On May 1st, 1926, the workplace was changed forever when Henry Ford introduced the 5-day, 40-hour workweek. Before then, employees were expected to work 100 hours or more a week! Amidst the coronavirus pandemic, the time for change has come again.
Long before 2020, employees were asking for more flexibility within the workplace. They searched for an improved work-life balance and more benefits and engagement from their employers. The pandemic threw the need for flexibility into overdrive. With quarantine mandatory in many cities and states, the work from the home model was adopted by major companies and two years later, many want the work from home model to be here to stay. Some employees have gone so far as to leave their positions altogether rather than return to the office.
While some employers have embraced the idea of remote working as the new normal, still others are hesitant; some ceasing hiring altogether. What can be said for sure is that the remote model is one that cannot be ignored or set aside as a passing fad. Instead, it is a new normal that should be embraced as a business strategy that can lead you to success for years to come.
When done effectively, remote work, like other flexible arrangements, may offer a lot of advantages for both the company and the employees. Still not persuaded? The following are seven advantages of remote work for your business:
Save on space
One of the biggest expenses in running a business is office space. Not only are you paying for the building that houses your business, but you also must pay for utilities, office supplies, and furniture. Working from home can significantly lessen those costs. You may choose to have some of your workers come into the office, while others stay home, or go fully remote as a business. Either way, the costs for real estate and maintenance are severely reduced. Additionally, working from home can reduce absenteeism and turnover, which cuts down the expenses of hiring new employees.
Employees who work from home benefit financially as well. Studies show that employees who work from home can save up to $4,000 every year. Expenses like gas, food, coffee, and professional wardrobes are reduced when the office is in the home.
Cast a wider net
Sometimes, you will be looking for rare or special skill sets. When working in an office, the number of qualified candidates is severely limited by geography. Most people do not want to spend an hour or more each day just on a commute. When offering remote employment, the sky's the limit when it comes to prospective candidates.
You will be more likely to find the candidate with the skill sets you need when you are searching state or country-wide rather than in one city. Finding the perfect fit for your company’s culture reduces the possibility of quick turnover and ensures that your existing team has someone who eases the burden of the workload instead of a slacker who increases it.
Stay on top of the latest technology
A lot has changed since the age of the beeper and the bulky monitor. Computers are faster and slimmer. With the advent of widespread wi-fi, cloud storage, and an ever-growing suite of tools for communication; remote work is becoming more feasible than ever.
Technology is a part of our lives more than any other time in human history. Taking the lead with the latest software and hardware can bring you to the forefront as a tech-forward company, something that has become more important to prospective employees than ever before. Employees want to keep their tech skills sharp and by showing your company is ready to embrace the future, you are more likely to bring in more highly qualified candidates.
Eliminate employee burnout and increase productivity
Time is the rarest and most precious commodity the world has to offer. With only 24 hours in the day, employees are often struggling to strike a balance between work and their personal lives. When that balance topples, employee burnout is sure to follow. When an employee becomes burnt out their ability to do their job declines and the whole team suffers.
Employees who work from home don't have to worry about a long and stressful commute, giving them more time to balance work and personal obligations. When they're "at" work, their enhanced quality of life might help them be more present and attentive. Allowing workers to work from home is a terrific approach to allow your team to work when (and in what environment) they are most productive. Their productivity is your company’s gain.
Inspire trust & devotion
Employee turnover is a huge concern for companies in every industry. Remote work is one way to combat this and build trust between the company and employees. Working from home gives employees more autonomy over their work schedules while still allowing them to still be productive. This feeling of control over their schedule provides a sense of work-life balance that can lead employees to feel more valued. A valued employee is one who will be loyal to your company and more likely to stick with you for the long run. The decreased employee turnover rate means less time and money hiring and training new employees.
Stay ahead of the competition
Employers today are expiring a high level of employee turnover. In fact, a recent study shows that almost 75% of workers would leave their current role if another employer was offering a role with more flexibility. Companies who are unwilling to move to a work-from-home model are risking losing skilled employees to companies who do offer remote work.
So if you're looking to increase your employee productivity, eliminate turnover and improve the quality of your business, perhaps remote hires are the solution you've been looking for. Call us today to learn more about how we can help.