Self-employed person who makes an income by doing a job/task, full time, at home – totally no need to be present at an office, no boss;
Employee whose contract of service allows them to work mostly at home and only occasionally need to be present at the office.
Both spends more working time at home, or at any other place as they please or is convenient for them.
Among the perks of working from home are:
Save time : since there is no daily long commute to the office, you can use that time to get more work done;
More time with family : the time saved could be better spent doing the housework, playing with or tutoring your kids, time with your spouse, etc
Save money on petrol, food (have homemade meals straight from your own kitchen) and you get to spend your money on the things you prefer;
Save energy with less commuting, healthier eating choices when you cook yourself;
You don’t need to dress smart for work.
For the self-employed : what you earn is yours to keep.
And, of course, there are also the cons:
You may miss having colleagues and friends to chit chat with face to face;
You may not be able to stop working because you determine the break time (and so adversely affect your health and sanity), or you may take too many long breaks (and so adversely affects your performance);
Family may interfere with your work (the kids crying, your spouse asking for your help, etc);
You may neglect your looks as you don’t need to dress-up at home;
For the self-employed : No EPF contributions from an employer and your income is uncertain.
I believe that most of the cons can be solved with self-discipline, home rules and a proper home office. But the hardest to control is the income factor. Unless you are able to get a regular income, you need to have huge savings to keep you afloat when times are hard. And you must be disciplined enough to save and fight the desire to splurge when you make more than usual.
Some Facts And Figures
According to data released last month by Arise Virtual Solutions, 60% of Americans say they would take up to a 25% pay cut if it meant they could work from home, compared to only 7% of Americans in 2008. Wow! From 7% to 60% in only 3 years!
Figures from the Bureau of Labor Statistics show that about 36 million Americans currently do all or part of their work from home which reflects a 10% increase since 2004. But I wonder whether the statistics include those who work all day in the office and then continue doing their work at home.
A survey of 350 Americans also found that nearly 80% would prefer to work at least part of the time from home even if it meant less income. In fact, 34% would take a 5% pay cut, 20% would take a 10% cut and about 7% would take a 25% cut. Arise provides at-home customer service job opportunities for approximately 17,000 Americans nationwide. The Arise job survey was conducted by Authentic Response in September 2011 and involved a random sampling of 350 Americans.
According to the Arise survey, getting rid of the long commute is one of the biggest reasons people would like to work from home. It seems that 32% say they’d enjoy having no commute the most, 31% say the best benefit would be the flexibility to allow for a better work/life balance, and 20% say the biggest advantage of working from home would be the savings on things such as gas, childcare, eating out and expensive work clothes.
Pic credit to connect.in.com
What’s most fascinating is the fact that almost 4% say they’d enjoy staying away from annoying co-workers the most. 😆