Remote Work Brings Challenges for New Jersey Employers
Here are ways to reduce costs while improving recruiting and retention
Less than 10% of American workers say they want to work on-site full-time, according to a new poll from OnePoll on behalf of DoorDash and published by Talker.news. Given the choice, 42% of American workers would like to work “mostly remote” with occasional days in the office. In an “all-or-nothing” scenario, 26% would choose to work fully remote, vs. 9% who would prefer to come into an office full time.
Meanwhile, 50% of U.S. workers polled in the State of Remote Work survey by Owl Labs and Global Workplace Analytics said they’d take a 5% pay cut to continue working remotely for at least half their working hours, USAToday.com reported.
If you are a business owner in New Jersey, you are probably not surprised by these statistics. You may have had workers coming to you looking to work from home at least some of the time. Or you may be struggling with recruiting workers if you don’t have work-from-home policies in place.
Remote Work Brings Recruiting Challenges
Remote work policies can be a powerful recruiting tool. But the rise of remote work has also led to new challenges for New Jersey business owners. Instead of drawing from a talent pool within the tri-state area, technology companies, telecommunications companies, health care companies, law firms and other service providers are now competing for talent with companies across the U.S.
New Jersey businesses have some advantages in this regard, with robust statutory benefits including TDB and Family Leave Insurance.
Offering better benefits, combined with flexible hours and remote work, helps attract better workers. The right benefits package can also encourage employees to stay with your company, saving you on future hiring expenses, which continue to rise.
Remote Workers Can Save You Money
When you start thinking outside the box – or rather, across state borders – to recruit talent, the cost savings may impress and surprise you. First, you can reduce overhead costs with techniques like hot-desking (when employees who work remotely part-time share office space on alternating days). You’ll also experience reduced energy costs with fewer employees in the office.
You’ll save on incidentals you may provide like coffee, snacks, or keeping that water cooler full. You may even be able to dramatically reduce your overhead costs by moving to a smaller office space, which many companies have been doing since the pandemic.
Save on FLI and TDB Insurance with Remote Workers
In addition to expanding your options outside your local talent pool, those remote employees you hire who work in other states and never visit the office will reduce your FLI and TDB insurance costs. You may not have to add them to your TDB policy, since they don’t work in New Jersey. Even if they are W-2 employees on payroll, if they don’t live and work in New Jersey, you are exempt from adding them to your TDB plan.
Save Even More Money with a Private Plan
If you’re looking for another way to save money on statutory insurance, EZTDB can help. By writing a private policy with one of our top carriers, instead of writing TDB coverage through the New Jersey State Insurance Fund, you can save money, get better customer service, and enjoy faster claims processing for yourself and your eligible employees.