A recent survey carried out by the Financial Services Union in partnership with University of Limerick shows that 88% of respondents say they would like to work from home some of the time.
This is a significant number of accountants and finance employees in the industry seeking more flexible remote working options. The survey results also show that just over 70% said their employer did not provide financial support for costs associated with working from home.
The findings indicate a desire to have hybrid work from home solutions. Dr Michelle O’Sullivan of the Kemmy Business School at University of Limerick said the research points to several issues that employers should prioritise to improve the experience of remote working work. “These include a home working allowance for the costs of remote working,”
According to the president of CPA Ireland Áine Collins said “Remote working will bring tremendous benefits including increased productivity and a better work life balance. Remote working will also support regional growth by supporting SMEs, something CPA Ireland have called for in previous years.”
Remote working for accounting and finance professionals allows for increased flexibility and autonomy. According to INC, nine out of 10 employees who currently work remotely plan to do so for the rest of their careers.
Advancing technology coupled with the recent pandemic has accelerated hybrid working models. Technology such as videoconferencing software, collaboration platforms, and cloud services keep people connected and allow staff to have meetings and complete projects from anywhere, anytime.
Employers also benefit from remote working opportunities as it can be used as a tool to attract and retain talented accounting and finance personal. In this current market attracting and retaining top finance and accounting personal is paramount to succeeding and growing your business.
What are the benefits of working remotely?
Work/Life Balance
Remote working offers better work life balance, by not working in an office daily, empowers employees to feel in control of their life, to plan home and work tasks. This gives a sense of achievement and makes employees more productive.
Simple things can make employees feel more empowered by remote working such as:
- There’s no rush to catch a train, bus or sit in traffic
- They don´t have to carry files or your laptop
- They can take a break when you need one
- There are no stressful office politics
- They get more family time
Flexibility and freedom.
Working from home can allow employees to plan their day to suit both their work and home life, if they carry out the set hours at the right time. Having the flexibility to attend medical appointments, watch the kids’ hurling match, or take elderly parents shopping can lighten the load.
By not having to ask for permission or fit in with other team members takes pressure off too. When an employer provides employees this kind of autonomy it builds trust and gives more job satisfaction.
Cost Saving
You can’t escape it; rising fuel prices and inflation are hitting everyone’s pockets right now. However remote working allows employees to save on fuel and maintenance costs of their vehicles. Other costs such as parking, lunch, snacks, formal clothes for the office all add up.
Remote working saves on these expenses, which can add up to a substantial amount. This means more disposable income available for other things, which is always a good thing.
Save Time
Working from home naturally saves on time when commuting to and from the office. Remote working also allows accountants and finance personal to manage their own schedule. Some people work better in the mornings than in the afternoons.
Others come alive and are brimming with ideas in the evenings. Scheduling for their own time that allows employees to work when suits is a real benefit. If you are an accounting or finance employee working remotely, make sure the time you’re working doesn’t affect your colleagues and you meet deadlines doing this can allow you to work when you wish.
Peace and Quite
The traditional office can be noisy and full of distraction. People are talking, phones are ringing and in general there can be a hive of activity going on. This is great from a social point of view to meet and chat with colleagues, however many people find this environment distracting.
Some people need complete and utter silence to focus. Remote working provides this opportunity which allows you to be more productive. Silence is golden to many people.
Location, Location, Location.
We can work from anywhere as long as we have a good broadband connection. Working remotely in the finance industry means you don’t have to be bound to a city that you don’t enjoy living in.
If a spouse, partner, or roommate must be based or allocated in a particular location, remote working allows partners to keep their job and home life separate.
Health and Happiness.
Commuting daily, spending hours in traffic and looking for parking isn’t the best or healthiest way to spend our time. Remote working has the advantage of not encountering viruses or germs from coughing and sneezing of others. Its what the majority of us did during lockdown.
Remote working can also improve our mental health by limiting time with co workers who have a negative mindset. Incidents of workplace bullying and perceptions of hostile work environments especially those in minority groups have decreased according to Høgh et al., 2021.
Office Set Up
One of the biggest advantages of remote working is that employees can set up their office or workspace as they want it. Staff don’t have to worry about colleagues complaining if there untidy or too organised. They can have the temperature of the room just the way they like. They can open the window or leave it closed. Working from home allows employees to be more productive in their own environment
Employer Benefits To Remote Working
Remote Working Saves Company’s Money
With fewer people in the office on a daily basis companies could consider downsizing their office to cut costs on overheads such as rent, electricity and heating. More efficient workspace usage allows companies to save money according to a study carried out by Stanford.
In the study a participating company saved $2,000 per employee on its office space rent, simply by using the space more efficiently.
Increased Productivity
According to Forbes remote employees of 35-40% on average are more productive than their office counterparts and have measured an output increase of at least 4.4%. This is quite a significant number and something that employers should take note of.
Retention
Based on Forbes research 54% of employees say they would move employers for a role that offered more flexibility. After a remote work agreement has been offered turnover reduced by 12%.
Providing flexible remote working solutions can also be used to attract top accounting and finance talent. Remote working isn’t prevalent in the finance and accounting industry however being a leader in this area could offer employers with an advantage.
In a recent poll we asked, “Should all accounting and finance professionals have the option to work remotely?” with 98% voting yes. The desire for remote working is there among the accounting and finance professionals of Ireland.
Our advice is to use this knowledge and implement into your recruitment strategy in order to attract and retain top talent.
Our Solutions
If you’re a jobseeker looking for flexible remote working options get in touch with our team of accounting and finance recruiting professionals. They will be able to provide you with the best advice for your recruitment strategy.
If you are a jobseeker our accounting and finance recruiting professionals will be able to help you further your career in an environment that best matches your needs.
Contact us today.
