Just a few years ago, it seemed like remote working was solely the remit of entrepreneurs and coders. Most of us went into the office five days a week and that was that. Then the pandemic hit, and everything changed. Employers realised they could still squeeze the same (if not greater) levels of productivity out of their staff, and employees rejoiced in being able to take time back from the dreaded commute. With 8 in 10 of us now operating out of hybrid or remote models, these are the reasons your business should not just tolerate this modern way of working, but relish it.
Why it’s great for your business
Everyone from Spotify to Airbnb is embracing home-working these days – some are even going permanently remote. And there’s good reason for it. Allowing your employees to WFH could benefit your business through:
Higher retention levels
Many employees enjoy the freedom that comes with remote working, and they deserve the trust, respect and autonomy to do so. In turn, this is likely to boost team morale and engagement. It’s no secret that happy employees are more likely to stick with you, so it could pay to let people work from home if you want to keep your brightest talent.
That being said, many remote workers miss the ‘good old days’ of weekly drinks and annual company outings. So it’s important to continue with these social events in order to keep people motivated and enjoying spending time with their colleagues. Just don’t forget to keep activities inclusive – that means taking into account that some people don’t drink, while others are overwhelmed by large crowds and so on.
Cost savings
If most of your employees are working from home, you’ve got the green light to downsize on office space (or shut up shop altogether, so to speak). 26% of businesses chose to close or cut back on offices after the pandemic, so you’re not alone. And it’s not just rent you’ll be saving money on. With a smaller office, you’ll also cut your electricity, cleaning and broadband bills, as well as money spent on equipment like desks and chairs.
Increased talent pool
Back when people were forced to commute everyday, they were limited to working for a company within a certain proximity to their home. After all, not many of us would be up for the challenge of a 4+ hours commute, five days a week. Thanks to remote working, businesses can open themselves up to a much wider variety of candidates. As long as employees are willing to work within your timezone (if required), you can instantly cast your hiring net further, giving you more options.
Better productivity (and profitability)
Stanford University carried out a study into remote working vs office working, and you might be surprised to learn the results. They split a group of workers: one group working from home, the other from the office. Over the two year period, the productivity boost seen by those WFH was the equivalent of a whole extra day’s work. Another study found that remote workers produced results with 40% fewer quality defects – impressive.
Whether it’s down to less distraction or noise at home, or extra time to exercise at lunch, plenty of workers are likely to produce a higher level of output from the comfort of their home. Plus, consider the fact that most employees are less likely to take sick days when working from home. More workers doing more work means – you guessed it – more money.
Why employees love it
Better work/life balance
Take away the time spent commuting every day, and most people have an extra hour or more to play with. Whether they choose to spend that time sleeping, exercising or spending time with friends and family, these are precious moments that help your employees rest and rejuvenate so they can produce their best work. Think about it – would you rather spend an hour on the tube in the evening, or an hour catching up on your favourite TV show? It’s a no-brainer.
Cost savings
It’s not just companies who save money when they allow remote working. Employees love the fact they can save money on their commute – whether it’s by car, train or bus, it all adds up. Inflation means the cost of going to work is constantly on the rise, with the average train season ticket in the UK now topping £3,263.
Many of us also fall victim to the temptation to spend money on coffees and fancy lunches when you’re in the office. Not to mention the cost of childcare, dog walkers and cleaners, a lot of which can be discounted if you’re working remotely. The money saved on all these little aspects is money people can put back in their pockets to spend on whatever makes them happy.
Improved health
If you’re used to taking public transport each day, you’ll know how germy and unpleasant it can be. The more time spent away from cough-and-cold-carrying trains, the better. Thanks to the pandemic, it’s been drummed into us all that staying at home means staying safe, and many people now choose to work from home to avoid the spread of germs. Plenty of workers have also seen an uplift in their physical health thanks to more time spent exercising, like going for a walk in the morning instead of hopping in the car to drive to work.
Whether remote working benefits or detracts from peoples’ mental health is a very individual matter, but research has shown that 80% of people find it easier to take care of their mental wellbeing when working from home. From having a quiet space to do online therapy sessions to getting a few hours’ extra sleep each night, remote working can do wonders for mental health. Add to this the fact that many of us are simply used to (and comfortable with) remote working since visiting the office was prohibited during Covid-19.
Of course, if remote workers find their wellbeing isn’t where they’d like it to be, employers can help out with benefits like gym discounts, counselling or parenthood support.
Ultimately, those who don’t offer remote or at least hybrid working opportunities will fall behind in the race for talent. In fact, 63% of people in this survey claim they would start looking for a new job if they couldn’t work remotely. So it’s in your best interests to find a working model that works for both you and your employees.