How your business benefits from remote work

The pandemic has meant businesses worldwide have had to adapt quickly to remote work models. This shift was initially a reactive measure, but now many companies are seeing the huge advantages of remote work. 

Beyond the obvious employee benefits – things like increased flexibility and reduced commuting time – employers are finding that remote work can lead to higher productivity, substantial cost savings, and improved employee retention. 

Here, we’ll discuss the competitive advantages of embracing remote work as a permanent part of your company culture and how it can position your business for long-term success.

In this article:

• Competitive advantages of remote work models 
• Boosting remote productivity
• Decreasing costs per employee 
• Attracting top talent
• Remote work beyond 2020
• Summary

Smart companies will emerge from the recent crisis stronger in many ways. What are the competitive advantages of maintaining remote work models adopted during this time?

The benefits of remote work for employees are obvious: flexibility and saving time on commuting. Forward-thinking employers understand that initiatives benefiting employees often benefit companies in the long run.  

But are there tangible benefits for employers to make remote work a permanent part of their company culture? Without doubt. Let’s look at some of the main ones.

One of the top concerns for employers considering remote work is low productivity. TVs, video games, household chores, and children can be distracting. How can employees stay productive if they can’t be monitored?

Surprisingly, there’s no need for concern. A groundbreaking study by Stanford University involving a Chinese travel firm with 500 employees showed that those working from home reported it was easier to concentrate. They took shorter breaks, less sick time, and fewer days off. In fact, they were so productive that they essentially added an extra day to their work week! 

The Stanford study also explored cost savings. The Chinese firm wanted to cut costs, including saving on expensive office leases in Shanghai. By assigning a portion of their workforce to remote work, the company saved $2,000 per employee on office space alone. 

Global Workplace Analytics estimates that increased productivity, higher retention, better business continuity, and other savings mean every remote employee can save their company $11,000 per year.  

Even before the pandemic, many employees desired the ability to work remotely, at least part-time. A 2018 Owl Labs survey found that 71% of workers said the ability to work remotely would make them more likely to choose one employer over another. Additionally, 34% said they would take a 5% pay cut for a remote job.

When jobs aren’t location-restricted, companies can access talent pools in more cost-effective parts of the country or overseas. 

But what about existing employees? According to the Owl Labs survey, remote workers were 13% more likely to stay at their current companies for at least five years. A 13% reduction in turnover can be highly valuable for any business.

Many companies are planning to return to the in-office status quo after the pandemic. But what happens if they do that, and remote work is taken away?

Well, according to the Owl Labs survey, 55% of respondents said they would start looking for another job if unable to work remotely, while 61% would expect a pay increase to offset the loss. These responses that remote work will become a critical negotiating point, like vacation time or bonuses. 

Of course, embracing remote work can also give your company a competitive edge, making it easier to recruit top talent.

Most business leaders believe remote work will increase compared to pre-2020 levels, according to a 2020 Gartner survey.  

Visionary leaders will also be able to see this moment as an opportunity. Using products like TeamViewer Remote, they can reshape their structures, drive digitalization, and reap the rewards. There’s no time like the present to get started. 

Summary

As we can see, embracing remote work brings numerous benefits, from enhanced productivity and cost savings to attracting and retaining top talent. By integrating remote work into your company culture, you position your business for future success. 

With TeamViewer’s reliable and secure remote access software, you can ensure seamless collaboration and secure connections for your remote workforce. Visit our website to learn how we can support your transition to remote work.