Six Reasons Why Remote Working is the Future for Employers
The idea of working remotely has exploded over the last decade with both workers and employers adopting to this new world of work. Many companies are tapping into this trend by opening up flexible and remote working opportunities for their staff. In fact, a survey conducted by IWG states that in 2019, over 70% workers around the world are working remotely one day a week.
With this trend set to rise over the coming years, almost all companies will allow some form of remote work in their workforce. In this post, we discuss the many benefits of hiring remote workers for your business.
1. Reduce business costs
Employing remote workers abroad is advantageous for all sizes of businesses. A huge benefit for remote working for a business is a reduction in business costs. With everyone working from their own home, businesses do not need to provide offices and hardware. As a result, operational costs are lower and allow for significant savings annually. In fact, the average real-estate savings with full-time remote workers is $10,000 per employee per year.
For companies that are looking to expand abroad, setting up an entity, building infrastructure and managing offices are all costly projects for business. So, whether you decide to employ your workers hundreds of miles away or across oceans, remote working reduces business costs.
2. Increase employee productivity
One of the biggest fears business leaders have with remote work is the perceived lack of productivity. However, countless studies show that people who work remotely produce better results than those who work in the office. A flexible work schedule, better work/life balance, and no distractions from co-workers increase a worker’s productivity allowing them to start new projects, and therefore, increase businesses bottom line.
Secondly, many studies have shown that workers experience positive mental and physical health when working from home. Workers spend up to an hour commuting to work. Being stuck in traffic in the mornings can create stress, tension and a negative mood. In contrast, working remotely removes the need to commute and allows for the worker to get started on tasks upon wakening up. Working remotely creates happier and healthier employees, and these knock-on effects will have positive impacts on your business.
3. Build global teams faster
Remote work allows companies to build global teams faster. Depending on the location, businesses can be limited to who they can hire. However, by opening yourself up to applications worldwide, you can attract better talent. When businesses are not limited by borders, they have more options.
Better technology and a changing workforce have led to businesses transforming the way we work. In fact, most millennials and gen Z expect their employers to provide some form of remote working opportunities. For the next generation of workers, flexibility in the workplace is one of the most important factors. These workers require flexibility to work better in their roles. Remote work is the future and if companies are not prepared, they will get left aside. Providing a remote working policy is a major bonus for businesses to attract young highly skilled talent.
4. Reduce employee absenteeism
Employee absenteeism can have a major effect on a business. Studies report that absenteeism costs US employers $450-550 billion annually. Work-place related stress is a major contributor to absenteeism. Along with loss of revenue, absenteeism can have a negative impact on morale and productivity in the workplace with co-workers taking up extra work to cover absent employees. Remote workers experience less workplace stress. In fact, overall workplace stress is vastly reduced with remote workers reporting lower stress levels when working from home.
Additionally, remote workers report to take fewer sick days than their office counterparts and continue to work while sick.
5. Increase employee retention rates
Talent retention is critical for businesses to remain competitive. Replacing an employee can be costly. Hiring and training new employees involves investment, support and time so it’s frustrating when they leave quickly.
Remote working may be the answer to improve employee retention. Research reveals that remote working has many positive effects for employees. Remote workers are happier in their job and less likely to quit. In fact, employee retention rates rise by 10% once an organisation embraces remote working practices.
6. Contribute to a sustainable future
While we can see the benefits of remote working for workers and employers, remote working is one of the keys to building a sustainable future.
The effects of climate change are on everyone’s minds at the moment, and with that comes ideas to help improve our planet. Increased traffic congestion, office costs, water and electricity usage are all associated with the traditional office workday. All of these have a negative impact on our environment. However, by turning to remote working as an alternative, we can start to see a greener future with less pollution and congestion in our cities on a daily basis.
Are you considering hiring remote workers?
At Capital GES, we help you employ remote workers in countries where you do not have an entity. This enables you to have access to a far wider talent pool, as you can recruit globally, with the reassurance that we, at Capital GES can help you employ them.
If you are expanding your business abroad and need to employ someone in North America, Europe, Latin America, South Africa or Asia, contact us at email@example.com or via phone: +41 32 732 97 00 or +1 833 972 6346.