GreySuits Financial Advisor examines the financial implications of the burgeoning work-from-home culture
TORONTO – (BUSINESS WIRE) –During the COVID season, the financial impact of homeworking is an issue of concern to business owners. CPA, Rodney Davis of GreySuits Inc. offers his perspective in an interview.
Q: What impact has setting up remote working had on businesses?
Rodney Davis: Many companies have already had to provide the new infrastructure that their employees need to work outside the office. And there was a cost involved. They had to buy technology that would allow them to communicate more frequently and effectively with the rest of the team. They had to invest in measures that would enable people to feel part of an organization. For many entrepreneurs, it was even a simple matter of whether or not to keep their place of business.
Q: Are there any financial benefits to having your company working remotely?
Rodney Davis: Many financial costs have been saved, so that significant savings are possible across the board, such as: These are probably the biggest lines of business companies have had, but something as simple as office supplies can have an impact too. When 200-300 people in a workforce burn through office supplies, move them all remotely and suddenly there is a lot less pressure.
Q: How do you know that your employees are the most productive?
Rodney Davis: The subject of “out of sight, out of mind” is a very difficult subject for some employers. Employers who focus on the performance they expect from their resources and employees will have it much easier with this agreement. But first, you need to be able to measure your company’s productivity. You should already know what to expect from your people at different levels and in different tasks in order to deliver within the set deadlines.
Q: What is the financial impact of hiring remotely?
Rodney Davis: You need to create a home environment for your employees where they can still be productive, and that comes at a cost. I think we are going to see situations where employees expect you to compensate them for the tools required to work from home and put them in a position where they can bear the cost of doing the work Don’t have to wear it from home. I think the employment contracts will gradually reflect this.
Q: How does the culture impact affect profitability?
Rodney Davis: I think one of the toughest challenges companies faced during COVID was maintaining that sense of collegiality and empathy among your employees. This becomes very difficult after a certain time, because no matter how much we want to deny it, knowing someone gives you the disposition to do anything for them. This working relationship can change the way people provide services and the urgency with which they provide those services. So this collegiality has value.
Q: Our city has opened up. Can we work from the office again?
Rodney Davis: For the most part, work from home is here to stay. We have been doing remote work long enough that it has become a habit for a lot of people and it could be very difficult to get away from it. So find a way to adapt.
Rodney Davis, CA, CPA is a partner and practice manager at GreySuits Advisors Inc. He has worked with private and public organizations in change management since 1990.
Video clip of the interview available (full rights granted for all media platforms): https://youtu.be/qXIzoibSOJo
Link to Rodney Davis photo and assets: shorturl.at/xPQ79