With changing workforce generations (entry of millennials), the adoption of remote working policies has become increasingly popular and preferred as a work option. Especially amid the COVID-19 outbreak, we are witnessing more employees and companies rolling out the practices of remote work. As such, the race to get the best talent in the market has required offering the most attractive work options.
Quite frankly the benefits of letting employees work remotely have not been so obvious, as it has in the employees’ perspective.
Here are a few viable reasons to consider, why you should let your employees adopt a flexible work practice that could be profitable for your business.
More time to invest positively
Time spent on commuting or driving through rush hour traffic can definitely not be recovered. However, in a flexible working system, that time can be invested better. The productivity and motivation to work (absenteeism) have been linked to the mental health and wellbeing of workers. Therefore, aside from having healthy and more productive workers, a remote work policy helps them save on travel costs for better investment in their interests.
Healthy employee retention rate
Recording low rates of employee retention are unpleasant for businesses and often means a running cost on the recruitment of new staff. With fewer salary benefits than larger or more established businesses, to entice talents, businesses have to leverage on other options.
Among these options, is a flexible work policy that attracts young workers, parents with childcare responsibilities and a large pool of talents looking for an improved work-life balance. All these factors are key to building a positive retention rate for your business.
Unrestricted access to a larger talent pool
The first is the population of young workers (millennials) to whom the use of technology has become mundane. So, they expect its integration in workplace communication, collaboration, and management. Working from a desk within an outdated working system only looks archaic and wades-off young potential workers from taking up roles that would best benefit your business.
Secondly, a remote work system opens your business to hiring the best talents globally without having geo-restriction, often met by non-remote work businesses. You get to build your business leveraging high-level expertise not obtainable in your location.
Building a self-regulated workforce
A self-regulated worker understands what work style is the best fit for their productivity and focus while working. Quite often these factors differ for different workers. Some workers might work best in a less noisy workspace, others with less movements, distractions or at specific times of the 24-hour period daily.
Not leveraging on options is at a loss. With a worker that best understands themself in relation to work, when placed on a flexible work system you only have to place certain rules. Micromanaging becomes unnecessary, giving more time to invest in other engagements as a remote team manager/employer.
Reduction of costs
One of the fixed costs of running a business is renting or owning office space. This cost increases with a growing workforce in the business. To save cost, businesses integrating remote working options for staff are open to hot-desking, which saves cost on having individual workspaces for every staff.
Other costs saved include, telephone and electricity bills, snacking, travel cost for employees on work duty, etc. Not the most of these office benefits get cut out for remote workers. They can be given as stipends, but the necessity reduces in a remote working environment.
More efficient use of tech tools
For more technology-conscious businesses, working from home is a great way to leverage the advantages offered by trending technologies. Internet of things (cloud computing), seamless communication and collaboration, real-time messaging, internet connectivity, project management, scheduling, and time-tracking applications, are just a few among several tech tools enhancing remote working globally.
These tools are essentials you should consider when setting up a remote working team. The thought of a loss of control for most managers gets eliminated with an understanding of these tools.
Save more while giving your employees their preferences
Research reports have it that over 35% of employees prefer a flexible work policy that allows them to work remotely than a pay rise. This implies that monetary rewards for performances do not appeal much as having the flexibility to work from any location of their choice. On the side of the employer, this will help with killing two birds with one stone. Enabling a valued reward system (remote working) for well-deserving staff and saving on wage increase. This increases cash flow, enabling investment in business opportunities.
Increased level of productivity
Several pieces of research have it that remote working employees are more productive in-office counterparts. Productivity and a healthy work-life balance are the top highlights of remote work and a nice-to-have benefit for employers.