Is It Time to Let Employees Work from Anywhere?

Is It Time to Let Employees Work From Anywhere?

Business and Employee Benefits

Cost Benefits

You probably already know this but renting office space is very expensive. If you do rent then you can claim some of the costs back as part of your capital allowance, but it’s still most likely to be one of the biggest fixed costs your business will have. Every employee that works remotely will decrease overhead costs and office space needed.

Increased Productivity

Research done by the Harvard Business Review concluded that in comparison with employees who came into the office, the at-home workers were not only happier and less likely to quit but also more productive. They tested this outcome with a communications business.

The communications business was thinking that it could save money on space and furniture if people worked from home. They thought that the savings would outweigh the productivity hit it would take when employees left the discipline of the office environment. Instead, they found that people working from home completed 13.5% more calls than the staff in the office did. Meaning that the business got almost an extra workday a week from each employee.

Employees also quit at half the rate of people in the office, way beyond what they anticipated. And predictably, at-home workers reported much higher job satisfaction. Source – HBR

Improved Employee Retention

According to this Forbes article, in addition to increased job satisfaction and work-life balance, it is estimated that your home-based employee may save €2,000 to €7,000 per year on the costs of commuting, a work wardrobe, tax benefits of a home office, etc. The home-based worker may not need time off for appointments and illness. For example, they might be able to get to a scheduled personal appointment near home during a lunch break–especially if they are able to work flexible hours.

And, since they are working from home, they may be able to put in their hours even if they are feeling under the weather. All these benefits lead to higher employee retention.

Autonomy 

Employee autonomy can have positive benefits for both the individuals and the company as a whole. When staff members have the freedom to approach their jobs in a way that suits their personalities and skill sets, your business can flourish as long as all bases are covered.

Studies have found a lack of autonomy leads to stress and overall feelings of dissatisfaction and malaise at work. In fact, feeling “micromanaged” instead of feeling free to do work and make decisions, has been cited as one of the top reasons people leave jobs.

Wider Pool of Applicants 

Hiring remote workers is quickly becoming commonplace for businesses. It breaks down talent barriers for those businesses who are willing to innovate and evolve. Everyone wants to hire the very best, but if you insist on people being able to commute to the office, you’re really saying that you want the best within X amount of minutes of your office. Remote working lets businesses throw the talent net much wider.

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