What is a healthy and productive workforce worth to you?
Whether you’re a budding entrepreneur or an established organisation we all undoubtedly share one particular challenge – growing the right team. Beyond question this gets trickier the more niche your market. While you may have all the dedication and get all the results, a chain is only as strong as its weakest link. To remedy the lack of talent more and more companies are turning to remote workers aka telecommuters.
Economic strategy or workplace fad?
In all likelihood you’ve encountered countless trends, fads and instant-result solutions to your problems. Some overpromised their results, others flat out failed and maybe one actually worked. With the seismic growth of the Internet, pandemic prevention, congestion relief and even more factors, talk of remote work is growing. As Laurel Farrer, CEO of Distribute Consulting asks – is this particular trend economically justified or is it our evolving workforce craving modern convenience? Well you know what they say, when in doubt – look at the numbers.
Sourcing information from Global Research Powerhouses – Stanford University, Gallup and Harvard University. Here’s what we found:
In a survey, 54% of employees said they would switch to a job that offered them more flexibility. While, a further 54% said they were actively searching. Further, an experiment conducted by Stanford, found that the attrition rate in employees who took up the opportunity to work from home more than halved compared to their office counterparts.
Gallup found 51% of the workforce was not engaged and this translated to a loss for companies. Whereas remote workers had a greater return on engagement with a 41% reduction in absenteeism. Engaged workers produce 40% lower quality defects, 21% higher profitability and of course a 24-59% lower turnover.
Remote workers showed a 13% performance increase in another study by Harvard. They attributed this increase to a reduction in break time and sick days in addition to a more comfortable work environment.
The Chinese travel agency in a study, reported saving an average of $2,000 dollars a year per employee working remotely as a result of productivity boost and reduction in office space. Further, Harvard noted that the average worker was willing to accept 8% less pay for the option to work from home and there is an effective increase in real salary without cost to the organisation –thanks to saving on commutes.
- Plenty of Fish
Lastly, remote workers offer you unflinching access to the best, qualified candidates in your market. Numbers are on your side and your options are limitless when hiring. You’d be fishing where the fish are.
Work place flexibility is no doubt a critical topic in the future of work, and employers who fail to consider it will renege on its benefit. If you believe remote work could be a key ingredient in your brand’s sustainability, you must invest in its development as a resource.
At The Manpower Company we dare to innovate, pioneer and evolve in the world of work. Outsourcing Human resources, relieves businesses of human resource management responsibilities thus allowing you to focus on what you do best. After all, isn’t it worth getting it right the first time?
What are your thoughts on workplace flexibility?
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See you on Thursday for our next post.