related with hiring an industrious employee are relatively less than the price and total effect of making a bad hire in a company.
Firing a full-time employee on the grounds of a bad hire could lead you to not just legal proceedings but also a great loss of time and money. Such a loss can easily be mitigated if you go with hiring a team through remote staffing wherein you can cancel the contract for the employee whenever you feel dissatisfied with the employee’s work or conduct.
4. You save a lot on the Office Space:
Space management in today’s age is one of the foremost aspects that impacts a company’s revenue to a phenomenal degree. There are certain limitations with physical office spaces like purchasing and maintenance of office infrastructure, expansion issues, leasing matters, upkeep of the place, change of office, setting up franchises etc. The entrepreneurs today are smart and want to spend their money on the right stake.
Setting up an office at a classy vicinity can prove to be an expensive choice for a startup. Thinking outside of the marketable real estate box, the key that not just saves you a lot of money but also meets your requirements is remote staffing. Not only will remote staffing help to cut your extra expenses down, but it can also be a advantageous factor that might aid you in recruiting a global talent according to your needs.
5. You save on the cost of Losing an Employee:
According to a study by Center for American Progress (CAP), the cost of losing an employee is up to 213 percent times of the employee’s salary itself. When a new employee terminates the services after a short stint for any reason, the upshots could lead to several supplementary expenses that include cost to recruit and train a replacement apart from the loss of losing an employee. Additionally, it costs at least twice an employee’s salary to look out for and train a replacement as per the experts.
Therefore, it goes without saying that remote staffing helps a company in such situations by alleviating costs on losing an employee as the remote employees are bound by time-bound contracts with the company which can be terminated according to the predetermined norms.
To meet targets and to subsist in the extremely competitive global marketplace, companies require extra IT resources or expertise beyond their existing team which might not be available at all the times. We, at Resourcifi help you with a resource or a team of resources to work for your company remotely. This way you can not only save a lot on the above discussed expenses but also efficaciously build a globally talented team in a cost-effective manner.