The number of remote jobs available globally is on the rise, and 75% of companies worldwide are already adopting flexible working policies. In 2018, remote workers accounted for 35% of the US workforce.
Experts predicted that by 2020, the US remote workforce would surpass $105 million, accounting for 72% of the total US workforce. In 2017, only 15% of US employers did not allow remote work, and 61% of those who did increased their companies’ profit.
If you have never considered adopting flexible working policies for your business, then this article will show you how your business can benefit from remote work and how you can successfully implement it.
Benefits of Remote Work
Remote Work Can Reduce the Overall Cost of Running Your Business
If you are running a brick and mortar business, office space costs a lot of money. Utility fees, maintenance fees, electricity, and so many other factors are also involved. If your employees work from home, most of these factors are eliminated, thereby saving your business a lot of money.
To show how effective remote work can help you cut costs, we will take an insurance company Aetna as an example. Reports indicate that Aetna was able to save $78 million after eliminating the costs of its office space of over 2.7 million square feet and going completely remote.
Also, American Express recorded a similar result after introducing telecommuting. It managed to save $15 million in the process.
According to telecommuters, 76% of business owners do not pay for co-working spaces. It is also worth mentioning that over 78% of companies do not cover the cost of the internet.
Your business can avoid all those expenses when you decide to go remote, thus reducing your cost of operation drastically.
Increased Employee Productivity
Not everyone can be productive at a 9-to-5 job. Remote work allows employees to choose the time and place where they are most productive. It is no wonder that 83% of employees reported an increase in productivity when working remotely and having flexible working hours.
According to a survey that compared the productivity of remote workers and their office-bound counterparts, two-thirds of companies had higher productivity coming from their remote workers.
Moreover, 45% of remote workers are getting more sleep when compared to office workers, 42% are eating healthier, 35% are more physically active, 82% have lower stress levels, and over 44% have a more positive attitude toward their job.
Such factors can help your business grow while keeping your employees happy at the same time. That further explains why experts claim that an average company can save about $11,000 a year if it allows employees to work remotely for only 50% of their working hours. You can also avoid additional expenses such as commuting expenses, overtime pay, and similar.
Opportunity to Increase the Quality of Your Talent Pool
One of the significant limitations of traditional companies is the inability to employ workers from different countries around the world. That can lead to high costs that can easily be reduced.
When it comes to remote work, employers can hire almost anyone regardless of their location as long as they have access to the internet. Also, you can reach out to skilled employees living in countries where salaries and the cost of living is lower. What that means for your business is that you save money by paying lesser amounts for quality services.
Technological advancements have made communication from any part of the world possible. Various apps available have made communication and file transfer easier and more effective.
Elimination of Commuting
Imagine having a productive employee that comes late to work due to commuting or is always taking sick leave from work.
Unfortunately, this is one of the problems business owners face when dealing with traditional 9-to-5 jobs, and situations like this will, in most cases, affect both the business and the owner.
Remote work drastically reduces or sometimes eliminates time spent on commuting, allowing employees to spend more time with their families and engage in activities that keep them healthy, happy, and motivated in the long run. That will, in turn, reflect on their productivity in the workplace.
We are not saying that remote workers do not call in sick, but they stand a better chance of leading a healthy lifestyle when compared to office workers.
Working Remotely Makes Possible to Work with a Diverse Team While Moving Your Business Forward
Remote work provides you with the opportunity to employ members of your team from various locations around the globe. That way, every member of your team comes from a unique background and has a unique mindset.
When there is a need for collaboration, employees can draw on their unique experience, share new ideas, and offer better solutions because they see things from a different perspective. Every business can benefit from such a diverse workforce.
More businesses are jumping on the telecommuting bandwagon, cutting costs, and saving millions of dollars in the process.
Technological advancements are making remote work easy and accessible. Millions of employees say that they prefer to work remotely as it provides them with more time and space to spend time with family and lead a healthier lifestyle that, in turn, makes them more productive.
If you have not considered going remote with your business before, let this article be the driving force that initiates that idea, because remote work offers much more benefits when compared to typical 9-to-5 jobs.