Why Do Companies Need to Invest in Work From Home Phenomenon?
Whether you call it telecommuting, remote work, or working from home, the flexibility to accomplish your office job from wherever you are is a huge benefit. Working from home is an option for some, while going to a coffee shop provides a sense of calm and productivity for others.
While the number of people able to work from home has increased steadily over time, only a tiny portion of the global population has access to this option. The current Coronavirus pandemic, or COVID-19 outbreak, has prompted an increase in the number of companies using work from home initiatives as a preventative precaution.
Businesses can’t avoid allowing workers to work remotely, but they aren’t taking advantage of the many advantages that come with it. Hence, businesses should continue to push their remote work program and invest extensively in work from home (WFH) solutions even now that the Coronavirus is under control. Here are some reasons why work from home is preferred by employees:
1. Flexible schedules
Flexibility in scheduling is cited as the top advantage of working remotely by more than 40% of those polled. Working from home gives you the freedom to choose your own pace and adhere to your own schedule. At various periods of the day, different individuals are more productive. The most productive people are those who can stay up till the wee hours of the morning.
While working from home is great for those who are night owls, it doesn’t mean you have to sacrifice your day-to-day activities.
The opposite is also true: for those who work best in the morning, finishing early means having the balance of the day to oneself.
This is why 74 percent of older Americans would prefer to work from home and 34% would prefer to work from a flexible schedule. It is possible however, that this sort of flexibility might not have been available to all remote employees since most organizations have a predetermined work schedule.
2. Enhances productivity
According to a new study, working from home is more productive than working in an office. Despite popular assumptions, people who work from home are more productive than those who work in an office. There are statistics that back up this information:
- Workers who work remotely generate nearly a full day more productivity each week than workers in an office, a Harvard Business Review research found.
- Over half of remote employees claim they are much more productive at home than they are at an office.
- Large corporations benefit from a 35-40% increase in productivity from remote workers.
- According to a long-term research, workers who work from home have an average productivity boost of 13%.
- 30% of those questioned who telecommuted stated that they were able to complete more work in less time, while 24% indicated that they could achieve more work in the same span of hours.
3. Less stressful
Working from home may also benefit your physical and emotional health, since research indicates that individuals who work from home are less stressed than those who work in an office. Several statistics support this assertion:
- According to a research issued by the Royal Society for Public Health in the United Kingdom, 55% of commuters reported feeling more anxious as a consequence of their journey.
- According to a research, when couples drive great distances (over 45 minutes), divorce rates increase by more than 40%.
- 86% of respondents believe that working remotely helps them manage their stress.
- Individuals who work virtually at least once per month have a 24% greater chance of being happy.
- During the workday, remote employees are either “not worried” or “moderately anxious.”
- According to one research, remote employees are 57% more likely to be pleased with their jobs than non-remote workers.
- 80% of employees reported high morale when working remotely, while 69% reported decreased absenteeism.
Allowing for flexible work hours and work from home relieves workers of the stress associated with a lengthy drive and allows them to work in an area that is most comfortable for them. If you really want your workers to be both healthier and happier, including a WFH option in your work policy will help tremendously.
4. Remote work saves money
When a corporation employs fewer employees in an office space, it is possible to significantly reduce operating expenditures and other related office expenses.
As more employees work from home, office expenditures such as furnishings, lease, stationery, printers, documentation, storage cabinets, cleaning services, and coffee decrease.
Consider the following astounding statistics:
- Businesses saved $44 billion in 2015 by allowing workers to work remotely, with each firm saving an equivalent of $11,000 annually!
- Employers may save $22,000 every remote employee per year, according to a survey by Flexjobs, even if their whole staff is not remote.
- IBM, one of the world’s largest technology company, saved $50 million in property investment expenditures by enabling workers to work remotely.
- Aetna, a US-based insurance company, eliminated 2.7 million square feet of office space and saved $78 million as a consequence of enabling employees to work remotely.
- American Express estimated saving between $10 million and $15 million per year as a result of its remote work possibilities.
Allowing workers to work from home just a few times a month may save businesses millions of dollars in overheads!
5. More engaging
Apart from greater income, firms that enable workers to work from home benefit from improved employee engagement.
A recent study by TINYpulse with Owl Labs on “the status of remote work” found that remote workers exhibit “significantly greater levels of funding in their job.” Increased employee engagement translates into increased productivity and often results in increased staff retention.
According to data, highly engaged workers are 75% less prone to be seeking work than actively disengaged people.
According to some research, it costs an average of six to nine months’ income when a corporation replaces a paid employee. It is critical to maintain employee engagement at work in order to increase retention and decrease turnover.
Indeed, businesses that encourage remote work have a 25% greater retention rate than those that do not. As a result, it makes sense to enable workers to work from home at least once a month in order to maintain their satisfaction.
Consider the following statistics:
- 75% of workers questioned by Softchoice stated they would leave their current job for one that allows to work remotely.
- A sizable 68% of millennial job searchers said that the ability to work remotely would significantly improve their interest in certain businesses.
- 87% of remote employees report feeling more connected as a result of video conferencing.
- 79% of knowledge workers surveyed by PGI claimed they work from home and 60% of remote employees indicated they would quit their present job for a full-time remote employment paying the same as their current one if they could.
Working remotely is here to stay and therefore will continue to influence the way we live our lives in the future. This is an excellent moment to establish the framework (policy, structure, and tools, for example) and begin investing in technologies for work from home phenomenon to acquire a competitive edge. So, if you’re looking for some solutions that can help your employees seamlessly transition into the WFH model, contact our experts at Accops, right away!
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