Defined as the ability to work from anywhere at any time, remote working has been on a full-on global work movement, particularly due to the Covid-19 pandemic leading to quarantine and the temporary closure of many businesses. The privilege of working remotely was once a status symbol, but nowadays, more and more people and businesses are making the transition after realizing the many benefits it has to offer. In nearly every industry, both employees and employers are benefiting from the perks of remote working. This article will delve further into these benefits:
1. Reduced Business Expenses
Companies with remote workers get to save money on some of the expenses that come with onsite business operations like office equipment, space, and travel costs. The Global Workplace Analytics Telework Savings Calculator estimates that companies get to save an estimated $11,000 per year on every remote employee who telecommutes 50 percent of the time. Depending on the size of your company, this could turn out to be substantial savings without changing much of your business structure or forgoing physical business operations completely.
2. Increased Productivity
The notion that remote employees are lazy individuals without real jobs is nothing more than a myth. The contrary is true, with data revealing remote workers are more productive than those who work from a physical office. The improved efficiency among remote employees is directly linked to the autonomy they enjoy, resulting in minimized distractions at the office, and more freedom to work during the times they are most productive. Track Time 24 enables employers who are concerned to manage schedules, holidays, business travel and more to ensure that workloads are
A survey conducted on 1,004 workers in 2020 on their daily habits showed evidence of remote working productivity boost. According to Airtasker’s report, while remote workers spend more time taking breaks, they also devote more time on their work. In addition, among workers who had their mouse movement and screen time tracked, only 40% of remote employees sought out work distractions, compared to the 60% of in-office employees.
3. Bigger Access to Applicants
By getting rid of geographic barriers separating employers from the best candidates for the available positions, teleworking removes hiring barriers and results in more diverse companies. From posting open positions to receiving applications and doing interviews, the hiring managers can choose, screen, and assess applicants in a completely virtual space. This form of recruiting focuses on aptitude enlarges the hiring net and allows companies to avoid skills gaps, such as multi-language fluency, that might be present in their immediate location.
4. Improved Workers’ Satisfaction & Retention
Remote work is one of the most desirable offerings that employers can extend to people looking for jobs, so much that a survey by Mom Corps found that 42 percent of workers would happily accept a salary cut for more flexible working conditions. Despite the high unemployment rate for people between ages 18 and 34, a good number of them would be willing to sacrifice 10% and even more of their salaries in exchange for the flexibility that remote working offers.
To reiterate the desire for remote job opportunities and the decreased attrition rate associated with them, a 2019 report by Owl Labs showed that remote employees are 13 percent more likely to stay in their jobs for an extended period compared to onsite employees. This can be in part due to the fact that people working remotely are more likely to earn $100k salaries compared to those in physical working environments. This is according to the State of Remote Work by Owl Labs.
5. Reduced Carbon Footprint
Working remotely is not only good for the business, but for the environment as well. Almost half of all jobs in the United States are capable of being done remotely. Among employees in these positions, about 80% of them want the ability to work from home. If all these workers stopped commuting to work and adopted a remote working model, at least 50 million tons of greenhouse gases emissions would be prevented.
Implementing remote working policies in your company shows to potential customers and partners that you’re an environmentally conscious and responsible business owner. A survey by Neilsen shows how the environmental concern from entrepreneurs affects consumer buying decisions. For a span of one year, Neilsen found that product sales of items like coffee, chocolate, and bath products from companies with legit product sustainability claims outperformed the rate of growth for total products in every category.
As you can see, working remotely comes with a wide array of benefits for both employers and employees.