Business owners and managers alike quickly came to the realization that remote work would be necessary to combat the COVID-19 pandemic. Regardless of the size or scope of any organization, a full-time remote staff can bring about some unique challenges and benefits. In fact, these benefits had been identified long before the pandemic made remote work a necessity. Global Workplace Analytics indicated through recent research that the number of remote employees had increased by 173% between 2005 and 2018. Of the most notable benefits to organizations that employ a full-time remote staff, lower overhead costs reigns supreme. However, organizations must also undertake the additional risk associated with full-time remote staff to embrace these savings.
As previously mentioned, with the benefits also come the drawbacks. The first amongst the list of challenges that organizations will face is related to how managers will retain authority amongst their remote staff. Some managers are just naturally more effective when working alongside their staff, both in communication and authoritative style. While working remotely, however, these managers may struggle to maintain the same level of efficiency. This includes making sure their employees are remaining on task and being held accountable the same way they would be in the office. Remote work often includes delayed communication across all teams as well. Meaning the way in which employees work through cross-department projects will fundamentally change, often for the worse.
Managerial challenges aren’t the only thing organizations will have to work through in order to support their remote staff. There is additional liability that must be considered as well. It all starts with the loaned hardware that employees need to complete their work. Of course organizations will be responsible for providing this hardware, but what happens if said hardware is ruined? Maybe an employee’s family member mishandled the hardware and it’s no longer functional, or maybe the employee themselves spilled their morning coffee on the hardware. While these situations are inherently bad, even worse things can come from this loaned hardware. Imagine the hardware is stolen. Companies will have to cover the financial loss themselves but will also face the burden of a potential data leak as a result of the stolen hardware. The correct insurance policy is necessary for organizations to avoid paying the damages regarding this theft.
There are two different types of insurance for protecting organizations in these situations. The first, is first-party cyber liability insurance. These policies cover damages as a result of a data leak exclusive to one organization. Third-party cyber liability insurance covers the damages as a result of an organization’s clients’ or partners’ data being exposed. While both polices are suggested, the best way to keep these policies from being a necessity is through educating employees and utilizing the correct VPN. Employees who tread carefully through cyberattacks are imperative, but so are up to date firewalls, antivirus software and other protective agents that organizations should invest in for the sake of their cybersecurity.
While it may seem as though everything that stems from remote work is all a challenge, employees will often benefit immensely from time out of the office. Remote employees have indicated a heightened sense of freedom and free time given the remote work opportunity. This freedom has lead to an improvement on the mental and physical health of employees throughout the country. While balancing these risks can be tricky, it certainly isn’t impossible. For more information on how to do so, be sure to take a minute to review the infographic accompanying this post. Courtesy of B2Z Insurance.
