Remote work has been a huge topic among companies within the last five years. At the start of the 2000s, remote work was impossible for most businesses. But with the rapid growth of technology, we have access to everything we need.
Most companies now operate in a paperless environment with automated document workflows. This means that our laptops and tablets give employees access to just about everything they need. If our laptops can’t do it, there’s a good chance our smartphones can.
The truth is, remote work is the future, and an increasing number of companies are allowing their teams to work remotely, while fewer and fewer companies are making the change to allow their employees to work remotely one or two days out of the week.
That said, what many people don’t know is that remote work brings incredible benefits for businesses that impact the bottom line. Not only will your employees benefit from remote work, but business owners will too. Here’s why:
1. Reduce Operation Costs
Think about what it costs to operate a brick-and-mortar office space: Rent, utility bills, insurance, tools and appliances, maintenance…The list goes on and on.
When you have a remote team, there is no doubt that your business will become more profitable as you cut operation costs.
Aetna for instance, chose to get rid of 2.7 million square feet of office space. As a result, they saved $78 million per year. -Aetna is a big corporation, but even small businesses can see a significant reduction in operation costs once they allow employees to work remotely, even if it is just a few days out of the week.
2. Boost Productivity
According to a recent study by a group of Harvard business students, remote workers are more productive.
In the study, half a group of volunteers were allowed to work remotely while the other group stayed in the office. Survey responses and performance data showed that remote workers, in comparison with the employees who came into the office, were not only happier and less likely to leave their job, but also more productive.
An increase in productivity with remote workers relates to many factors. Most commonly, employees no longer have a commute. The average commute time in America is 30 minutes which adds up to 200 hours per year. Imagine if those 200 hours were put into work? What could your team accomplish with an additional 200 hours?
A boost in productivity is also linked to a drop in “sick” days. Sometimes, employees might not feel well when they wake up, so they are left with no choice but to call out of work and take the day to rest. When you allow your team to work remotely, they don’t have to worry about taking sick days! Of course, if your employee is severely ill and needs a day to rest, you should still allow for sick days, but generally speaking, you can expect a decrease in the number of sick days your employees take.
Remote work also reduces annoying distractions. Remote workers have the choice to work where they feel they are more productive rather than being forced to work at a desk. Every office has a loud colleague, which can be a huge distraction. Remote workers also don’t have to worry about being called into an impromptu meeting, which takes a lot of time out of your teams work week.
3. Access to a broad pool of applicants
When you don’t require employees to be in an office space, you can hire anyone you want, from anywhere in the country, regardless of distance or time zones. By doing so, you open your candidate search to include more people and focus in on qualities that matter.
For instance, there are plenty of working mothers who are highly qualified for positions, with some of the best skills, but cannot commit to being in an office every day. When you allow for a flexible work environment, you have access to more candidates who can really make a difference in your organization.
4. Boosts Employee Retention
Did you know that above all benefits and employee perks, remote work is one of the most demanded company benefits? According to collected data, nearly 90 percent of employees want to work remotely at least part-time.
When you give employees the perks and benefits that they want, they are more likely to be happy in their roles and less likely to quit. This means you don’t have to spend time and resources training new employees.
5. Your team will adapt remote skills
Millennials (those that are 24-39 years old,) are changing the workforce in several ways. One of these ways is the fact that they are demanding flexible work environments and the ability to work from home.
If you are wondering how much of an influence millennials have on the workforce, their generation will compromise 75 percent of the global workforce. As this generation continues to dominate the workforce, companies must be willing to adapt to their younger workers’ interests. With the demand for remote work, companies are already beginning to adjust to remote environments. Within the next few years, we can expect to see most companies transition to a remote work environment.
So, what does this mean for your business? It’s time to get on board with the trend! Remote work is a new concept to some employees, so it is best to slowly transition your team so that they have the skills needed to work together seamlessly in a remote work environment.
Work2Live: Helping you transition to a remote team
At Work2Live, we believe a huge factor in your business’ success is the happiness of your employees. That’s why we are here to offer you the tools you need to work as a close-knit team.
Want to learn more about how to succeed as a remote team? Check out our latest blogs for some more tips and tricks!