The cost of living crisis has come, but according to a recent study, working from home can save Australians up to $10,000 per year.
According to a global research done by internet giant Cisco, four out of five professionals who worked from home saved money.
An employee working from home saved $216 a week on average, according to a study of 28,000 full-time workers, including 1042 Australians.
After transportation, food, gasoline, and entertainment costs were removed from their weekly budget, workers raised their savings by 15.5 percent.
Nearly three-quarters of workers surveyed indicated they would consider the financial benefits of working from home when seeking for new jobs as the cost of living rises and wages stagnate.
Working from home regulations are becoming increasingly important for workers, according to Cisco Australia and New Zealand vice president Ben Dawson.
Mr Dawson told the Australian Financial Review, “If it’s going to cost you $10,000 to join an organization that expects you to be in the office five days a week, that’s a genuine issue [in determining where to work].”
Mr Dawson believes that hybrid work will be around for a long time because it not only saves money for employees, but also makes them happier and healthier.
Two-thirds of those polled said their physical fitness had improved as a result of having more time to exercise.
‘Hybrid work is great for employees, it’s great for employers because workers believe they’re more productive and as a consequence it’s here to stay,’ Mr Dawson said.
‘If people feel happier, healthier and financially better off, they’re going to expect that and it is going to be a source of competitive differentiation when we go to recruit people. I think flexibility has gone from being a unique aspect of some employers to being table stakes.’
For the past two years, Covid-19 has pushed most of the world to work from home, yet many organizations and employers are increasingly pushing employees to return to the office.
According to Cisco’s analysis, businesses must recognize the transition in the workplace and invest in “culture, communications, technology, workplace policies, and infrastructure to survive in the new hybrid working future.”
Despite the fact that two-thirds of respondents felt their productivity and quality of work had improved while working from home, nearly half of the respondents said the change to a home office had resulted in an increase in micromanagement.
Workers were particularly concerned about how totally remote work may affect their chances of advancement, with 57% agreeing that working from home made it difficult to engage with coworkers and the firm.
‘I think a fear about being out of sight, out of mind is well-founded,’ Mr Dawson said.
Workers should not be concerned about missing out on promotions, according to Mr. Dawson, because employers are responsible for ensuring that people are recognized based on their performance rather than their visibility.
Cisco has promoted a third of its global staff in the last year.