Pros and Cons of working from home

 

Thanks to the ongoing worldwide pandemic, one has witnessed how unforeseen events can swiftly cause significant changes in one's lifestyle. In fact, this has caused many to relook at their financial situation and introspect about making additions or changes to their portfolio. After experiencing how life can suddenly turn unpredictable, many are considering financial products like life insurance which can protect their financial dependents in case of sudden and unforeseen events.

Another important aspect that has become a household name is 'Work From Home' or WFH. Several organisations are encouraging their employees to work from home. It is highly beneficial on one hand. For instance, companies that enable work from home end up enjoying 25% lower employee turnover than those that don't. However, one can do a great job and enjoy the benefits of working from home if one can achieve the right balance. But there are flip sides to working from home as well. Let us check out both.

Pros of working from home

1.Saving commuting time and energy

Daily commute, especially in metros is a bane of many people's lives. No aspect of it is enjoyable. It wastes one's time and energy, thereby eating up efficiency to a large extent. Travelling by any mode also costs a lot of money. If one is at home, one saves that cost. Saving promotes more investment. Investment in financial tools is the backbone of one's dreams. One understands the importance of it, but many times one is genuinely short on savings. WFH encourages savings in all forms.

2.Comfort and efficiency

Not having to compulsorily wear formals and attend meetings is a matter of comfort. Sitting in one's home environment and working is pure comfort. This increases efficiency. Surely enough, one should not take this for granted. This risk gives birth to the need to be disciplined most importantly. One can ride on this opportunity and use the same efficiency in financial savings too. Financial savings, in effect, are more investments and regular premiums for insurance and savings vehicles.

3.Flexible Working Hours

One can maximize the amount of work when one feels the most productive. For some people that may be in the morning, others prefer to work until late at night. One can even catch a power nap, which has known to increase productivity. One can use the rest of the time in reviewing financial savings at a regular frequency. One can check if one is saving enough for their goals. One of the most important checks is about the adequacy of life insurance cover to take care of one's uncertainties.

Cons of working from home:

1.Difficult to manage and maintain accountability

Managing one's work at an office is a big part. But when one is working from home, it is hard to monitor how they work, or their deliverables. One needs to be extremely disciplined in all areas like work schedule, submission, etc.

2.Communication can be hard

One has to get accustomed to video conferencing, phone calls and emails as opposed to face to face interaction. There is sometimes no substitute to face to face meetings.

3.Less involvement in your company's actions

One has less or no exposure to a company's values, objectives, targets, etc. And this may increase the likelihood of being subject to any internal shifts within the company. These could be related to the company's internal restructuring or remodelling. Unfortunately, this may increase the probability of lay-offs at times. However, this insecurity may have healthy enforcement towards being more focused and determined in planning one's personal investments. One also understands the importance of investing in certain products like ULIPs, which helps in managing risks.

ARN: ED/04/20/18633