The remote work trend is here to stay! Companies around the world, across a wide range of industries, are adapting their internal practices to include remote working.
Many businesses which have successfully operated at their on-site premises and haven’t previously considered remote work, are now allowing their employees to choose between remote work, on-site work or a hybrid work environment.
Why the sudden change in policy? Obviously, the pandemic had a big influence on companies trying remote work. However, more companies are adopting new approaches to work because they have seen and quantified all the benefits that come from doing business remotely. It’s not simply a matter of health and hygiene, remote work is being adopted more because it delivers better results for a company’s bottom line.
In this article, we’ll look at the main benefits that come from doing business remotely. Let’s dive right in:
1. Increased productivity
Some managers may think that if they can’t see their team members, there is no way to be sure they are doing their work. However, research has shown that employees working from home are more productive. For example, a study by CTrip, a 16,000-employee, NASDAQ-listed Chinese travel agency covered by Stanford Business found that people working from home saw a 13% increase in their performance relative to people working on-site.
The reasons behind this increase in performance are numerous. First of all, when working remotely, employees feel more relaxed and have the freedom to work at any time of the day they want. Some people may be more productive in the morning, while others may be at their best at night.
According to the CTrip study, 9% of the performance increase was due to working more minutes per shift when working from home.
Another reason for this increased productivity is that when working remotely there is no need to lose time in traffic, in the car or on the bus. Many employees arrive tired or stressed out at work due to their commute.
The other 4% of performance increase noted by CTrip was due to employees accomplishing more tasks during their work. This is most likely due to the fact that remote work allows for an improved work-life balance which in turn leads to happier employees. And, happier employees are more motivated which results in increased productivity.
A 13% increase in productivity could be the difference between a profit and a loss for a company. Despite the concerns about managing employees who are “out of sight,” it’s clear that remote work delivers better results for employee performance.
2. Greater availability of different skills and talents
When doing business online, you are not limited to hiring people that live near your offices. Remote work allows you to source talent globally and find the most qualified people regardless of their location.
The employment barriers that are related to location in office based work are transformed into benefits in remote work environments. In addition to having access to the best talent, you can also build more diverse teams by sourcing candidates from different backgrounds and geographies.
Hiring online enables you to find any skill set and any level of experience that you need for a specific project. With a deeper talent pool, you can also find candidates who are aligned with the values of your company and your mission. This helps build a more motivated and engaged team.
3. Lower costs
One of the most obvious benefits for remote work is reduced costs. Companies working remotely avoid common expenses including office space, desks and chairs, utility bills etc. These expenses are often overlooked, but if calculated, companies will see that the cost savings can be as large as thousands of dollars yearly per employee.
Taking into consideration that you don’t need to buy or pay rent for the office space, don’t need to buy furnishings, don’t need to pay electricity, internet, water and other utility bills, or cover employees’ travel expenses, working remotely can make a huge contribution to the net results of your business.
With these substantial cost savings many established companies offer remote work allowances that cover employees’ costs like computers, chairs and similar items while still seeing an overall reduction in costs compared to a typical office environment.
4. Better work-life balance for employees
For many people, remote work offers a better work-life balance. When considering new opportunities, a study by the International Workplace Group showed that “80 percent of workers in the U.S. would choose a job which offered flexible working over a job that didn’t, and almost a third (30 percent) of people value being able to choose their work location over an increase in vacation time.”
Employees enjoy the ability to work and develop themselves professionally while still maintaining a fulfilling personal and family life. Greater work-life balance leads to greater job satisfaction and improved engagement, ultimately leading to greater results.
Remote work delivers better results
By increasing productivity, expanding talent pools, lowering costs, and improving work-life balance, remote work delivers better results for many businesses.
Of course there are challenges in leading a remote team. Some of these challenges are typical of any work environment. There are also specific challenges when working remotely.
At Remote Work Results we help companies develop a healthy and productive remote work culture that addresses some of the common pitfalls that businesses face when working remotely.
Leading at a distance can definitely be challenging, but the effort to establish and maintain a thriving remote work environment will pay off. You can read more about how to gain results at a distance here.
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