Remote working has had a huge impact on the employment market and the balance sheets of big and small businesses across the world. What are the impacts it is having, and why? Read on to find out more about the opportunities remote work has to offer any business.
The Benefits Are Too Great To Ignore
Though it was seen as controversial at first, switching to remote work has now become incredibly popular with both employers and employees. It benefits both parties, with businesses seeing a financial incentive to remote working and employees getting a better balance between work and life.
The benefits to business are potentially huge. Remote working reduces energy demands, helping businesses reach climate goals and practice better sustainability management. This protects the future of the company as well as the planet, as government-mandated carbon emissions targets are tightened and put more pressure on businesses to use less energy.
It Increases Productivity, Boosting Capacity
Remote workers enjoy the perks and benefits that come from working at home. Some people’s regular commute could be an hour each day, both two and from work. Remote working gives them back ten hours a week and cuts out the cost of traveling.
When workers are happy with their jobs, they are more productive, giving employers better value on their labor expenditure. It also increases your business’s capacity for workload, with each worker capable of doing more in the same amount of time. You can grow your business without having to grow your workforce.
Downsizing Upscales Balance Sheets
Remote work reduces the amount of office space a business needs. This can help businesses to downsize their space and reduce overheads. Some companies can work almost entirely online and only rent office space on an ad-hoc basis. This can have a massive impact on balance sheets.
Renting space is a huge regular cost for big businesses and represents a large percentage of any small business’s outgoings. Reducing this cost or removing it from the books altogether takes a lot of pressure off your profits and pushes up the margins on every product and service you offer.
It Creates Better And Stronger Teams
Working remotely flattens the employment structure of a business. People are no longer confined to their office spaces and have to work with the people they share that space with. Teams often reform around processes and lines of communication instead of spaces or departments.
Remote workers engage with one another through the workflow. Working relationships and teams are built as people communicate through emails, Zoom calls, and messaging apps. They form bonds around their shared tasks and work together to solve them. This can help make many common processes in your company more efficient.
Remote working is here to stay. Though employers had concerns about productivity in the early days, as the results came in it became clear that there are some huge benefits to remote working. Businesses both big and small should think about what it has to offer them and consider making the switch.