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I have been working from home for more than twenty years now, when I started doing one or two days a week before then I am old enough to predate any sort of Internet VPN and had to dial in directly.
In my time I have had jobs were I have never been into the office, not even once, for the duration of working there.
Main benefits are:
--The time and cost savings of a lack of commute, which are significant
--Get paid London rates while living somewhere a lot lot cheaper
--Get to spend far more time with my kids as they grew up
--Work from anywhere, I have worked from sail boats and while camping
--Quiet days you can do what you want
Main downsides:
--Busy days can turn into no sleep multiple days if you aren't careful
--You are often expected to be available for far longer hours due to no commute dead time
--No such thing as a snow day, and sick days you have to be really ill to be off
--I don't get to dress up for work anymore
Your downsides make me think you work for a pretty shitty company. I don't work a second longer than scheduled ever. If I want to take a sick day I don't even tell them why. They don't care. If I go over my allocation they might ask what's up but that has never happened.
I get paid for all OT, either a half day or a full day depending if I go over, its enough money to make it worth while as I am mattress stuffing being close to retirement.
Ok, that makes sense.