It's not always easy to find talent locally and when hiring people from other cities or even countries, companies often have to work out an efficient relocation scheme. Whether yours is a large company with an already well-implemented relocation scheme or a medium to small-sized business where employee relocation doesn't happen that often, either way it costs money and takes time. Hiring remotely solves many problems and ends up saving a lot of money to your company. Firstly, you won't have to deal with employee relocation. Secondly, you can hire staff from countries where salary costs are lower. Lastly, with more employees doing remote work, you can save on office costs.
2. Bigger talent pool
Depending on your industry, hiring locally isn't always that easy. Finding local talent that ticks all the boxes can often take longer and candidates with the most experience won't always be available on short notice. When you expand your search and are open to hiring remote talent, your talent pool increases drastically as you are able to hire globally.
We've already talked about why diversity matters in any workplace. Hiring remote staff is an excellent way to diversify your teams. It's not only great for the business but can also offer social benefits. You don't need to look far to find qualified people who are able to do the job. Even when hiring locally, you can find qualified individuals who simply aren't able to commute everyday due to disabilities or other commitments (working mothers, for example) but might be perfect for the role otherwise. When hiring globally, you welcome people from different races, religious or cultural backgrounds. This will be invaluable for your company in the long run as a more diverse workforce can come up with unconventional and often highly valuable solutions to any problem.
It's not a myth - people working remotely are more productive. There are many reasons for this. People working from home have a better work-life balance thus making them happier. Eliminating the necessity to commute every day, your remote staff will be less tired and more focused on tasks at hand. Being less-stressed allows employees to have better health and take less sick days. Overall, remote workers have excellent self-reliance making them better at solving problems on their own and this saves time corresponding.
Allowing your staff to work remotely increases their trust in the company and also makes them more content with their situation. In return, your remote staff are less likely to look elsewhere for a job. Time and again it has been proven that happy employees are more likely to stay within a job and a company where they feel great at and since remote work increases employee happiness and satisfaction with their job, you are more likely to have a happy and devoted workforce in the long run.