How Offering Remote Work Gives Companies a Competitive Advantage

In today’s economy, it’s more important than ever for companies to offer flexible work options in order to attract and retain the best talent.

A recent study found that an astounding 97% of employees say that they would prefer to have some form of remote work.

Industry insights and employment trends as definitive as this cannot be ignored so keep reading to explore the benefits of offering remote work, how it can help to attract and retain the best talent in the industry, and ultimately improve your bottom line.

What is remote work?

A common misconception about remote work is that it is strictly defined as working from home.

However, remote work is actually a bit different and is broadly defined as “working outside of a traditional office setting.”

This can mean working from home, working from a co-working space, or even working while traveling.

The important thing to remember is that remote work is not tied to any one specific location and simply means that employees do not have to commute to a central place of work and are instead connected to their company or team via the internet.

The benefits of remote work

Remote work attracts top talent

A recent study by the Pew Research Center found that millennials are now the largest generation in the workforce and are the most likely to telecommute.

That, coupled with the fact that workers of any age group are more likely to seek an employer that offers flexible work options is a compelling argument to begin offering remote work as a way to recruit top talent.

Remote work provides a larger talent pool

One of the best things about offering remote work is that it gives you access to a much larger talent pool than if you were to only hire employees who live near your office.

Not only does this mean that you can find the best person for the job regardless of location, but it also allows you to tap into a national pool of workers.

This is especially beneficial for companies who are looking to hire employees with specific skill sets that are in high demand but may be difficult to find locally.

Remote work improves retention

If the Great Resignation has taught us anything, it’s that remote work can also help to retain your best employees.

A Gallup report found that 51% of employees would leave their current employer for a new job that offered more flexible remote work options.

Bottom line — employees provided with more flexible work options are more likely to stay with their current employer.

Remote work boosts productivity

The simple truth is that employees who work from home have more control over their environment and are able to eliminate distractions like office politics and water cooler chat — and the proof is in the numbers.

A Global Workplace Analytics study found that remote workers are 35-40% more productive and that businesses lose around $600 billion a year from workplace distractions.

Remote work lowers overhead costs

Perhaps one of the most compelling arguments for offering remote work is the fact that it can save your company a significant amount of money in overhead costs.

If even a small percentage of employees begin working remotely, it can have a big impact on your bottom line.

For example, the same Global Workplace Analytics study reports that IBM alone slashed real estate costs by $50 million by offering remote work options.

The future of remote work

The rise of technological advances has made it possible for more and more employees to do their jobs from anywhere in the world.

While the idea of working from home may seem alluring, it’s not a decision to be taken lightly. There are many factors to consider before making the switch to remote work, but if you can make it work for your company, the benefits are clear.

By offering remote work options, you can attract and retain top talent, improve productivity, and reduce costs.

So if you haven’t already considered offering remote work options at your company, now is the time to do so. The competitive edge could be just what you need to take your business to the next level.

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