The world is currently going through a seismic shift in the way that people work. For years, the average worker commuted to the office, sat in a pod, and then went home between 5 and 6 pm. But with the current crisis, that’s all changing. And now companies realize that if they want to get ahead, they have to take advantage of remote work.
The benefits of working from home are clear for employees. They have more time in the day, they don’t have to spend money on their daily commute, and they can arrange their work around a schedule that suits them.
But what employers get out of the arrangement isn’t quite as clear.
In this post, we look at some of the benefits that encouraging remote work offers your enterprise. Yes – it can be scary to allow employees to work from home. But it could improve your bottom line in ways you never expected.
While the commute was a necessary part of life until recently, it has the annoying effect of wearing people down. When people have to spend hours on a train or bus, it increases the length of the working day. Somebody with a regular 9 to 5 job might have to leave the house at 8 am and might only get back to their family at 6 pm. So, instead of doing an eight hour day, it works out more like ten before they can really start enjoying themselves.
As a company, you would prefer to avoid this if possible. You don’t want people turning up to the office feeling exhausted. You need them fresh.
Remote working can help with this, so long as you keep official hours the same. The less time spent commuting, the more leisure people have – and the further they can get ahead in their careers.
Better Employee Retention
Retaining employees is a challenge in today’s market. For high-flyers, there are always opportunities just around the corner. And that means that keeping hold of people is a challenge.
You can, however, improve employee retention by offering remote work. Keeping people on the same salary but allowing them to perform tasks from a home office is a great way to improve their quality of life and offer them a perk they don’t get by going elsewhere.
Greater Access To Talent
Remote work also opens up hiring. You no longer have to employ people working in your local town. Instead, you can canvas for the right people across the whole world.
Companies that do this correctly put themselves at a distinct competitive advantage. Suddenly, you’re able to access the top ten percent of the global workforce instead of having to take your chances with people who live in your local community.
That’s not to say that all your roles need to be remote. But if you’re struggling to fill a position locally, it lets you widen your search.
Happier, More Content Employees
Most employees seem to like going to the office. It gives them somewhere separate from their homes to work.
But when you dig a little deeper, you soon realize that the office robs people of their sense of control. If they want to fit in, they have to go along with the rules of the crowd. They can’t just do their own thing.
The situation is different at home. Employees are free to behave pretty much how they like, so long as it doesn’t interfere with their output.
Both employers and employees stand to benefit from lower accommodation costs too. Employees can look for a condo for sale in the location of their choosing, instead of having to find a place near work. And businesses can reduce their office rental costs.
We’re already seeing the effects of this shift in demand in major cities across the world. Premium office space in city centers is on the decline. And house prices in major urban centers are dropping like stones. Rural areas and smaller towns see a rise in demand as people get out of the major metropolitan areas, looking for a quieter life.
When people work from home, they have fewer distractions. Offices are okay for exchanging ideas, but many conversations people have don’t lead anywhere and simply reduce productivity. People wind up getting less done, and that translates into less wage efficiency.
At home, competent workers get into a routine. They often wind up getting a lot more done with fewer distractions than if they had to go into work.