A recent analysis of data from Alliance Virtual Offices shows how remote working may impact business costs as more organizations pivot to hybrid policies.
The virtual office provider looked into three categories to identify the costs of remote working, including cybersecurity, compensation for remote workers, and the quality of remote working applicants.
According to the findings, cybersecurity attacks have grown by 238% since the start of the pandemic, with remote workers being the main target.
Due to companies quickly moving to remote working arrangements during the onset of the pandemic, many lacked the safety protocols needed for distributed teams, making them vulnerable to such attacks.
This in part is also due to the 70% of the workers forced into insufficient remote working environments using their professional devices for personal use and 30% allowing those outside of the company to use their office devices.
While the cost of handling cybersecurity may certainly increase in a remote environment, the analysis also showed that 65% of workers would take a pay cut if they could work remotely.
Millennials in particular are keen on this option, with 69% stating they would relinquish benefits if they were offered more flexibility in their schedule and environment, which could save businesses money in the long run.
Alliance Virtual Offices also highlighted that commuting plays a role in remote working costs. Because workers save money and time when eliminating their commute, they actually see a bit of a pay raise.
The data revealed that 64% of recruiters that offered a remote option also experienced receiving higher quality applications, suggesting that the top talent who have come to desire more from their jobs are more likely to apply for remote positions.