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Should Your Business Pay Home Office Costs For Remote Employees?

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StrategyDriven Managing Your Finances Article |Remote Employees|Should Your Business Pay Home Office Costs For Remote Employees?The COVID-19 pandemic has forced so many businesses to adopt remote working overnight. While there are a lot of benefits to remote working and it’s much safer for everybody right now, there are some challenges for your employees.

Creating a positive working environment in the home can be difficult and expensive. But many companies aim to solve this problem by giving their employees a stipend to create their own home office.

Shopify and Twitter, for example, offered to give each remote employee $1,000 to set up their home office. This money is to be spent on things like ergonomic office desks and chairs, or new laptops. Some companies are also offering a monthly payment to help cover things like internet or phone bills.

For big companies like Twitter, this expense is manageable and it seems like a no-brainer if it makes life easier for their employees. However, it’s not so easy for small businesses and paying your employees a similar stipend will put a lot of financial strain on you, so is it really worth it?

What Are The Benefits Of Paying Home Office Costs For Your Remote Workers?

Although it is a big expense to cover, it may be the best thing for your business in the long run. If you pay this money to your employees you will notice a big increase in productivity. It’s difficult to work productively if you don’t have a comfortable, well equipped space to do it. But if you give your employees the money to buy a proper office desk and chair so they can stay comfortable and focus, they will get a lot more done.

Giving your employees some financial assistance also increases access to tech tools, which employees may not otherwise use. Expecting your employees to pay out of their own pocket for a brand new laptop is unreasonable, especially considering their utility costs are likely to increase while they are working from home. The same goes for upgrading their internet connection to accommodate video conferencing. This means that many employees will struggle to work effectively because they are using outdated tools. Giving them some money to update their tech tools will benefit them as well as the business.

You should also consider it an investment for the future because it’s likely that the business world will be changed permanently by the pandemic. Remote working is going to become far more common, and that’s good for businesses because it cuts your office costs. However, if you expect your employees to continue working remotely in the future, you need to help them get their homes set up for it.

What Are The Downsides?

The obvious downside of these payments is that they put a lot of financial strain on the business in an already difficult time. So, before you make any promises, crunch the numbers and make sure that you can afford it.

The other thing to be aware of is that employees may spend the money elsewhere. Although this is unlikely, you may decide to ask them to purchase items and then reimburse them afterwards to avoid this.

Overall, if your business can afford it, paying home office costs for your remote employees is a good idea.

Little Things Go a Long Way: 10 Ways Great Employers Set Themselves Apart From the Rest

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StrategyDriven Managing Your People Article |Great Employers |Little Things Go a Long Way: 10 Ways Great Employers Set Themselves Apart From the RestReally quick now, how well do you treat your employees? How happy are they working for your business? Guess what, if they’re not happy, how well do you think they’ll perform? How much attention to detail will they give to their work? How long are they going to hang around?

It’s so important nowadays for businesses to care about their employees and treat them right, but if you’re left scratching your head for ideas, here are ten ways you can set yourself apart from the rest of the employers out there.

1. Be Honest

When you’re talking to employees, it’s something easy to not speak the truth, whether you’re distorting facts or flat-out lying. Instead, be honest. All great leaders can be trusted because they know the truth is what matters, and people respect that.

2. You Connect with Them

Whether you’re merely asking whether your employees are okay as they come into work in the morning, or you’re communicating with them as human beings, talking and connecting with your employees is essential for making your place of work the best place it can be.

3. Avoid Micromanaging

This point speaks for itself, but just as a reminder, you employed your staff because they are capable of doing what you employed them to do. Delegation is essential. Micromanaging is crippling.

4. Stay Cool Under Pressure

There are going to be times when things heat up, and how you deal with them defines you as a leader and a good business. Instead of passing the buck or pointing fingers, a good business stands up and aims to get things sorted. No throwing anyone under the bus; you’re a team!

5. Make Your Employees Feel Valued

There’s nothing worse than working for a company where you’re treated as though you’re nothing. It’s like the work you do doesn’t matter and the time you’re spending there could be done by anyone. Even if that’s the case, appreciating your employees for working for you will make them feel as though they’re spending their life on something that matters, and this will dramatically increase satisfaction rates.

