Remote work has seen a surge in popularity since the global pandemic. During lockdowns, employers and employees alike discovered that they could be just as productive from home as they were in the office.
Many companies have sustained their remote work policy due to their widespread popularity. So, what are the benefits of remote working for employers?
Below, we’ll review six advantages of remote work for employers, as well as tips for running an efficient global, remote company.
#1 Increased Employee Retention and Job Satisfaction
After experiencing a work-from-home lifestyle, a significant portion of employees never want to go back. With a better work life balance, increased flexibility, and even non-standard work hours, remote employees are allowed to thrive in their roles while achieving a heightened sense of autonomy and job satisfaction. Here are some hard numbers to back this up:
- 97% of employees report a desire to work remotely “at least some of the time.”1
- 60% of workers would quit their jobs for a fully remote.2
- Working remotely can boost employee satisfaction by up to 20%.3
- Remote companies have a 25% lower turnover rate.4
By offering a remote work option, you can build a team of highly satisfied employees who are much less likely to leave your company for other opportunities. In turn, you can reduce your turnover rate and spend less money recruiting replacements. Learn more about managing hybrid teams.
In addition to reducing the costs associated with employee turnover, remote work can save your company money in a variety of ways. For instance, by going remote, you may be able to:
- Streamline or eliminate your office space
- Spend less on overhead costs such as office utilities, furniture, and cleaning expenses
- Slash your employee relocation costs
By decreasing these types of expenses, companies that adopt a remote working arrangement have been shown to save up to $10,600 per employee each year.5
#3 Enhanced Productivity
Along with cutting costs, a remote workforce has the potential to boost your revenues and improve your company’s overall productivity. Here’s some research showcasing this correlation:
- A study of over 30,000 participants found that remote workers showcased superior productivity than their in-office counterparts.6
- 50% of employers believe that remote work reduces nonattendance, while 50% of remote workers report using fewer sick days.7
- 77% of remote workers display increased productivity, either by completing the same tasks in less time or getting more work done in the same amount of time.8
When you think about it, these statistics make a lot of sense. Remote employees are less likely to waste time talking with their coworkers, taking extended coffee breaks, calling out sick, or arriving late to the office.
#4 Access to a Global Talent Pool
Staffing your company with high-quality remote talent can improve your productivity and profitability. By expanding your job search outside of your office’s zip code, you’re more likely to find candidates with your desired work experience and specialization.
#5 Improved Diversity, Equity, and Inclusion (DEI)
Creating a diverse workforce has many benefits for employers, as displayed by these statistics9:
- 60% of surveyed organizations said that diversity improved their team’s success.
- Companies in the top quartile for gender and ethnic diversity boast a 25% and 36% higher likelihood of financially outperforming their peers, respectively.
- Inclusive workforces are 35% more productive and make better decisions 87% of the time.
By hiring employees from across the globe, you can instantly enhance your DEI and provide your remote team with more diverse perspectives.
#6 Future-Proof Your Recruitment
A sizable portion of workers are on track to retire over the next five years.10 As these older employees phase out of the workforce, more Millennials and Gen Z workers will take their place.
While remote work is popular among employees of all ages, Gen Z workers are twice as likely to prefer remote work compared to Baby Boomers.11 Thus, as a remote employer, you’ll be more likely to attract top talent from these younger generations.
Impactful Trends in Remote Work
A decade ago, most employers couldn’t imagine allowing their employees to work remotely. In large part, this is because the technology simply wasn’t available.
Since then, cloud-based document management, video conferencing software, and online messaging platforms have made working remotely viable for anyone with an internet connection.
Luckily, the innovations don’t stop there—several new technologies are being created to advance the remote work experience even further. Artificial intelligence (AI) and augmented reality (AR) are just two examples.