Business Benefits: How do companies benefit from remote working?
The benefits of remote working are obvious for employees and are widely discussed. But, the business benefits of remote working are equally measurable. From employee retention to saved overhead costs, there are many other benefits to businesses that embrace remote working.
Adapting to The New Normal with remote working
Employees have long been drawn towards remote working as it provides great flexibility and control over their personal and professional lives. It allows employees to work however and wherever they want to – be it their home office, coworking centers, or while traveling. It helps in saving money spent by the employees in travel, food and also their attire.
Yet some businesses hesitated to implement remote working culture until forced by COVID-19. For businesses who have already employed remote working are continuing their work without any interruption. But, for those companies who had to shift to remote working for the first time, have had to make many changes in their digital strategy to enable a smooth workplace for employees.
Are you prepared to support your customers during a lockdown?
Though the current situation of the pandemic is a real indicator of how a well-planned remote work policy goes, there are some real advantages to businesses when remote working is employed in the right way.
Having a space where nobody interrupts is very important for employees to focus on their work. Employees can set up a place at home where they are comfortable and void of any distractions. Also, as the employees can split time between work and family, they’ll be able to work with higher motivation. The increased efficiency is also due to the autonomy given to the employees, as their screen time is not monitored by their employers.
A recent statistical analysis by Forbes reveals that employees who are remotely working are an average of 35-40% more productive than their office counterparts, and have measured an output increase of at least 4.4%. It also stated that organizations save an average of $11,000 per year per part-time remote worker which means a 21% higher profitability.
Lowered business expenses:
Businesses can save money on some of the costs associated with onsite operations, including office space, travel reimbursement.
As there is a need for less office space, there are low real estate costs, which is one of the major business expenses. When there are fewer in-office employees, it will lead to lower internet, phone, electricity, and water bills. Based on estimates from the Global Workplace Analytics, a single company can annually save $11,000 per remote worker who works remotely 50% of the time. This will vary with the size of the business.
No more commuting:
The health of the business depends upon the workforce and there is a direct link between the wellbeing and productivity of the employees. Whether it’s a 30 min ride or an hour to the workplace, the time spent on travel cannot be taken back and it also leaves the employees tired. When working remotely, from home, employees arrive fresh at their desks and start their day early at work. Less commuting time will also lead to less absenteeism which is a problem for both employees and employers alike.
There is also a clear financial benefit in this context as it reduces travel costs for employees and businesses don’t have to pay for their exorbitant rents and other similar allowances.
Improved employee retention:
Based on the 2019 State of Remote work report by Owl Labs, remote workers say they’re likely to stay in their current job for the next five years—they’re 13% more likely to stay than onsite workers. With greater flexibility at the employees’ disposal, they will want to stay with the company for a longer.
Quality of life and personal satisfaction plays a major role in employees’ life. When working remotely, employees get more sleep, are eating healthier, and get to spend more time with their families. This will lead to a positive attitude and will reduce stress, which gives employees greater job satisfaction. This will lead to high retention of employees by the business.
Wider talent pool:
Working remotely will leave businesses with a huge talent pool when compared to in-office.
This is beneficial as businesses can widen their nets and work with the most talented individuals, regardless of their location. As the businesses will not have to worry about an employee’s location, they’ll be able to focus on people who already are well trained for the required position. This leads to a cut in training costs too.
Also, workplace flexibility is one of the many factors that the current generation consider when looking for a new role. So, offering these kinds of benefits may attract young and high skilled employees.
Flexibility upon other benefits:
Employees give high value to the flexibility that they tend to give up on some benefits for the same. A 2017 study by Stanford even found that an average employee working remotely was willing to accept 8% less pay for the option to work from home. This shows that the workers even assign a monetary value to the flexibility provided by a Work from Home policy.
Remote working has an environmental impact too
One of the not-so-popular benefits of remote working is towards the environment. Incorporating remote work will help in reducing the carbon footprint and make your company “go green”. It helps in maintaining public relations and eventually demonstrate to potential customers that you are an environmentally conscious entrepreneur. Research by Neilson demonstrates how this sustainability factor can influence consumer purchasing decisions.
A Gartner survey of 317 CFOs and Finance leaders conducted in March 2020, revealed that 74% will move at least 5% of their previously on-site workforce to permanently remote positions post-COVID 19.
Supporting your support teams: Virtual Call Centers facilitating remote working
Going beyond the roles that have traditionally always functioned from an office – Call Center Jobs. With the impact of COVID-19 on businesses, support teams of brands were rendered helpless. When call centers shut down under lockdown guidelines, virtual call centers came into being.
Reimagining customer experience in The New Normal
Virtual call centers are those that do not require agents to work from a specific location. Customer support and all other customer-facing business processes can be managed from any remote area with an Internet connection. Not only does a virtual call center provide all the business benefits cited above, but it has also enabled our agents to work from the safety homes, at their convenience.
Leap has been designed to facilitate remote working for all call center agents. With agents working remotely using Leap, Maxicus has been able to service businesses without any hiccups. Leverage remote working for your support teams. Find out more here.