6. Looking for the Best

When you look for the best in others, people are more likely to want to show it to you, so actively seek it out. Try to find what the best your team has to offer is, and encourage people to share what they have.

7. Credit Where Credit is Due

Just like taking the heat when the going gets tough when things are done well, it’s important to remember that everything was a team effort, not just ‘oh, the business is doing really well right now,’ because it’s your employees making that happen. Share the praise with them.

8. Invest

Whether you’re providing promotional opportunities, training courses, or even just giving your staff the time of day, if you’re not investing something, you won’t have happy employees. You can use services like ServiceNow HR for employee experience to highlight the best ways to do this.

9. Create a Team Spirit

Few businesses run with just one employee, which means you’re working as a team. Just because you’re delegating the team and telling them what to do, that doesn’t make you better than them; you simply just have more responsibility to help guide the team in the right direction. Everyone is in this together.

10. Inspire Your Staff

There’s nothing more demoralizing than going to work for a company that feels like a dead-end job. A good business will inspire their staff to encourage them to want to be the best versions of themselves, no matter what that version may look like.

Summary

There’s no denying there are endless ways to make your company stand out from the rest when it comes to how you treat your employees and creating a work environment that people actually want to be in. Be proactive with a growth mindset, and you’ll see beautiful things start to happen.

Pros And Cons Of Letting Employees Work Remotely

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StrategyDriven Managing Your People Article |Work Remotely|Pros And Cons Of Letting Employees Work RemotelyIn recent months there has been an increase in employees working remotely. This has largely been instigated by the pandemic crisis, and employers the world over are now getting the opportunity to see how remote working is possible for them.

Not every business has the means to offer remote working, of course, as many are not office-based. However, thanks to the cloud solutions now available, those businesses that can still function through remote working have the greater opportunity to survive into the future. For business owners, they might decide to focus more on this style of working, even after the current pandemic is over.

But here’s the thing. Remote working has its advantages, but even for those businesses that can allow for it, there still needs to be consideration of possible pitfalls.

These are the pros and cons of letting employees work remotely.

Pros

Flexibility – Employees don’t have to be tied down to a 9-5 working pattern when working from home. Provided they stick to their agreed contracts, they can work flexibly. This could include evening work instead of daytime shift patterns, and it can also include weekends. For those employees who need this flexibility, such as those who have a young family, a flexible working pattern can be a blessing.

A greater work/life balance – The rigors of the daily commute and long hours in the office can take their toll on some employees. Their work/life balance is lopsided towards the former, and this can be stress-inducing and frustrating for some. But with remote working, there is the opportunity to spend more time at home, and so some stresses can be avoided. This is great for improving the employee’s health and wellbeing, as there will be more opportunities to rest and relax outside of their working hours.

Financial benefits – For the business owner, it can be comforting to know that savings can be made. Remote working negates the need to rent office space, and there will be savings on utility bills too. This equates to a higher profit margin and more money to put away in case of another emergency situation.

Cons

Productivity – On the one hand, employees should be more productive if they can work from home. With no need to commute, and with fewer office distractions, it can be argued that more work should get done. However, there is the danger that the employee might work less when not being managed. Thankfully, this can be overcome with computer monitoring software, as the employer will then be able to track their employee’s progress.

Cybersecurity risks – The business network may be protected with antivirus software and other cybersecurity solutions, but the employee’s home network may not be. This could result in a data breach. There are ways to reduce security risks, however, such as a reminder to the employee of safety processes that need to be put in place, but there could still be added problems down the line.

Finally

We have only covered some of the pros and cons associated with remote working, so if you’re a business owner, you should continue your research online. For the short term, it can be fruitful, especially during this present time, but deliberate over the advantages and disadvantages when looking at the long term future of your business.

What makes a good investor pitch?

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StrategyDriven Managing Your Finances Article |Investor Pitch|What makes a good investor pitch?Pitching your startup to investors is a nerve-wracking experience for everyone. Even the great business leaders of today like Elon Musk and Bill Gates have had to stand in front of a group of investors, and ask them for money.

You only have a brief window of opportunity to make that first impression and hook in your audience.

Knowing what makes a good investor pitch is a large part of the battle, so what does make a compelling investor pitch?

