In light of the recent pandemic, most businesses are looking into remote work for their employees. With the benefits of working from home, the trend may start a revolution. While freelancers understand the perks of working remotely, some companies might not be keen on the idea. Lack of commute and a flexible working schedule makes remote working a favored option for employees. But for the employers, the pros are not as obvious. So, here are some of the pros of working remotely for employers and employees to help you adjust to these changing times:
10 Benefits of Working Remotely
We are stepping into the midst of a revolution as the benefits of remote working come to light. Thus, here are some compelling reasons why adopting work from home practices could open new opportunities for your business:
1. Increased Productivity
One concern for employers is that employees’ productivity may decrease when working remotely. However, that couldn’t be further from the truth! In reality, lack of office distractions and greater autonomy encourage remote employees to work twice as hard and get more done during the day. One nationwide survey revealed 65% of workers who claim that remote work boosts their productivity. Further, 86% claimed that working alone lets them reach maximum productivity. Being at home allows employees to sit comfortably and focus for hours on end without distractions.
2. Boost in Performance
Flexible working accommodations bring not only an increase in productivity but also a boost in performance. It grants employees more autonomy, which improves the quality of their work. While there is a 4.4% increase in output, it comes with 40% fewer errors. At offices, every employee needs to adopt the same approach and schedule. Working from home allows them the flexibility to work as they please at their pace. It provides more control and thus more responsibility to get the work done on time.
Remotely working does not mean a lack of rules, but the freedom to flex their creativity within those guidelines at their choice of environment and schedule.
3. Higher Profitability
With remote employees, there is less need for employers to offer employee benefits. Freelancers and remote teams are more likely to have their health insurance, and other perks arranged separately from the company. That means their employers are not under obligation to provide pension schemes or any employee-reward program.
Additionally, remote workers do not need to commute or need lunch allowances. It means they can accept lower wages compared to office workers. That said, without the cost of perks, and other expenses, companies can see an approximate 21% increase in profitability.
4. Employee Retention
One of the beneficial aspects of remote work is increased employee retention. Meaning, employers don’t have to waste time hiring new candidates and training them repeatedly. Some of the reasons for the increased retention rate include:
- Employees continue to work despite moving to a new home in a different city or country.
- Millennials, in particular, are more eager to work when they have greater flexibility.
- Employees are likely to work through pregnancy and early motherhood. They may reduce their hours, but it is better than hiring new talent and training them from scratch.
5. Work-Life Balance
A significant impact of working from home is the work-life balance for employers and employees. It cuts stress, reducing mental health problems, and provides physical health benefits as well. Employees working from home can visit the doctor whenever needed, have a healthier diet, and have time to rest and fight the stress.
Additionally, they can better manage their responsibilities for work and home life, which improves their efficiency and productivity.
6. Cost-Effective Solution
Besides lower salaries and lack of employee benefits, remotely working has other aspects that make it a cost-effective solution for employers. Most remote workers are responsible for their equipment, including laptops, headsets, and more. They purchase whatever they need to work efficiently, which saves equipment costs for companies.
Additionally, with employees working from home, companies do not need to invest in office spaces. Besides the rent, you would also be exempted from water and electricity bills, internet connections, and more.
Without any extra expenses, companies can expect higher profits!
7. Flexible Schedule Means Fewer Absences
With office life and rigid working hours, employees need to take leaves and absences at times of emergencies. Remote working with flexible hours solves the dilemma for employers and employees.
A flexible schedule allows them to design their work routine around other aspects of their life. They can work around their appointments and during illnesses without the fear of infecting others. Additionally, they can run out for quick errands and continue with the work when they return.
Working remotely also cuts commuting time, which is another factor for a higher rate of absenteeism. Furthermore, without the need to rush off to work, employees may be more inclined to start early and put in an extra five minutes to complete their task.
8. Improvement in Team Work
When working from home, employees need to be available for constant communication to ensure a straightforward and seamless workflow. It is one reason why remote workers display the best teamwork.
Employees engage and collaborate frequently and with purpose, which builds stronger work relations and camaraderie. Additionally, without extra coffee breaks and idle chat, there is also less chance for office politics, for a seamless workflow.
9. Remote Work Option Allows Access to a Wider Talent Pool
Adding the remote work option to your company policies also widens the talent pool at your disposal. You can hire some of the best, experienced individuals from anywhere in the world.
Millennials, in particular, expect flexibility in their workplace when searching for employment opportunities. So, offering work-from-home or remote work options will attract young, energetic, and skilled employees to your company.
10. Higher Employee Morale
Remote working improves employee morale by a margin compared to those of in-house workers. Remote employees to find higher work satisfaction, which leads to increased efficiency and productivity. It would also lead to higher profits for the company. Remote Operations: The Benefits Out-Way the Drawbacks!
In a nutshell, remote working is a rising trend that brings many benefits for employers and employees. Many companies have already adopted the work-from-home option, especially during the current pandemic.
Besides employees working from home, hiring remote teams has other perks for the company. From reduced hiring costs to less spending on equipment and office space, it leads to increased profits and productivity.
I hope the blog helps in understanding the benefits of working remotely and allows you to adopt the trend in your policies.