(MURFREESBORO) Murfreesboro BBB representative James Price asks, “Could cubicle farms be a thing of the past? Is remote work here to stay?”
Trends suggest that it is!
Global Workplace Analytics reports, "Our best estimate is that 25-30% of the workforce will be working-from-home multiple days a week by the end of 2021”.
Since March 2020, the number of people working from home increased by 240 percent from 4.7 to 16 million workers (Forbes). Initially seen as a temporary fix to stop the spread of the virus, many business employers are now considering whether or not to make remote work more permanent.
Amidst what Time called “the world’s largest work-from-home experiment,” some business leaders are rethinking how and where their employees work. Is remote work a better alternative than the traditional workplace of offices, cubicles, and break rooms?
Although working-from-home isn’t an option for every employee, like teachers, construction workers, or nurses, businesses can still benefit with a portion of their workforce working remotely.
Top Benefits of Remote Work
Cost Savings to Businesses! Who knew you could save big bucks by having your employees work from home. In 2020, U.S. employers saved over $30 Billion a day as a result of the increased number of people working remotely. The average employer saved an average of $11,000 per half-time telecommuter, according to Global Workplace Analytics. Where did the savings come from? Much of it was attributed to increased productivity, decreased real estate costs, and reduced employee turnover.
You might be wondering how much could your business save if you implemented more work-from-home measures? You can calculate your potential savings using the Telework Savings Calculator. Keep in mind the savings will depend on the size of your business, how many employees would work remotely, and if it would be on a full-time or part-time basis.
Cost Savings to Employees too! Businesses weren’t the only ones who saved money in 2020. Employees who worked remotely half the time saved between $2,500 to $4,000. They no longer had to spend their own money on commuting to work, gas, and business travel.
Because the savings and benefits of working from home have become so valuable, 80 percent of employees are now wanting to work remotely.
Increased Workforce Productivity
Less time commuting has allowed employees more time to focus on the important work that gets business results. Studies show that half-time telecommuters save about 11 workdays of time per year they would have spent commuting, and full-time telecommuters save three times as much (Global Workplace Analytics).
Furthermore, 77 percent of employees have reported an increase in productivity due to working from home. Want to get more value out of your employees, consider letting more of them work from home.
Reduced Employee Turnover
Working from home has become a huge job perk and the reason many employees want to stick around. In 2020, employee turnover decreased by 25 percent as a result of more people enjoying the benefits of working remotely (Forbes). When it can cost businesses between $15K to $50K to replace an employee, creating a more flexible work culture could help your bottom line.
According to the Annual IWG Global Workspace Survey, 83 percent of workers say that the option to work remotely was a key deciding factor in choosing their next job. Gallup research also shows that 54 percent of workers would leave their job if they found one that had more flexible working conditions.
How Businesses Create a Successful Remote Workforce Culture
Learn from companies that are already doing it successfully. FlexJobs released their top 100 remote companies with great examples of how you can run a successful operation with remote staff.
Make a point to meet virtually with each of your direct reports at least once a month--with cameras turned on.
Educate yourself on best practices for managing remote teams. Pryor learning has a virtual seminar that provides many insights to helping you collaborate and work with your employees virtually.
Start using technology that will help you gather important feedback from your employees in order to gauge how they’re doing. Some of these tools include PollEv, OfficeVibe, Vevox, and Polly.
Implement a tool to analyze and track employee productivity and performance. Time Doctor. Toggl, and Everhour are a few examples.
Increase security measures. Security breaches have increased 11 percent since 2018. Experts say that this will continue to rise as more people work from home. A data breach can lead to significant revenue loss as well as loss of proprietary information. Here are some resources and training to help you identify ways to add more security to your business: Alison Digital Security Awareness, Coursera Cybersecurity Awareness and Innovation, and Ninjio.
Although the year 2020 came with its bag of problems, businesses learned a lot. And through those hard knocks, there are usually a few pearls. For many, one of those pearls was discovering the value of remote work. Incorporating a more flexible work environment into your operations can help you save money for your business and your employees, increase employee productivity, and decrease employee turnover.