Over the last five years, the number of remote workers in America has risen by more than 44%. This figure may rise even more following the COVID-19 pandemic. This time has forced many companies into remote work arrangements.
For employees, the benefits of remote work from home are quite obvious. They include the elimination of a daily commute and the ability to design work environments and schedules that suit them.
But the advantages of working from home aren’t undeniable for employers. As a small business owner, you may be wondering about the benefits of remote work and if it is suitable for your bottom line. Keep reading for nine major benefits your business could gain from embracing remote work.
Research has proven that teleworkers are 20-25% more productive than office workers and produce work with 40% fewer defects. This could be because remote workers can create a personalized work environment that is free from distractions.
Some people prefer to work while sitting outside in nature. Others prefer working at a desk, and some may work the best lounging on their couch with their favourite music playing.
Employees also have different times at which they are their most productive. Some are night owls and work best at night, whereas others are early birds. An office will not be able to accommodate all the different preferences.
Another benefit of remote work is that it allows companies to be agile. Companies that have remote work infrastructure can quickly deploy someone to another state or country if an opportunity arises. The employee would be able to set up shop from a hotel room or rented house.
Remote working arrangements also make it easy for companies to operate even during natural disasters, national emergencies, or disease outbreaks. The management can quickly tell the non-essential staff to work from home until the disaster passes. During this time, they can use tools such as Facebook video chat for group calls to hold meetings.
Increased Cost Savings
Businesses that have a large percentage of remote workers save a lot of money. Remote jobs save organizations an average of $11,000 every year per worker that works from home 50% of the time.
This is because they can lease smaller offices while having fewer overheads, such as power, heating, and water. These companies may also need less equipment and furniture as the employees may opt to use their own.
They were allowing your employees to work from home cuts the amount of time spent commuting. This is beneficial in many ways. First, employees deal with less stress getting to work every morning, so they are more productive at the start of their day.
Not having a daily commute will also cut instances of lateness as well as absenteeism. Many times, employees call off sick due to depression and a lack of mental capacity. This can affect things like waking up early, dressing up, and commuting to the office. But when working from home, they are less likely to call off sick or report for work late.
Get the Best Talent
The majority of the current workforce are Millennials, and Generation Z. These younger employees demand flexible work environments that suit their schedules and life goals. Modern workers prefer flexible work arrangements to a prestigious job position. 42% would be willing to take a pay cut of 10% to have flexible work arrangements. Companies that haven’t restructured to allow remote work will not be able to attract and keep the best talent.
Small businesses have, in the past, had to hire sub-par talent due to budget constraints as well as the lack of prestige that more prominent companies hold. But a remote work set-up can give small businesses access to the best available talent in the world. You can advertise remote jobs online and receive applications from qualified candidates all over the globe.
On top of access to a more excellent pool of candidates, businesses may get cheaper labour from countries with a lower cost of living and lower salary demands. This increases your company’s diversity and makes it easier for small businesses to operate globally.
Increased Employee Engagement
Remote employees tend to be happier than office employees because they have greater autonomy over their days. They can choose when, where, and how they want to work. Employees working remotely also save money on transport, business attire, and eating out.
The money they save can buy experiences or items that the employee cares about, which further increases engagement. To prove this point, remote workers reported 41% lower absenteeism and 13% higher retention rates than office workers.
Reduced Carbon Footprint
Companies that have many remote workers can brag about reducing their carbon footprint. Working from home reduces the number of employees driving to work. If half the total number of US workers stopped commuting to work, the atmosphere would be spared more than 50 million tons of greenhouse gases.
Demonstrating your environmental consciousness will make your brand more appealing to consumers and could increase your sales.
Lower Wage Bill
Another benefit of remote work is that it helps cut your wage bill. 36% of employees would prefer flexible work arrangements for a pay rise. This is a win-win situation as you would get happier, more productive employees that demand less in salaries.
With remote work capabilities, your business will be able to hire labour from all over the world. Employees in other countries may ask for less in pay than American employees.
Keeping up With Technological Advancements
Setting up your business for remote work will help you stay up to date with innovations in technology. Your employees may be up with the latest communication software.
This means they will be able to communicate with clients that are also using the latest technology. This will set you apart as an innovative company that modern consumers and employees will want to associate with. Check out this article for help with setting up Facebook chats for your meetings https://setapp.com/how-to/facebook-video-chat-for-group-calls.
Remote Work Is the New Normal.
If your small business doesn’t have any remote work arrangements, then you are in the minority. Not only that, but you may be missing out on many of the benefits mentioned above. This includes attracting and retaining top talent, high employee engagement, and cost savings.
For more tips on how you can put in place remote working, read the rest of our blog.