4 Proven Benefits of Remote Work (for Employers)
The pandemic may have brought on its set of challenges, but one thing that you may not have foreseen is how beneficial remote work is for employers. Apart from the flexibility that remote work offers to its employees, it can provide real benefits to companies.
Research has shown that remote work has led to a 21% higher profitability for organizations. Here’s why you should consider continuing remote work operations for your company.
Lower Costs
Work from home operations have led to businesses saving significantly on costs associated with on-site set-ups. You’d be surprised to know that companies save an average of $11,000 per year per part-time telecommuter, given office space, equipment, and commuting reimbursement isn’t used in these circumstances.
Without altering your organizational structure, you can also increase your business savings depending on your firm’s size. While many employers may have thought remote work wasn’t possible for their companies, research has shown otherwise. Five million employees, i.e., 3.6% of the U.S. employee workforce, are currently work-at-home half-time or more, and 62 percent of employees believe they could work as remote employees.
More Access to Applicants
In traditional work set-ups, your company may have limited access to applicants because of geographical distance and barriers. But remote work gives you more access to the pick of the litter, allowing you to choose from the best workers from all over the world.
Since recruiting, screening, and selection processes can now be conducted in a virtual environment, your hiring managers can prioritize aptitudes and diminish the skills gaps present in your area.
Greater Productivity
You may think remote work has made many people lazier and more likely to procrastinate, but the opposite is true. Studies have found that, on average, remote employees are up to 40 percent more productive than employees that work in the office, with at least 4.4 percent output increase.
Remote employees are more efficient given there are fewer workplace distractions and they have increased autonomy over the hours they’re most productive. A survey conducted on 1,004 workers found that only 39% of remote workers look for work distractions compared to 56% of in-office workers.
Better Employee Retention
You may know that satisfied employees are more likely to stay in an organization. Combine that with remote work, and you’ve got yourself a better deal already. 54% of employees said they would change jobs for ones that offer more flexibility, translating to 12% less turnover on average, after remote work agreements were on the table.
Additionally, 42% of employees even preferred a salary cut over flexible work arrangements! Remote workers are also 13 percent more likely than on-site employees to stay in their current roles for a longer duration. It sounds like a win-win to us!
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