Create a culture that means business™
What are the benefits of remote work? When it comes to remote work, employees said the biggest benefits are flexible schedules (40 percent), the ability to work from any location (30 percent), and being able to spend time with family (14 percent). On the other side of the coin, there are numerous benefits for employers, including stronger retention and engagement. According to Buffer’s annual State of Remote Work report, 91 percent of business owners said that they had always intended to support remote work and companies allowing remote work have 25 percent lower turnover than those that don’t. Furthermore, a Gallup survey states, “the optimal engagement boost occurs when employees spend 60% to 80% of their workweek working off site.” Below are the top five benefits of remote workers:
1. Expands your network
When it comes to hiring new talent, don’t limit your search to one location. With remote work, recruiters can expand their candidate pool and tap on the doors of top talent located across different states and countries. As long as the employee has the right technical setup, employers can onboard top talent from anywhere. Not only does remote work open up more job opportunities, it also gives employees the chance to network and connect with peers from anywhere across the globe. With social networks and communication platforms readily available, remote workers can still feel connected and and gain a sense of belonging.
2. Reduces cost-savings
Every company cares about the bottom line and will find opportunities to make smart financial decisions. One of the top benefits of remote workers is cost-savings. A typical business would save $11,000 per person per year if they offered remote working. Think of all the expenses that can be removed off your budget list, such as no longer needing to purchase cubicles, ergonomic chairs, and stationery supplies.
3. Increases productivity
Did you know 77 percent of employees are more productive working at home? If you’re looking at the reality of a one to two-hour commute, that can create stress and burnout. In fact, research shows that one in four employees has quit a job because of a long commute. When employees have the opportunity to work remote, they have less distractions and can be more productive in their own space. In a recent survey, results revealed that remote workers work an average of 1.4 more days per every month, or 16.8 more days every year.
4. Lowers work absences
Canadian workers miss an average of 9.3 days per year and it’s costing the economy $16.6 billion. With remote work, you might find your business having less work absences and higher cost-savings. In an Indeed survey, it stated, “Half of all employers said that remote work reduced absenteeism. Fifty-five percent of employees gave reduced absences as a benefit of remote work, which was third on the list of benefits. Fewer sick days was number five at 50 percent.”
5. Reduces employee attrition
Did you know 95 percent of employers say remote work has a high impact on employee retention? Let’s repeat that: 95 percent. That is a huge number that you can’t avoid. With the average cost-per-hire for companies at $4,129 according to SHRM, there’s a reason why employee retention is at the top of every HR professional’s list. If you want to retain top talent, start seeing remote work as a positive. After all, 76 percent of workers said they are more loyal to their employers if they had flexible work options.
Capture the benefits of remote workers
The benefits of remote workers can be endless – the above list encompasses just our top five. The remote work experience has financial and productivity benefits for both the employees and employers. It improves work-life balance, decreases costs, and can attract a higher volume of top talent. I recommend the next you’re thinking about your remote workforce, turn to this list and see the positive benefits.
Are you looking for tips on how to effectively support employees through the new world of work? Get started with our guide, “The New Digital Workforce: A Guide to Engaging Today’s Employees.”