Research your investors

You don’t want to take a cookie-cutter approach to your pitches if you are making more than one. Do your homework on each potential set of investors. What is their investment profile like? What successes and failures have they had in the past. You want to try and remind them of the former rather than the latter.

Investors will be able to spot a generic pitch a mile away, especially if it misses the mark with its target audience.

Confidence is key

You might be a nervous wreck but confidence is a must. Not only confidence in yourself, but in your business and your ideas. Why would someone give a lot of money to someone who isn’t confident in their own ideas?

There’s a fine line between confidence and arrogance, so don’t overdo it. Invest in having your pitch deck drafted by a professional Business Plan Writer, they can help to guide you through best practices in this area. Work on your presentation skills.

Business V emotion

A successful pitch needs both style and substance. You want to excite your audience by the prospect of investing in you and back it up with the cold hard facts.

Keep it short

It’s difficult to keep the magic happening for very long. Capture their attention, build up momentum and then get out and leave them wanting more.

Take them on a journey

Craft a compelling story for potential investors. It is great for nailing down the sequence of your pitch deck and takes your investors along with you on the story of your great idea.

Focus on investor benefits

As with all successful sales campaigns, focus on the benefits, rather than the features. You need to focus on what benefits and value you’ll be bringing to them, not the costs or features.

Know your business model inside and out

You’re going to get a lot of questions thrown at you. You can’t hide behind your pitch deck, no matter how great it is.

Your business model is the center of your pitch, you need to make it sparkle. Lose the investors here and it will be very hard to get them back.

Use visual aids in your pitch deck and presentation. Use examples of where a similar model is already being used successfully.

Be clear about what you want from them

What are you looking for from your investors? Partnership? Equity share? Remind people at the outset so that no one goes through the rest of the pitch for your startup under any kind of misapprehension.

4 Tools To Enhance Health & Safety At Work

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StrategyDriven Human Performance Management Article |Health and Safety at Work|4 Tools To Enhance Health & Safety At WorkWhen you’re running a company, you must follow the correct health and safety procedures, to keep your staff members safe. Depending on what type of company you run, the safety concerns will be different. For a few general tools which may be of use, these cover everything from lifting to ergonomics and wellbeing.

1. NIOSH Lift Calculator

The NIOSH Lift Calculator application can support your staff to safely lift heavy loads. First up, you have to input the lifting conditions, and next, the app will give you a recommended weight. You can use the application for single lifting tasks, or for multiple lifting tasks. To protect workers from physical stress and back issues, the app suggests a lifting index of CLI or under.

2. Incident eye

The Incident Eye application helps companies to locate and protect staff, in a disaster or emergency. These events might be natural disasters or terror threats. Using the Incident Eye app, you can prepare yourself should the worse happen. The software supports you to offer help for staff in need, send relevant info, and get real-time updates. With platforms like this, you’ll have added peace of mind, in the event of disaster.

3. Welltok

Welltok is a health management app created for businesses, it can help staff to monitor their progress, and create wellness goals. There are lots of wellness activities, along with games, quizzes, and tips. One leading feature is the social wellbeing community, where staff can share tips, and experiences. The tool can support staff with lots of areas of wellness, whether it’s social, financial, physical, or mental.

Employee burnout is a growing concern across many different industries, and so it’s important to ensure your staff are taking care of their wellbeing. It can be helpful to offer extra resources including wellbeing workshops, and mental health based training.

4 . Ergonomics

Ergonomics is the perfect application to improve wellness and health in the workplace. The app provides advice about setting up a desk ergonomically, and guidelines on stretching. Employees are encouraged to take stretching breaks, and there are detailed instructions to learn these stretching techniques.

With the help of ergonomics, you can target certain parts of the body, and track your progress. Ergonomics provides lots of advice about improving physical health and mental health. It’s essential that all staff are provided with Ergonomic furniture, whether it’s chairs, desks or keyboards. To keep your office a safe place, this is the perfect application.

Further advice

To keep your employees safe and healthy you must follow employment law carefully. Employment law sets out the legal standards for the workplace, including workplace conditions, contracts, and statutory requirements. Failing to comply with employment law can leave employers with complex lawsuits, such as the Summer Uchin vs. Condo Roccia pregnancy bias case.

Lastly, ensure that you frequently update your health and safety policies, and provide your staff with regular health and safety training.