The COVID-19 crisis has changed the way people live and how companies operate across the world. More people than ever are currently working from home. While the reason for companies needing to adopt a remote model is, of course, unwelcome, it has produced many benefits. The list below outlines some of the reasons why businesses should be looking to adopt a remote model full-time.
1.Increased Productivity
Moving to a remote model can help you increase levels of productivity in your business. Remote models have been found to increase productivity levels for a variety of reasons. Compared to their colleagues working in the office, remote workers are much more likely to work a full shift. This is because at-home workers spend more time at their desks, whereas those working in the office are more likely to start work late or leave early. Studies have also shown that at-home workers had fewer distractions and found it easier to concentrate. Employee attrition was found to decrease by 50% as remote workers take shorter breaks, have fewer sick days, and take less time off work.
2.Talent Crosses Borders
Businesses that move to a remote model are expanding their talent acquisition possibilities. With there no longer being any geographical constraints a remote model opens up a world of possibilities for recruitment. This particularly benefits businesses operating in industries requiring niche skills or talents such as tech R&D. Whilst even if you aren’t searching for employees with an obscure skill set, you are still likely to benefit from the ability to choose from a larger pool of talented prospects.
The move to remote working has similarly led to a jump in both the take up of existing tools such as Slack, Teams, and Zoom that enable cross-border working; and new ones such as that developed by Papayaglobal to conduct global payroll and cross-border payments.
3.A Remote Model Saves Money
With more employees set to work from home permanently, be it on a fully remote or hybrid model, businesses no longer have to meet the financial demands associated with office space upkeep. It presents an opportunity to reduce office space footprint and its large real estate bills, and building maintenance costs Businesses with a remote model are able to cut the costs associated with running and maintaining an office as well as employee travel expenses.
4.Increased Employee Retention Rates
Remote models have been found to have a positive impact on employee retention rates, in part, because remote workers are happier than their in-office colleagues. Employees who work remotely report lower levels of stress and a healthier work-life balance, aided by the reduced commuting time and in-turn more leisure time. Adopting a remote model may help you to retain employees with your staff being more content and less likely to look or accept job offers from competitors. To continue to benefit long term businesses should put in additional career growth support for their remote workers.
5.Reduced Carbon Footprint
A remote model can help you reduce your business’s carbon footprint, with fewer employees having to commute to and from work. Reducing your carbon footprint is not only good for the environment but also for business. Studies have found that environmental concerns are increasingly impacting consumer purchasing behaviors. Using a remote working model to reduce your business’s environmental impact is a great way to show potential customers that you are a conscientious company.
Taken together COVID-19 has accelerated a move to remote and distributed teams. And whilst adopting this working model can initially place strains on an organization, there are a number of benefits that in the long-run will outlast the initial teething pains in moving to a remote-first model.
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