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Emily O’Brien
October 27, 2022
Now that the pandemic is over, people are returning to the office. Here’s a calculator to estimate how much you could save by working remotely.
Americans are working from home or working from home more than ever before. The telecommuting trend has already grown over the past decade, and the pandemic has accelerated her shift from the office to remote work.
According to Global Workplace Analytics, 50% of employees have telecommutable jobs. He says 79% of people want to work from home. Given that working from home makes work more efficient and reduces overhead costs for businesses, the shift to working from home could bring economic benefits of over $700 billion annually, with businesses spending more on real estate, utility bills, and more. , productivity gains, and savings from lower turnover. and absenteeism. Global Workplace Analytics estimates that telecommuting saves workers two to three weeks in the time they spend commuting, saving thousands of dollars each year in transportation and other work-related costs.
On the environmental side, WalletHub found that if 50 million employees across the country wanted to work from home, and 47 million of them were allowed to do so, they would save 390 million gallons of gas and generate 3.6 million tons of gas each year. It suggests that greenhouse gas emissions can be prevented. .
Calculate the cost of entering the office
If you’re considering going back to the office (or your boss requires it), use WalletHub’s Telework Calculator to find out how much time and money you can save by working from home for part or all of your week. We can estimate. This handy tool uses vehicle type, location, commute distance and time to calculate potential savings.
For example, if you live in Michigan, drive an SUV, and commute 10 miles 5 days a week, the calculator predicts that telecommuting could save you $3,076 a year in gas and car bills, theoretically , estimates that he could earn an additional $4,641 by working over the holidays. Time spent commuting. This figure is calculated using the average hourly wage for each state. The calculator also estimates that eliminating that commute would reduce carbon dioxide emissions by 2.6 tons per year.
WalletHub Telework Calculator
The hidden benefits of working from home
Working from home can also improve work-life balance, as many of us learned during the pandemic. Having the flexibility to do loads of laundry between Zoom meetings or watch the kids after school can go a long way in boosting employee morale. In fact, a recent study of more than 12,000 employees found that remote work increased employee happiness by 20%.
Of course, working from home has some drawbacks. Especially when it comes to data security, workplace culture, and employee engagement. Some managers argue that face-to-face interactions are important for team building.
Controlling the cost of returning to the office
Increased expenses are probably inevitable if you want or need to return to the office. According to new data, his daily expenses at the office could be $50 or more when you factor in things like eating out, coffee shops, dog walking, and transportation. However, we may be able to offset or reduce these costs. If your employer prefers you to be in the office rather than at home, renegotiate your salary due to changing circumstances or ask about benefits your employer offers, such as transportation or parking subsidies. I can.
Packing a lunch and brewing coffee at home can also help keep costs down. If he works two, three, or more days a week at the office, these seemingly small purchases can run up to hundreds of dollars each month.
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