If you are reading this article, you are probably already familiar with the numerous benefits of running a remote team, such as generally lower expenses and a wider talent pool. And yet, having a remote team still entails some additional costs that you might not be aware of.
In this article, we’ll go over some hidden costs of running a remote team.
We will also give you some tips on how to minimize these costs.
So, let’s start.
When it comes to remote teams, communication is the glue that holds everything together. Without the ability to pop over to a colleague's desk for a quick chat, remote teams need to rely on tools to ensure they stay connected and on track. This is particularly vital for global teams working across multiple time zones who need to stay informed and up-to-date on project developments.
So, when it comes to managing a remote team, don't skimp on communication tools! Remember that investing in the right collaboration tools can be the difference between a smoothly functioning, efficient team and a chaotic mess.
Regardless of the type of your business, you will probably need a basic messaging app such as Slack and a project management tool like Asana. Some business owners also use time-tracking software to track the productivity of their employees.
Thankfully, there are a lot of affordable or even free options available – and most of these apps offer free trials so that you can determine if they are right for you without paying a dime. If you need more than the free tier of these tools provides then make sure you account for and budget for these costs.
Having team members all over the world means that you will have to send payments to your workers internationally. While some common systems like PayPal may work well for domestic payments, sending payments internationally means paying additional transfer fees.
Some Eastern European team members have even reported incurring extra ATM charges just to access their hard-earned cash. And let's be honest, those seemingly harmless 3% fees can really add up over time, putting a dent in your or your employees' finances.
The good news? There are various payment options available that can help ease the burden. From virtual bank transfers to cryptocurrency payments, the choice you make can have a significant impact on your bottom line.
Here at JobRack, we use Wise, formerly known as TransferWise. It supports many currencies and offers low fees and competitive exchange rates, making it a popular option for sending money to Eastern Europe.
Every hiring process takes time and money.
If you want to find a high-quality remote employee, you must be prepared to invest in the right platform for advertising.
No matter where you post your job ad, you will either have to pay a membership subscription or service fees. And different websites charge different amounts of money.
We Work Remotely, for example, charges $299 for posting a single job post on their website. Freelancers looking for a job on Upwork are charged up to 20% service fee with employers having to pay an additional 3% fee for payment processing.
So, the best thing to do is to find the right website for finding the remote workers that you need.
Don’t just think about the price; pay attention to the quality of workers the platform offers.
Here at JobRack, we are experts in finding the perfect high-quality remote workers from Eastern Europe. When it comes to the price, you can post your job ad for $249, or you can try our Done With You service and simply let us find a perfect candidate for you.
If you want to attract and retain the best remote talent, offering benefits is a must. Talented remote employees are in high demand and without benefits, you risk losing good employees to companies that do offer them.
However, for smaller businesses, this may be a financial challenge. Check out our list of 5 affordable perks that won't put a strain on your budget!
While there are a few extra expenses to take into account when managing a remote team, with proper planning, these costs are easily manageable. The benefits of hiring remote workers far outweigh the expenses, as you can still save significantly more money than hiring an in-office worker.
You won’t have to pay for office space, equipment, or employee travel costs Also, your workers won’t have to waste precious hours on commute time (which was, on average, 27 minutes in 2023).
And all the time and money you save on these things, you can reinvest in growing your business.
And what better way to reinvest than to hire a new employee that will help you expand your business? You can find excellent remote workers on Jobrack. We have thousands of high-quality job seekers looking for opportunities right now. Whether you are looking for developers, designers, virtual assistants, or any other remote workers, we guarantee we will find a great team member for your business. Click here to find out more.
