By Nic Redfern, Finance Director of KnowYourMoney.co.uk

When coronavirus lockdowns were enforced, the global shift to remote working was sudden and widespread. After years of debating whether remote working boosted employees’ productivity or disrupted usual processes, the choice was taken out of businesses’ hands almost overnight.

By April, the Office for National Statistics estimated that nearly half of people in employment were working from home in some way. Considering that prior to the pandemic, fewer than 30% of people had worked from home at all, this marks a significant shift.

With COVID-19 cases on the decline, in June the Government issued advice for workers to return to the office. But in mid-September, as fears of a second spike became a reality, the Prime Minister was forced to backtrack, once again urging businesses to work from home where possible.

Undoubtedly, the switch to fully remote working has presented many challenges for business leaders. But at the same time, with companies’ finances under strain, the crossover to working from home could also be a saving grace for businesses, allowing firms to cut costs and conserve much-needed funds.

When we do eventually emerge from the other side of the pandemic, there is likely to be some reluctance to simply return to old ways of working. With this in mind, what factors should business leaders bear in mind if they are considering making remote working a permanent fixture?

Rethinking the office

Renting an office space can be expensive; particularly when employers factor in the additional costs that come with maintaining, cleaning and kitting out a building with the appropriate tech. As such, many businesses might now be considering shuttering their office space altogether, or downsizing dramatically, allowing their staff to work remotely on a more permanent basis.

Indeed, it seems like the days of cramming hundreds of people into small office spaces might be numbered; recent research has revealed that 70% of small and medium enterprises (SMEs) in the UK were making savings of up to £840 per month by working remotely throughout the lockdown period.

With the potential to continue these savings, it is perhaps unsurprising that businesses might want to make remote working part of their business as usual going forward.

Ensuring staff are well-equipped to work from home

But organisations must look beyond what outgoings could be cut. Whether it is ensuring that staff have the correct furniture to work comfortably and safely, or equipping employees with state-of-the-art cybersecurity software, it is important to bear in mind what news costs might come with a shift to home working in the long-term.

For those who just require a laptop to get on with their day-to-day tasks, the shift to remote working will have been smooth. But for others requiring access to large quantities of sensitive data, or perhaps multiple screens to do their job efficiently, working from home might have presented some challenges. To navigate these difficulties, businesses should therefore ensure their staff have all they need to perform their roles as well as they could in the office.

A particular concern for some businesses – particularly those who handle sensitive data – is the potential for cyber breaches. Even at the best of times, breaches present substantial challenges for organisations, and working from home will have only made matters worse. With staff now accessing data from their home networks and potentially from their own devices, implementing adequate cybersecurity measures should be a matter of priority.

As things currently stand, it seems like many companies have overlooked this important factor. A recent study uncovered that almost half (48%) of UK businesses do not have adequate cybersecurity structures in place to facilitate remote working permanently. And as data breaches cost UK businesses an estimated £2.48 million per instance, companies must invest in this technology to avoid costly penalties in the future.

Safeguarding staff wellness

With so many financial implications to consider, business leaders would do well to ensure they are paying the same careful thought and diligence to the welfare of their staff.

While many employees have embraced the working from home revolution and the increased freedom that they now have over their working hours, other might miss their colleagues and have a hankering for the days of office.

A recent survey has revealed that over one in five (22%) employees working from home struggle to ‘switch off’ at the end of the day. A further 19% feel lonely while working from home, with 17% also missing interactions with their colleagues.

But this need not be the case, and there are many ways for organisations to address this. Managers should therefore look to organising regular socials and one-on-one meetings to quell concerns, and counteract any feelings of isolation.

Further to this, if employees are to be working from their own homes for the foreseeable future, it could be worth employers investing in suitable furniture for them. Kitchen tables and sofas are not always a safe replacement for desks – businesses again must consider these additional costs if making the leap to long-term remote working.

Ultimately, the best way to manage permanent remote working will differ from organisation to organisation. Some might think it best to bring in staff into the office for a couple of days per week, while others will cull the office environment entirely for safety, efficiency or cost saving reasons. But as long as business leaders weigh up their options judiciously and decide what is best for their company and staff, there is a great opportunity here for them to make some positive, lasting changes.