By 2019 several US companies offered remote work like they used to hire a remote software team or a remote marketing manager, etc. The percentage increased to 58.6 percent in 2021. A survey was done by the CFO speculating that 75% of companies are planning on switching to remote work due to decreased costs and increased productivity. If established companies are taking this step, surely it is beneficial for startups to consider remote working employees. Here’s why!
1. Reduced Operational Costs:
Fewer employees working physically in an office means fewer desks, utilities, and office machinery supplies and maintenance required. These expenses might not seem much but they add up to a lot. Remote employees also make it possible to lease smaller places and save lease expenses. IBM saved 50 million dollars by allowing remote work to its employees by decreasing office space.
A survey done by Sun Microsystems showed that remote employees work five hours a week more than their normal office hours. In an office job, a person is forced to work from 9 am to 5 pm or other appointed hours which might or might not be the most efficient hours for every individual. While working at home, people choose to work at times when they feel the most productive, and hence the quality of work and loyalty towards the company are increased.
3. Employee Retention:
It takes a lot of effort and cost to find a new employee to fill in a position. It is in the best interest of companies to retain their employees for longer periods. A survey showed that 75 percent of employers agreed with this statement. One proven and effective way to retain employees and harbor employee loyalty are by providing them flexibility in work. Flexibility ensures employee satisfaction because remote workers save money on commute, childcare and work clothing, etc. It is a win-win situation for both the employee and the employer.
4. Discovering New Talent:
While hiring traditional employees your options are limited to the people belonging to that geographical area and who show up for the interview. While hiring remote employees, there is no geographical limit. You can find that unique talent you want and hire it from any corner of the world. Adding better-suited people to your team increases the chances of your success.
5. Employee Satisfaction:
Work-related stress and burnout can occur due to various reasons like workplace politics, work-family conflict, long commutes, and anger. Working remotely during flexible hours helps the employees get rid of unnecessary stress. They can be more present for their family which has a positive effect on their work quality and productivity. Employees can focus better on their physical health too because they no longer have to be a part of the 9 am to 5 pm wheel. They can set their routines in a better way and eat healthy food at home. Less stress and better physical help indicate loyalty and gratefulness in the employees which establish a strong bond between the company and him. It goes a long way.
What you need for your company is not just an idea and a plan but also invested and trusted employees which will take it far. A building is as strong as its building blocks.