The number of people working remotely (in the US) increased by a staggering 159% between 2005 and 2017. The popularity of remote working is increasing for a multitude of reasons- employees get to:
- experience more flexibility
- spend less (time and money) on commuting
- work in their preferred environment
Not to forget, remote working also allows for a better work-life balance and in many cases, better job satisfaction.
These benefits, however, are not just limited to the employees. With better communication and collaboration tools such as team video conference tools and online drawing boards, organizations have little excuses left to avoid working with remote employees.
However, if you still require more convincing, here are five benefits of remote working that will contribute directly to your business’ bottom line:
This is probably the most obvious benefit of having remote workers. A business’ high investment on infrastructure are replaced by relatively marginal investments in collaboration tools.
However, the savings that come from having remote working teams are not limited to infrastructure costs. Day-to-day overhead costs of stationery, furniture, janitorial services, and electricity are some other areas where your business will be able to save money.
Employees working remotely are also less likely to call in sick. In fact, not being exposed to germs in a shared work space, they are less likely to fall sick.
While this may not seem like a significant benefit on the outside, research proves that absenteeism costs your business roughly $2,650 every year, for each employee. If you have 20 employees, that number translates into some serious money.
Improved Employee Productivity
When employees are free to work on their own terms, are able to maintain a healthy work-life balance, and are generally more satisfied with their jobs, there is more motivation to bring their best work to the table.
Moreover, when employees don’t have to spend their time commuting to and from work, they are happier.
This is not a baseless claim, research has proven that remote employees are reportedly more productive. More productive employees mean better productivity for your team, which will directly affect your business’ bottom line.
Reduced Employee Turnover
With happier employees, it is easy to imagine how your company’s retention rates will improve. Just in case it isn’t, there is research supporting the notion- employers with remote workers experience up to 50% lower retention rates.
Any business owner or HR professional knows, lower retention is good for the bottom line. The average cost of replacing an employee in the US is $17,000!
With 50% lower retention rates on a 20 person team, the savings stack up to $170,000 in just one year!
Access To Top Talent All Over The Globe
Got an office in Idaho? You can now hire the best developers from Silicon Valley? Can’t afford talent from Silicon Valley? Find an equally talented developer in India at a fraction of the cost.
Having access to a global pool of talent lets to find employees that strengthen your operational capability, bring down your costs, and create a diversified workforce for your business.
The benefits of remote working outweigh the challenges that are associated with it. The modern workforce demands flexibility and trust from their employers and businesses can do nothing but keep up. However, when you look at the many benefits of remote working to your organization, it becomes easier to acknowledge that remote working isn’t just a passing fad.