Remote work can benefit companies in many ways. In addition to reducing operating costs, it can also increase productivity, reduce attrition, and encourage team building. Read on for some tips to make your remote team feel welcome in the office. And don’t forget to include your remote employees in employee of the week awards and surprise thank-you deliveries.
Reduces operating costs
An increasing number of companies are embracing remote work as a strategic move to increase productivity and cut operating costs. Companies are leveraging remote access and collaboration technologies, and investing in office supplies and software to support distributed teams. When managed correctly, remote work teams can reduce operating costs while fostering collaboration.
Among the industries that can benefit from this strategy are the public sector, retail, and energy. The public sector has the largest savings potential. In fact, it can cut costs by as much as 52% in some cases. Companies in the energy, insurance, and telecom sectors are also poised to see significant savings from remote work.
Another benefit of remote work is that companies can work more efficiently with less space. Inefficient use of space is a major cost for businesses. A balance sheet shows the costs of a typical office space. One of the most obvious costs is real estate. Increasing the use of remote work can significantly reduce real estate costs. According to research, 88% of organisations have already experienced real estate cost savings from remote working. Some even expect to see savings within two or three years.
In addition to reducing office space, remote work can also save companies money on the cost of food, transport, and parking. Companies with remote offices can save as much as 43% on real estate costs, and they don’t even need to build larger office space for their employees. The public sector stands to benefit the most in this area. In some cases, companies have even reduced expenses by up to 50%.
In addition to reducing costs, telecommuting employees can enhance employee satisfaction and performance. It also helps companies attract and retain high-performing employees. Furthermore, the ability to improve staff retention and satisfaction can reduce the risk of losing key employees. Further, remote working helps companies avoid costly recruitment costs. They can even hire more employees at lower cost.
The benefits of work-from-home arrangements can be immense. The ability to focus on the job at hand is improved, as is employee well-being. Remote workers are more engaged and productive, and they also tend to increase business profits. Many employers are realising the potential benefits of work-from-home arrangements. In Canada, for example, 74% of business leaders believe that work-from-home arrangements increase productivity by 20%.
A recent study by Apollo Technological found that employees who work from home save an average of 40 minutes per day on commuting. Likewise, the BPO industry has studied the effects of remote work on productivity. A large outsourcing firm in Asia used the productivity app Time Doctor to measure its agents’ productivity and found that they spent less time commuting. As a result, their outsourced agents were able to work longer hours on weekends.
There are a variety of barriers to remote work. It depends on the industry. For example, executives in the social media industry are more likely to be comfortable connecting online than executives in other industries. The key is to develop a work environment that promotes collaboration. In addition to reducing distractions, telecommuting can reduce stress and workplace politics.
Remote workers may not be as productive as their office counterparts. Despite these disadvantages, remote workers can boost overall productivity. Some studies show that workers from home are more efficient and less likely to burn out. For example, a study of a large Chinese travel agency found that workers handled nearly as many calls as those in the office. Overall productivity increased by thirteen percent.
Employees working from home should be provided with a designated space. This allows them to concentrate without interruptions. They can use small business organization apps to prioritize their tasks. They should also establish deadlines and hold daily meetings. This will ensure a smooth transition from home to their office. It will also help keep them away from distractions, which can be costly to a business.
In addition to increased productivity, remote work can also reduce employee burnout. Compared to traditional office work, people who work from home are less likely to be distracted by co-workers. Additionally, remote workers are less likely to experience social burnout, which is a huge cost to a company.
There are several ways to reduce attrition when doing remote work. First, make sure that you’re hiring the right people for the job. If you’re a start-up, make sure that you offer flexible working hours and PTO. Also, keep a strong company culture. While this may seem a small detail, it can have a big impact on employee engagement. For example, frequent displays of gratitude and rewards for excellent performance can increase employee satisfaction and retention.
Another way to reduce attrition is to offer competitive benefits to employees. Studies have shown that companies offering competitive benefits can have up to 56 percent lower attrition than companies that don’t offer competitive benefits. These benefits can include remote work flexibility, employee discounts, time off, and financial advice.
Another way to reduce employee attrition is by creating a remote-working environment. Remote-workers are more productive and take fewer sick days than employees who are based in the same office. Furthermore, they’re also more likely to stick with their job longer. This way, companies can reduce attrition and reduce hiring costs.
In one study, a Chinese travel agency partnered with a Stanford professor to test remote-work options. The company was located in expensive Shanghai, but many of its 16,000-plus employees couldn’t afford the cost of the commute, which contributed to a high attrition rate. The CEO, James Liang, wanted to trial the benefits of remote work with this group of employees.
One way to reduce attrition in a remote-work environment is to increase communication. Without communication, employees may feel isolated and burnt out. According to the Work Institute, nearly 40 percent of workers quit their jobs within the first year of employment. Therefore, managers should share goals and open up various forms of communication to keep their teams motivated and engaged.
Team building is an important part of any organization. It helps employees bond and overcome differences while leveraging individual strengths. Team building activities are an important part of the culture of any organisation, and they can also address the challenges of remote working. Here are a few ideas to help you build your virtual team.
Regular check-ins. Regularly meeting with team members is essential for building relationships, but make sure that you mix business and personal conversations. It’s also crucial that team building practices are anchored by your company’s values. These values can guide the culture of the business and help drive ongoing conversations.
Water-cooler talk. A lack of socialization and interaction is often a barrier to team-building in the virtual world. But spirited employees can help create the spirit needed to support a company culture. You can also hire social workers to foster team spirit and morale. Team-building exercises are important to ensure the happiness and health of all employees, and can help your employees feel valued and appreciated.
Themed team-building activities. For instance, you can organize a game where team members take a picture of their office and share it with the rest of the team. This game will promote trust and collaboration, which are vital in fostering teamwork. Team-building activities such as these are particularly beneficial for teams that are spread around the globe.
Sharing good news and celebrating accomplishments. Sharing positive news can spark a conversation between team members, bringing them closer. In any business, teamwork is one of the most important aspects, and it is no different for remote teams. As long as it’s done in an atmosphere where team members feel respected and valued, it’s possible to nurture teamwork even without a physical presence.