Traditionally, remote work has been popular with the likes of copywriters, web developers and customer support agents, however, thanks to the pandemic, the global workspace has experienced a huge change and more people are working remotely than ever before. With tech giants such as Twitter and Facebook suggesting work-from-home (WFH) is here to stay, it raises the question of just how beneficial it can be for your company.So, let’s take a look at five of the key benefits WFH can have for your business.
- Improved employee retention
- Increased productivity
- Less time off
- Cost savings
2020 has seen more people working remotely than ever before – and it’s proven to be a big hit. People have enjoyed it so much that 46% say they would look for another role that offered the opportunity to WFH if their current employer withdrew the option to work remotely in a post-COVID world.
Additionally, a report from Owl Labs found that 77% of people agreed having the option to WFH in a post-COVID world would make them happier – and happy staff equals higher retention rates – with remote workers being 13% more likely to stay in their current job for more than five years.
One of the biggest myths about WFH is that it decreases productivity. A 2012 study proved that working from home increased productivity by up to 13%, and more recently, a 2020 report from Owl Labs found that 75% of people are the same or more productive while WFH. Think about it, how many minutes (or hours) have you wasted joining in with the office chit-chat or partaking in unnecessarily lengthy meetings? It all adds up. Along with having fewer distractions, employees that WFH have also been found to take shorter breaks and work longer hours, which naturally increases productivity.
Having the option to WFH is also a great motivator for employees, as they minimise time, money and stress associated with commuting and show a greater level of enthusiasm thanks to flexible working options. Agreeing, 54% say they would be less willing to go the extra mile if they were unable to work remotely at least some of the time.
Important note: whilst increased productivity is great, you need to ensure that your employees aren’t overworking or they risk losing their work-life balance.
In a post-COVID world, 92% of people say they expect to be able to work remotely at least one day a week – so if your company fails to meet this expectation, you could be missing out on a lot of valuable candidates. WFH is also considered to be a significant benefit for most people, with 98% saying they would prefer to work remotely at least some of the time, and 59% saying they are more likely to accept a role if it offers remote working options.
Studies have shown that those who WFH take fewer sick days and have less time off, and that’s largely due to the improved health and reduced stress levels that 86% of people who WFH say they experience.
The majority of those who WFH take 2-3 weeks holiday per year despite most being offered unlimited holiday. This is because they feel less stressed and have more flexibility in their schedules, meaning instead of having to book time off to attend important events or appointments, they can instead make the hours up at a time that suits them.
If you choose to adopt a completely remote working style, you can save thousands per year on costs relating to rent, office furniture and utility bills. Additionally, a report from Owl Labs found that 23% of full-time workers were willing to take a pay cut of more than 10% to have the opportunity to WFH at least some of the time, this is largely due to a reduction in the expenses associated with travelling to and working in an office environment.
Overall, it’s clear to see that whilst COVID-19 may have forced WFH on a lot of organisations and employees, for the most part, it has been welcomed with open arms and people don’t want to see it go. So, with the above benefits in mind, will your business consider adopting a more remote approach, or is face-to-face human interaction still valued above all else?