Adopting a Remote Work Model Can Greatly Benefit Your Business
Anyone who ever thought remote work isn’t worth the try, clearly never gave it a chance. The truth is, the remote workforce isn’t just a trend or a necessity based on today’s circumstances; it is something that will continue to grow as the world continues to evolve. Rather than fight it, all businesses —big or small— should learn to embrace it, and that will only happen once they understand the benefits that come with implementing remote work into their company culture.
Did you know that 16% of global companies today are fully remote? Could you have imagined that 52% of employees around the world take advantage of the opportunity of working remotely at least once a week? Yes, it’s a thing, and it works.
Of course, adopting this work model means there will be specific logistics that will need sorting out to set things up successfully. It comes with some challenges and requires changes, but in the end, you will come to realize it is one of the best moves you could have made in favor of your business.
Here are some of the benefits your business will experience by adopting a remote work model:
Access to a Larger Talent Pool
When you’re looking to hire talent for your local business, there are restrictions to hiring mostly from the local talent pool. In a remote work setting, you could consider sourcing your talent elsewhere —or basically, anywhere. As you open yourself up to a more global perspective, the opportunities for hiring great talent for your business are endless. You won’t have to miss out on really amazing candidates just because they don’t share your zip code, your country, or even your continent. Your door will be wide open.
Higher Retention Rates
Remote work positions are some of the most sought-after opportunities. Thanks to the flexibility offered by this model, once someone accepts a remote job, they are unlikely to leave it. Facts show that remote work improves retention rates by 10%, so you can rest assured that the great talent you hired will stick around for the long haul.
Lower Operating Costs
Having remote teams means you can cut back on various expenses. If you’re entirely remote, you don’t have to worry about renting a costly office space. Hurray for virtual meetings! If you’re not fully remote, you can arrange a rotating schedule so that not everyone comes to the office every day. That way, you could rent a smaller office, just for the number of employees you expect to receive each day. You could be saving about $10,000 per employee per year on real estate only by implementing a telework policy. Also, your utility bill expenses can dramatically decrease as you will spend less money on water, electricity, and things like paper, recycling, etc.
Working from home increases employee motivation. Highly motivated employees rarely call in sick, because they are willing to work even if they are sick, just because they can deal with their condition from home. Telework has shown to decrease unscheduled absences by 63%. These absences cost American companies anywhere from $1,800 to $3,600 per employee per year. Imagine all that you’d be saving.
More Productive Employees
Working from home can help minimize distractions and increase employee morale for various reasons, like no need to commute to work, able to manage their own time, ready to take breaks when needed, and having a more flexible work schedule. All this directly impacts their productivity —in a positive way. Teleworkers are likely to do more, as a way of thanking their employer for the opportunity to work from home.
Yes, a local team can be significantly capable, but a remote team can too. A remote team may even be more useful. It all comes down to implementation. Learn more. Join our community!