Skip to main content
  • Claims Center
  • Contact Us
  • Español
  • Brokers & Agents
Hiscox Insurance
Menu Toggle
  • Home
  • Small Business Insurance Toggle Menu Toggle Menu
  • Why Hiscox Toggle Menu Toggle Menu
  • Resources Toggle Menu Toggle Menu
  • Policy Management Toggle Menu Toggle Menu
  • Claims Center
  • Contact Us
  • Español
  • Brokers & Agents
  • About
  • Get a Quote Get a Quote
  • About
  • Get a Quote Get a Quote
  • Blog Home
    Start Your Business
    Grow Your Business
    Protect Your Business
    Celebrate Courage
    Search

    Small Business Insights

    Sign up to get the latest small business news delivered right to your inbox.
    Grow Your Business
    Man's hands on laptop keyboard. Man sitting at desk working from home.

    How working from home could help your company and employees

    Management | Finances
    By: Hiscox Blog

    Share Image

    Embed Image

    Copy

    Share Article:

    Discussion of remote working—how to do it and how to make it work for businesses and employees – is all the buzz right now. And it’s no wonder since it is expected that, by the end of 2021, 25%-30% of employees will be working “multiple days a week from home,” According to Global Workforce Analytics President Kate Lister.

    It remains to be seen whether or not businesses are ready to shift to a remote working model, but they may not have much of a choice in the matter. In addition to these projections by Global Workforce Analytics, it’s also been reported that demand for remote working options is on the rise. Before the pandemic, surveys showed that 80% of the workforce is interested in working from home at least one day per week. 

    If you’re new to remote working and worried that it will negatively impact your business, we have some good news: There are a lot of benefits to a work-from-home model. So before you write it off, here are all of the advantages of working from home that you may not have considered. 

    Advantages of working from home 

     

    Employees take fewer breaks

    A Stanford University study conducted by professor Nicholas Bloom found a 13% increase in productivity from employees who worked from home versus those who worked in the office. Nine percent of that was attributed to employees working more minutes per shift. 

    Based on this study, working from home can offer great benefits to your employees, such as fewer distractions and less time commuting, which decreases the need for breaks.

    Cuts down on expenses

    Allowing employees to work from home can help you save money on the cost of office space, especially if your office is in an expensive city like New York or San Francisco. With fewer employees requiring desks and computers in an office, you could opt for a smaller space. Not to mention, you will need less office supplies and items like coffee and snacks because not everyone is coming into the office.

    Saves employees money 

    When employees work from home, it makes their commuting budget virtually non-existent. This allows them to save more money every month to put into a 401k or to save for a vacation. Not having a chunk of your income allocated to commuting expenses can be incredibly liberating. 

    Cuts down on office politics  

    When people work from home, communication with colleagues and managers becomes more purposeful. There is less “water cooler” chat, and when you do talk to your coworkers, it’s usually for a meeting or to address something work-related. 

    Sure, you still catch up about the weekend on your Monday morning calls, as you should (it’s good to build camaraderie with coworkers), but it tends to be less extensive compared to office conversations. With less time for chats that can quickly turn to gossip, remote companies may find that office politics decline. 

    Attracts top talent

    If you want to hire the best of the best for your company, a flexible working schedule is an attractive incentive to offer candidates. It also allows you to hire a more qualified person for the job since you’re not limited to hiring someone in your city or even state. If you have a remote working strategy at your company, you have the unique advantage of attracting top talent across the country and even the globe. 

    Productivity

    Many people are more productive at home. This can be attributed to fewer distractions and a quieter environment. Based on the study from Stanford, a group of 250 employees who worked from home was found to be 13% more productive than their colleagues who worked in the office. 

    If you have employees who are hesitant about a remote working schedule, try implementing video conferencing and more frequent team meetings to make sure that those who are less comfortable working from home, have opportunities to stay engaged. 

    Tap into other markets 

    By hiring employees in other parts of the world, you have the advantage of tapping into their unique skill set based on their location. It’s a good way to bring fresh and diverse ideas into your company’s projects and processes. It also allows you to learn about other markets and look for business opportunities there.

    For more tips and tools about how to grow you business, check out these other titles on our blog.


    Protect Your Business

    Protect the business you’ve worked so hard to build. Get a fast, free quote and your business could be covered today.

    Get a Quote
    Get a Quote
    Subscribe to our newsletter

    Related Articles

    4 Min Read
    Artificial intelligence (AI) chatbox robot - how can small businesses use these tools

    Is ChatGPT the next big thing for small business? What you need to know

    Technology | Tools & Templates

    There have been a lot of predictions about what ChatGPT can do. See how AI could help your small business save some time and improve communications.

    Read More

    4 Min Read
    small business owners work out finances during inflation on a whiteboard

    3 Tips small businesses need to know when facing inflation

    Finances | Management

    Right now, inflation is higher than it has been in several decades, and everyone is feeling the pinch. Here's how small businesses can survive – and even thrive – when prices are on the rise.

    Read More

    3 Min Read
    couple looking at small business tax deadlines while sitting on couch

    When are 2023 small business tax deadlines? Download this free calendar

    Finances | Management

    Businesses need to stay on top of tax deadlines year-round, we’ve made it easy with this handy calendar that shows what is due and when. Track when to submit payroll taxes, issue 1099s, and more.

    Read More


    We’re here to help.
    We provide tailored insurance for the specific risks you face, so you can take the right risks to grow your business.
    Get a Quote
    Get a Quote

    Footer menu 1

    • What We Cover
      • Business Insurance
      • General Liability Insurance
      • Professional Liability Insurance
      • Errors and Omissions
      • Cyber Security Insurance
      • Workers Compensation
      • Other Coverage
    • Who We Cover
      • Small Business Owners
      • LLC
      • Sole Proprietors
      • Entrepreneurs
      • Side Hustle
      • Contractors
      • Home Businesses
    • For Our Customers
      • Refer a Friend Program
      • Covid-19 Response
      • Claims Center
    • For Business Owners
      • Save with our Partners
    • About Hiscox
      • About Us
      • Careers
      • Contact Us
      • Hiscox Corporate
      • Investors
      • Foundation
      • Newsroom
      • We Stand Together
      • Affiliate Partner Program

    Footer menu 2

    • Accessibility
    • Site Map
    • Privacy Policy
    • Terms of Use
    • Legal Notices
    • Español

    Do Not Sell or Share My Personal Information

    Feefo Reviews: Hiscox rated 4.7/5 with 1,067 reviews between January 1, 2022 - January 1, 2023

    © 2023 Hiscox Inc. All rights reserved. Underwritten by Hiscox Insurance Company Inc., 30 N. LaSalle St., Suite 1760, Chicago, IL 60602. As of December 31, 2022, HICI had admitted assets of $1,458,861,470 and policyholders surplus of $380,056,863. Total liabilities were $1,078,804,607 (inclusive of $529,538,410 of loss reserves) and paid-up capital stock was $4,242,000.

    icon-facebook
    icon-youtube
    icon-twitter
    icon-linkedin