Working remotely is a growing trend that’s bringing big benefits to employees and businesses alike. Remote workers tend to have a healthier work-life balance than their office counterparts, and employers are saving vast amounts of money by adopting this new workplace strategy.
Companies are also able to save a lot of money on their real estate costs because they don’t have to lease physical space. This means more money can be invested in employee experience.
1. Increased productivity
One of the most obvious benefits of remote work is that it improves productivity. A two-year study of 3 million employees published in 2021 found that workers who work from home improved their overall productivity by an average of 6 percent. Similarly, a 2022 study by Future Forum revealed that remote workers were 4% more productive than office-bound workers.
Moreover, they also reported that they were more focused during remote working than office-bound employees. The increased focus is a result of the reduced distractions that come with remote working.
However, it is important to note that productivity gains are largely dependent on how well your team communicates and coordinates their work. This can be a challenge for remote teams that don’t always see each other face to face, so it is crucial to have tools like Slack or Google Hangouts to keep your teams in touch and to share files and information easily.
In addition, it is important to have a schedule for your employees that includes time set aside for tasks. This can help them prioritize what needs to be done and ensure that they are completing all of their assigned tasks.
Additionally, having a to-do list can also be beneficial for those who work remotely, as it can help them keep track of their tasks and focus on the most important ones. This can be a great way to keep a positive company culture and to avoid burnout from not completing tasks.
Finally, remote work can also save businesses money. For example, technology giant IBM has saved up to $50 million on real estate costs by implementing remote workforces. The cost savings can be attributed to the fact that remote work allows companies to scale their workforces up and down as they need, while eliminating costs related to physical office space.
2. Better work-life balance
Achieving a good work-life balance is an important part of life. This can mean having time for family, friends and activities you enjoy. It can also mean having the flexibility to take a break or change your schedule if you need to.
It’s also a great way to reduce stress. Research has shown that chronic stress can trigger headaches, weaken the immune system and wear people down emotionally. Having a balanced lifestyle can also boost productivity, which can help your business thrive.
As the remote work trend grows, companies should continue to find ways to support this practice and provide employees with healthy habits that can improve their performance. For example, providing healthy snacks in the office and encouraging employees to exercise during the day can both help them stay motivated.
Another way to improve work-life balance is to offer opportunities for employees to give back. This can be through volunteering in the community or giving time to family and friends. Many workers who volunteer report that they feel more fulfilled and connected to their organization, allowing them to bring this positivity into their work.
Finally, giving employees the freedom to seek out education and self-improvement can also keep them engaged. This is an important aspect of life balance because it can prevent burnout and allow people to pursue their passions.
In addition, remote work can also have a positive impact on company culture. For instance, a recent State of Remote Work 2020 survey found that 37% of remote workers said their company culture improved after coronavirus and 52% said they felt more purposeful when working from home.
3. Diverse talent pools
Remote work provides companies with access to a wide range of talented individuals. It gives them the chance to hire candidates from outside their geographic area, enabling them to find talent that may have a unique perspective on their business challenges or even provide insight into untapped markets and cultural norms that they may not be aware of.
Not having a diverse talent pool can be detrimental to an organization, as it places them at a disadvantage in the hiring process and can lead to missed opportunities that could have brought in diversity of thought and improved culture and performance. By focusing on diversity, organizations can attract the best candidates to their business and boost their bottom line in the long run.
To make sure that you are attracting and retaining diverse talent, it is important to create an inclusive hiring environment and ensure that the hiring process is transparent and equitable from start to finish. For example, use bias-free, gender-neutral language in all JDs, job posts and other hiring communication to make sure that all applicants are treated fairly and have the opportunity to apply for any roles if they fit their skills and qualifications.
Finally, make sure that all employees are involved in the hiring process, including people with disabilities who may be unable to travel to an office for interviews or participate in other recruitment activities. This will help to ensure that the entire process is fair and inclusive, as well as give employees a chance to learn about the hiring process.
Using remote work as a platform for promoting diversity, equity and inclusion is an excellent way to foster a more inclusive workplace. This can include partnering with institutions that support underrepresented groups such as women in technology and ethnic minorities in leadership positions, engaging with them, and building relationships to support and provide opportunities for diverse talent to consider your company for future openings.
4. Reduced costs
Remote work can help businesses save money in many ways, including reducing office space requirements. In addition, telecommuting can cut the costs of travel, transit subsidies, and in-office perks.
According to Global Workplace Analytics, companies that allow employees to work remotely part-time can save about $11,000 per year. Adding full-time remote workers would likely boost those savings even further.
Another cost-cutting benefit of remote work is that it reduces the need to purchase office furniture, equipment, and technology. Instead, employees can use their own devices for everything from email to collaboration software.
By reducing the need for office space, remote work can also save money on rent and utilities. This is especially helpful for larger organizations that lease or purchase office buildings for a long period of time.
In addition to reducing costs, remote work can also help improve productivity and employee satisfaction. It allows employees to avoid the stress of commuting and reduces the time spent on mundane tasks like cleaning their homes or buying lunch.
Moreover, it can reduce absenteeism and turnover by providing employees with more flexibility to work their own hours. This can help employers save money and time on hiring, training, and managing employees.
It can also help improve communication among employees. As people are no longer confined to an office space, they have more time to collaborate and share ideas without distractions. This can also lead to more innovative solutions and improved work processes. This is why companies are increasingly embracing remote work. They believe it’s the future of work.
5. Flexibility
Flexibility is an important part of any employee’s work experience, and remote work offers a variety of flexibility benefits. It allows employees to set their own hours and schedules, making it easy to adapt to their personal needs without compromising their professional productivity.
A growing number of companies are incorporating flexible working arrangements into their work cultures, giving employees the option to work from home or another location outside of their company’s physical offices. This is called remote work and can be a valuable resource for businesses looking to attract top talent from around the world.
Similarly, some employers offer hybrid flexible working arrangements, which are a combination of remote and in-office working. These models allow employees to work remotely most of the time and then go into the office on a certain number of days each week, or for specific events, such as client meetings.
The ability to choose how and when you work is a major advantage for remote workers, who don’t have to worry about their commute or having to deal with inclement weather. In addition, they can avoid traffic congestion and air pollution.
In addition, flexible working can give employees greater control over their lives and make it easier for them to find new jobs if their current job doesn’t suit their needs. This can also help reduce turnover.
As companies move towards more flexible working, it’s essential that leaders develop a culture of flexibility that supports both performance and nonwork-related goals. This requires a shift away from a rigid, predetermined model that often reflects past narratives, and it requires new thinking about how to implement flexibility in ways that align with both performance and employee well-being.