Thanks to developments in technology and the growth of an increasingly specialized workforce, more and more businesses are letting, or even encouraging, their employees to work remotely. Working remotely is a growing trend, and it’s estimated that by 2020, nearly 30 percent of the workforce will be remote, outsourced, or freelance.
But for those who are used to a traditional work environment, like an office, the idea of working remotely might seem like a chance for employees to slack off and stay in their pajamas all day. In actuality, working remotely has a host of benefits to offer employers and their teams. Here at TIMECO, we’re all about innovative time tracking solutions, and we often work with businesses who have remote employees. Here’s why the like the remote option for their teams.
Reduced Commute Times
Unless you live within walking distance of work, you’re likely facing a commute of some kind. No one really enjoys their morning commute, even those who use it as a chance to get caught up on podcasts would rather spend their time in other ways. Commuting, whether it’s 15 minutes or 90, is a source of stress for your employees, and can quickly drain their finances. By eliminating their commute, your employees can spend their best working hours actually working, rather than being stuck in gridlock traffic. As an added benefit, your employees will be burning fewer fossil fuels, helping to lessen their carbon impact on the earth’s environment.
Hire the Right Team Members
There’s no denying that the business world is growing more competitive across all industries. As the workforce pursues more advanced degrees, it means that they have more detailed and precise skillsets. This can be a real boon for your company, but only if you can hire these people.
As the workforce specializes, the costs of living and moving grow along with it. This can prohibit some applicants from accepting job offers, as they can’t afford to move for the job itself. Having remote work options then creates opportunities for you to hire the right candidate and offer them the flexible work schedule they need. This is a win-win situation, as you get the employee that can help your business grow, and your new team member gets to use their skills to the fullest.
Not only are you getting the best candidates for your specialized jobs, but you’re holding onto them longer. Worker attrition is part of any business, but just because it’s expected doesn’t mean that the costs are manageable. It’s estimated that losing a key employee can cost a business anywhere from $10,000 to $30,000. On top of that, you’ll have to invest thousands more into training and onboarding their replacement.
By limiting your employee turnover, you’re saving money for your business. The strategy is clearly effective. Roughly 14% of respondents in one survey said they had changed jobs to shorten their commute, so wouldn’t it make sense to eliminate it entirely? One survey found that of the companies who offered remote work, 46% saw reductions in their turnover.
Every business is looking for ways to cut costs without affecting their employees’ productivity, and offering remote work options is a great way to do just that. When you have remote work positions, you don’t have to invest in the traditional infrastructure that your on-site staff relies on. There’s no need for expensive work stations, you’re spending less on utilities, and you’ll even see a reduction in shrinkage, as employees aren’t taking work supplies home with them.
There’s a perception that employees who work from home do less work in a day. It’s an easy thought to have, as home has all the distractions and comforts that we love to ease into at the end of a long day. In reality, the opposite is often the case.
Numerous studies have found that employees who work remotely, or from home, are actually more productive than those who work in a general office environment. In fact, major companies, like Best Buy and Dow Chemical have found that remote workers are 35-40% more productive than their office-based peers.
The fact is, traditional office environments are distracting, and these distractions cost businesses more than $600 billion every year. By offering remote work options, business owners can eliminate these potential loses, and indeed, save money. A study from Sun Microsystems argued that remote workers spent 60% of the time they would have spent commuting on their work instead. AT&T found that remote workers worked an additional five hours each week at home over time at an office.
Your Employee Morale is Higher
It’s hard to put a price on the happiness of your employees, but it’s something you can feel. When your employees feel cared for and like they have the trust of their employer, they perform better and produce more work. Remote work gives your employees the flexible schedules that they need to meet the challenges of modern life. From things like doctors appointments to picking up the kids from school, but working remotely, they can build their work schedules around these things, rather than the other way around.
Take the Stress Out of Offering Remote Work
For employers who are thinking about offering remote work options, one of the biggest stressors is how to manage your off-site employees. There are concerns that these employees won’t work regular hours, or won’t meet their project deadlines.
Fortunately, these fears can be allayed easily thanks to our employee time clock app and mobile solutions. TIMECO offers time tracking solutions that are ideally suited for remote work. By setting up a geo-fenced area, your employees can clock into work when they make it to the coffee shop they like working at. They’ll clock out when they leave. For those who work from home, they can easily open up our mobile app, log their hours, and get to work.
The way you do business has changed, so why hasn’t your time tracking? Partner with TIMECO today and see what our software and products can do for you. Reach out to us today and ask about a free demo!