But perhaps one of the most compelling reasons for business owners to offer this style of working is that it can save your company money.
If you’re thinking about introducing more flexible work options to your organization but want to know more about the potential return on investment, here are some of the ways you can save money by working Anywhere.
Reduce overhead spend
The reduced cost of physical office space is one of the most obvious ways you’ll save money by working Anywhere.
If you’re going to have fewer employees based in your building, you might want to consider scaling down the size of your office by renting a smaller space. Depending on the extent to which you adopt remote working, you could also spend fewer days in the office, or have no office at all.
Moving away from the office can feel like a big step, but you can start out by trialing just one ‘work Anywhere’ day each week. If you already own your building, you could rent out the space to another company on days you’re not using it, helping you to ease the transition towards remote work and providing your business with an additional income source in the process.
If you’re ready to take the leap and ditch your office space completely, research fromGlobal Workplace Analytics shows that, with full-time remote work, companies save an average of $10,000 per employee per year in real estate costs.
It generally costs much less to retain an employee than to hire a new one. Research fromOxford Economics found that the greatest expense usually comes from the drop in productivity caused by the time it takes for new recruits to get up to speed.
Additional expenses come from the process of finding a replacement, with advertising costs, agency fees, HR and management time, and the potential need to hire temps all contributing to the cost.
By allowing your team to work Anywhere, you’ll reduce unnecessary turnover costs by ensuring you don’t lose key employees if they choose to relocate. Studies have also shown that employees of companies offering remote work aremore loyal, with some research even showing that 36% of employees would choose remote work options over a pay rise.
Working Anywhere gives your business the ability to retain employees who are relocating and makes your company more attractive to theincreasing number of workers who value flexibility. The subsequent improvement in employee retention rates means that working Anywhere has the potential to result in significant savings for any business.
Attract global talent to boost productivity and reduce costs
One of the major benefits of hiring employees who can work Anywhere is the widened access to global talent.
The attractive nature of remote work and the fact that you won’t be limited to local applicants means that you’re likely to significantly increase both the quality and quantity of applications you receive. As a result, you’ll be able to hire the best candidate for the job, instead of only the best candidate in your local area.
With the right people working in your team, you’re likely to see an increase in productivity. Hiring employees in different areas also means you’ll be able to work across differenttime zones. This way, you can increase your organization’s operating hours without anyone having to work overtime, which helps to improve organizational cost efficiency.
Hiring people from areas with less competition or a lower cost of living can also mean significantly reduced labor expense, as you can pay them their local rates. Paying local rates to employees in different countries or cities allows you to save money without this feeling like ‘lower pay’ to them, as you can pay a competitive salary for their location.
Building a more productive and efficient team and hiring outside of corporate hubs are great ways to lower your operating costs and boost profits by working Anywhere.
Don’t lose money to absenteeism
Research from the Centers for Disease Control and Prevention found that productivity losses linked to absenteeism cost US employers$225.8 billion each year, or $1,685 per employee.
There are a number of different reasons for these employee absences. Some days off are unavoidable, but giving your team the option to work Anywhere can help to avoid some of the more common reasons for lost workdays, especially when it comes to single-day absences.
Sick days are the most obvious reason for short-term absences, with minor illnesses like colds or headaches being theleading cause. Many workers also call in sick to recharge due toburnout and stress. Of course, you can’t eliminate all sick days, and you certainly shouldn’t want your employees to feel that they’re not allowed to take a sick day just because they’re away from the office. But offering remote work is a great way to give people the flexibility to continue their work from Anywhere if they feel able to do so.
Minor interruptions such as having to wait home to oversee household repairs or looking after a child who is off sick from school can often be the some of the more frustrating reasons for single-day absences. Even short, routine appointments can result in hours of lost work due to lengthy commutes. Again, these productivity losses can easily be avoided if your employees have the option to work from home.
A 2014 study by software company PGi found that 69% of remote workers reported areduction in absenteeism. By providing people with flexible work arrangements, your business is likely to see fewer lost hours, fewer sick days, and a significant reduction in the costs associated with absenteeism.
Reduce overhead spend by downsizing or getting rid of your office space, or by taking advantage of office sharing
Avoid unnecessary turnover costs by improving employee retention
Hire global talent to create a more productive and efficient team, and lower business outgoings by paying local rates
Reduce the costs of absenteeism by giving people the flexibility to work from home