With the cost of living constantly increasing and reaching shocking heights, it’s bringing into question what this means for the everyday life of a remote worker.
Many of the UK public are struggling to keep up with bills, food shops and fuel costs. Rising costs also mean working from home is more expensive than ever.
Why work from home?
Working from home has been a great way to improve employee wellbeing and create better work-life balance. Ditching the commute became extremely popular during Covid, as people were forced to socially distance while keeping their businesses running.
Since the pandemic, employees have proved their ability to work effectively from home. Because of the general positive feedback, many businesses have decided to stick with a hybrid working model.
Increased costs of working from home
Research by McKinsey & Company in April 22 found that 85% of people who are dividing their working hours between home and the office want to continue doing so.
The BBC also reported that inflation in the UK recently hit a 40-year high of 10.1%. So, with the cost of living showing no sign of slowing down, employees are starting to feel the increased cost that working from home incurs.
People are facing high domestic utility bills, alongside the rising cost for food and fuel. Things like heating a house for the whole day whilst working from home isn’t as affordable as it used to be. With the colder months quickly approaching, inews reported household bills are going to increase. This will lead to the cost of living crisis becomeing ‘truly horrific’ in the autumn.
Electric Radiators UK conducted a survey of nearly 1,900 workers in November 2021 and found that 49% of remote workers were considering a return to full-time office work to reduce their domestic gas and electricity bills.
It’s clear that these increasing costs will only encourage people to return to the workplace. Bills are getting so high that workers will have no choice but to go back to the office.
According to Bloomberg, City of London workers could save £50 per week in January 2023. These savings are mainly due to not having to heat their homes for an entire working day.
Even though working from home became a lifeline during lockdown, recent changes mean more people are choosing to return full-time to the workplace.
How to combat rising costs
IGsend from Income Group enables payroll teams to make instant payments 24/7, 365 days a year using instant payments.
Employees can be paid in real-time. this means they can use money they have earned, as opposed to expensive credit or loans, to combat the cost of living crisis.
