How working from home could help your company and employees
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.
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.
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