CEO of The National Society of Leadership and Success, one of the largest accredited leadership honor societies in the United States.
The proliferation of remote work during the Covid-19 pandemic reflected the harsh realities of coping with a deadly communicable disease. While some heralded the development as a net positive for employers and employees alike, others were less convinced. Articles and op-eds proclaiming it was bad for business and for the careers of those who didn’t want to return to offices popped up on a regular basis.
As the pandemic slowed nationwide, corporate offices (subscription required) began issuing return-to-office edicts—with mixed reception, to say the least. Now, a new narrative seems to be taking hold: “Work from home is over. Everybody, back to the cubicles!”
But the truth is work from home (WFH) is great for employees. And while that should be reason enough to support it, it’s also good for your bottom line. Here are six reasons why.
1. Improved Employee Mental And Physical Health
When your employees feel more in control, they’re better able to maintain good mental health. That can only benefit your organization as a whole through reduced stress, fewer conflicts between work and personal life and increased flexibility. For example, if an employee needs to take a child to the doctor, they can do so when schedules permit and make up their work at more convenient times.
WFH can also be better for your employees’ physical health. They’re more readily able to schedule doctor visits, eat healthier food, work out and practice better self-care habits. This can result in increased productivity and reduced absenteeism.
2. Improved Employee Morale And Engagement
Buffer’s 2022 State of Remote Work survey found that employees overwhelmingly recommend remote work to their colleagues and friends, and 86% of respondents prefer a fully remote or almost fully remote structure to either hybrid or full-time in-office work.
Generally speaking, remote employees report a much higher degree of job satisfaction than those who work in a central office space. That morale boost leads to more employee engagement, which is a proven way to keep experienced employees happy, motivated and loyal. Satisfied employees tend not to jump ship to other opportunities as frequently. As a result, it can reduce your employee turnover as well as the expense of hiring, training and retaining new employees.
3. Increased Employee Productivity
Available data suggests that remote workers are more productive than in-office employees, with fewer defects in work product output and quality. One 2013 study from Stanford University examined a Chinese travel agency’s experience and concluded that remote work boosted performance and productivity by up to 22% over in-office work. In addition, a 2015 survey reported by SHRM concluded that 77% of remote employees reported greater productivity, with 30% reporting that they got more done in less time. By adopting remote-friendly policies, you can empower employees to perform work whenever it’s best for their schedule and preferences.
In some cases, companies can arrange coverage around the clock depending on where team members are based. Virtual work has never been more connected than it is today, with collaboration and communication apps helping to keep far-flung employees in touch. That’s especially valuable to global companies who need to be competitive at all hours.
4. Larger Pool Of Skilled And Qualified Talent
Studies show that many of the most qualified candidates you could hope to attract for your company prioritize remote work. If it’s not available, they’ll keep looking for a better work experience.
With remote work, you can hire the top talent your company needs and deserves. You’re no longer restricted to the choice between hiring in a single location or paying exorbitant relocation costs.
5. Reduced Friction For Employees And Employers
At least half of employers responding to remote work surveys report that working from home reduces employee absenteeism. When you trust your employees to shift their work schedules to accommodate their needs, they’re able to get tasks done more efficiently.
Moreover, they’re saving vast amounts of time each week by forgoing the daily commute, which also reduces absenteeism and increases productivity. Remote work can make managing job duties and other competing obligations less stressful with the understanding that employees are people, first and foremost.
Remote work also makes it easier for employees to manage doctor appointments, check on an ailing parent, accommodate a child’s school schedule or other challenges. By reducing friction for your employees, WFH can benefit the overall organization.
6. Lower Costs For Equipment And Office Space
It stands to reason that if your staff is primarily remote, you won’t need to maintain as much (increasingly expensive) office space. This reduces operating and equipment costs, allowing you to reinvest those funds into more profitable areas, such as employee training, higher salaries or expansion.
One survey suggests that companies can save $11,000 annually on average per part-time remote employee, translating to 21% greater profitability. Moreover, 34% of employees responding to a 2019 Owl Labs survey indicated they’d take a pay cut for a remote position.
Remote Work Policies Are Good For (Your) Business
Obviously, certain industries won’t be able to adopt remote work policies. However, for positions that can be performed remotely, it’s to your company’s advantage to explore a more flexible work environment.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
