While pandemic seems to have been a significant reason for many people opting for working remotely, people have started realizing that working this way might be an answer to a lot of work-related challenges that the corporate world faces at the moment. Hyper urbanization has resulted in a widescale saturation of metropolitan areas around the globe. This saturation has further resulted in problems such as the lack of job creation and an unnecessary hustle and bustle in the big cities.
While it is the fact that remote working might not be a productive solution for every company out there, at least big companies are paying attention to it as a means to increase productivity by offering work-related flexibility to their employees. Companies that are not of the view of allowing their employees to work remotely usually advocate in favor of their company policies that should remain strictly implemented on all of their employees, which is something quite against the concept of remote working. We can expect many such companies to provide biased information that can lead to the development of wrong statistics, which might not help in drawing the right conclusions regarding the benefits of working remotely. To keep the information accurate and credible, we are going to add references from leading research institutions such as Gallup, Harvard University, Global Workplace Analytics, and Stanford University.
These researchers agree that allowing employees to work from home or place of their choice can improve a company's bottom line in the following categories.
1. Productivity
Remote working seems to allow teleworker to increase their productivity by 35-40%, which can translate into an output boost of up to at least 4.4%.
2. Performance
The liberty of working from a place of their choice allows workers to remain more focused on their jobs. According to a survey, workers produce work with 40% fewer mistakes when they are allowed to work from home.
3. Engagement
Employees who perform better increase their productivity. It's enough of a motivating factor for them to remain well-engaged with their jobs, which means that they are 41% less likely to be absent from their work.
4. Retention
About 54% of workers said that they would prefer changing their job for the one offering more flexibility. It means that companies that give more flexibility retain their employees for long terms. The top reason why companies would want to keep their long-running employees is that they develop into valuable assets.
5. Profitability
Allowing workers to work remotely can be a huge cost saver for the company. According to a survey, a telecommuter saves their company about $11,000 per year. On average, a saving of this amount of money could mean a 21% higher profitability for a company.
What is the take?
The concept of remote working is not new, but it is only recently when top players in the corporate world have started using the term remote work revolution. While there certainly are some shortcomings, it all comes down to the formulation and implementation of rules that make the adoption of remote working favorable for both the company and employees.
Comments