The concept of bring-your-own-device (BYOD) is one that has divided businesses in the digital age, with many entrepreneurs fearful of the potential cost of this practice and its ability to deliver a viable ROI.
Despite this, there are a wealth studies that seem to reaffirm the value of BYOD, while a growing number of businesses are opening their mind to the financial benefits of allowing employees to use their personal devices in the workplace. In fact, an estimated 95% of organisations now allow employee-owned devices in the workplace, while a further 36% provide full support for such hardware.
In this article, we’ll explore the concept of BYOD further, and appraise the financial benefits that it can offer to your venture.
Transfer hardware maintenance and operational costs to employees
One of the arguments against the integration of BYOD is the availability of competitive smartphone deals through distributors such as fonehouse. After all, this has reduced the cost of procuring and operating business handsets, and enabled companies to reduce their expenses accordingly.
A comprehensive BYOD strategy can deliver far greater savings, however, particularly if it is extended to include the use of personal smartphones, tablets and laptops.
This is because businesses can then transfer a wider range of operating costs to users, including continued data usage, upgrades and potential repairs.
When applied across a diverse range of devices, businesses can see significant reductions in their initial start-up costs and those relate to the regular use and maintenance of hardware.
Increase the productivity and profitability of employees
When making the argument for BYOD, one of the most compelling pieces of reasoning is that it can increase the productivity of employees.
This can also translate into a higher level of profitability per individual employee, which can, in turn, drive increased margins and sustainable growth throughout the business.
In this respect, the widespread integration of BYOD can boost profitability at both ends of the spectrum. Firstly, it can minimise the cost base associated with individual employees, while simultaneously increasing their output and efficiency in and out of the workplace.
Over time, this can have an extremely positive impact on your business’s financial performance, while creating an engaging workplace that motivates individual employees.
Reduce the cost of acquiring and retaining top talent
When dealing with customers, it is approximately five-times cheaper to retain existing patrons than it is to acquire new ones. A similar rule can be applied to recruiting and engaging top industry talent, which is central to the long-term growth of your business venture.
Ideally, of course, you’d want to reduce the cost of both acquiring and retaining industry talent, as the consistent use of BYOD can help you to achieve this. After all, today’s employees are motivated by a diverse range of factors in the contemporary workplace, with flexible working directives an extremely popular example.
BYOD certainly empowers flexible working in any office, while it’s also a low-cost employment benefit that can contribute heavily to an attractive package.
As a result, employers can place less of an emphasis on financial rewards and benefits, reducing their annual costs while also providing a more rewarding experience to their staff members.