What are the Benefits of Remote Working for Businesses?
Today, we welcome Guest Blogger, Laura Farrer, who explores the benefits of adopting Remote Working for your business!
Remote Working Revolution
Virtual workers may get to commute from the beach, but their employers are enjoying even better rewards by adopting flexible work models.
The Remote Working Revolution is in full swing, More than ever, employees are searching for smart work models that will give them the flexibility that they crave. They are even willing to leave their onsite roles to work for a remote-friendly business. In order to retain and attract talent, companies are feeling the pressure to go remote. But is this good business sense? With no commute time or dress code, it is easy to see the benefits of telecommuting for workers. So are they the only party that reaps a reward, while an employer is left to lose money on catering to an unfair demand?
Absolutely not. In fact, if anyone is advocating for smart working, it should be the employer! If managed correctly, businesses stand to reap even more benefits from working remotely than their untethered employees. Here are seven ways that converting one or all of your company’s roles to be virtual can impact the success of your brand:
1. Higher Output
The most noticeable result of converting to remote-friendly is the increased productivity of team members. Without the distractions and interruptions of an office environment, workers can get into deep headspace more quickly and easily, which produces faster results. Even better, with team members distributed around the world, your company’s working hours can be extended to the point that your “office” never closes. So, productivity is enhanced in both quantity and quality.
2. Control Over Costs
By strategizing the different types of remote workers (freelancers, entrepreneurs, and telecommuting employees), managers can carefully control their scaling and operational costs. For example, hiring a contractor for only the number of hours required to complete a project, then offering that contractor an employment role after the revenue from that project rolls in. Thus saving on startup, recruiting, and onboarding costs all at the same time.
3. Diversified Workforce
The innovation that fuels the future of your business depends on the creativity of your team. Similar, stagnant teams in similar, stagnant environments will only produce similar, stagnant ideas. By hiring workers from around the world, you bring new experiences, cultures, and perspectives into your think tank, which creates a continuous variety of ideas and insights, and helps your brand connect with a broader target market.
4. Expanded Recruiting Pool
The perfect employee exists, but maybe not within a five or ten-mile radius of HQ. Geographic location shouldn’t qualify or disqualify any candidate for a role. Removing this criterion from recruiting allows hirers to focus on education, experience, and culture match instead of being limited by proximity or incur expensive relocation costs.
5. Interruption Prevention
Time is money, so every minute that your team isn’t working means that you’re missing out on revenue potential. The good news is that small interruptions to each work day like getting stuck in traffic, a local power outage, or an illness spreading through the office aren’t an issue if your team is telecommuting.
6. Employee retention
High turnover rates can slow your internal processes and cause your business to lose thousands in replacement costs. But if your employees are remote, they are able to move to a different region without having to be replaced. Plus, because remote workers are more empowered in successful remote work structures, their morale is higher and they’ll be loyal to your brand that gives them the flexibility they want.
7. Stronger Culture
To give long-distance team members a sense of place and belonging, most distributed companies find it beneficial to develop a strong company culture. Although, this benefit isn’t automatic (in fact, it requires dedicated intention), leadership gets a wonderful return on investment with a lower attrition rate and the higher productivity rates that result from a unified team.
Right now, the global workforce is fueling the demand for remote jobs, but if employers understand how their businesses can capitalize on this trend, that paradigm may shift as we see more and more brands embrace a distributed work model. For more information about the benefits of remote work for employers, check out the research of Nicholas Bloom at Stanford University and Kate Lister at Global Workplace Analytics.