Remote work - the benefits outweigh the doubts
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Remote work - the benefits outweigh the doubts
Matilda French
23 August 2024
6 min read
Matilda French
23 August 2024
6 min read
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The world's talent is your oyster
Operational cost savings
Profitability soars
Organisational performance boost
The results are in, and remote work is winning. Here are four of the statistically proven benefits of working from home (WFH).
In-office work has long been the standard, and some organisations want to keep it that way. They might believe that going remote reduces productivity, innovation, and company culture (which, sidenote: it doesn't), but our Out Of Office Report shows that the perks of remote work far outweigh any of these common concerns.
When the right conditions and processes are in place, remote work can offer huge benefits for talent, savings, profitability, and performance. Let's go through them one by one, starting with:
When the right conditions and processes are in place, remote work can offer huge benefits for talent, savings, profitability, and performance. Let's go through them one by one, starting with:
The world's talent is your oyster
When your company is remote, distance and geographical borders are no longer factors for attracting and retaining the world's best talent. This means your talent pool is larger and richer than ever before, and you can focus on hiring people for the right reasons - regardless of location - while increasing the overall diversity of your workforce. Like we say, vocation < location.
Even when workers live just around the corner from the office, there are many reasons why they might want to work remotely, including - but not limited to mobility issues, their family's needs, or just to improve their work-life balance in general. A 2023 study by McKinsey found that one-third of employees would quit if they were told to return to the office full-time,¹ demonstrating just how important it is to a large portion of workers that they have the choice to work wherever suits them.
Even when workers live just around the corner from the office, there are many reasons why they might want to work remotely, including - but not limited to mobility issues, their family's needs, or just to improve their work-life balance in general. A 2023 study by McKinsey found that one-third of employees would quit if they were told to return to the office full-time,¹ demonstrating just how important it is to a large portion of workers that they have the choice to work wherever suits them.
Operational cost savings
Being in-office is an expense for the company. Think of the costs incurred in renting the space, relocating workers, and even just paying the electricity bills. We all know the cost of living isn't cheap right now, and the cost of heating and lighting an entire office block isn't any better. But worldwide, organisations are saving themselves a lot of money by going remote and downsizing their physical footprint.
As a result, office vacancies are at their highest in two decades around the globe. Tech hub San Francisco is the worst hit, with a vacancy rate of 20%.² While many are concerned about this sudden change and its financial effect on cities, innovative ideas are blooming about how to use these empty spaces, including housing, healthcare facilities, and schools. Could this be the start of something better?
As a result, office vacancies are at their highest in two decades around the globe. Tech hub San Francisco is the worst hit, with a vacancy rate of 20%.² While many are concerned about this sudden change and its financial effect on cities, innovative ideas are blooming about how to use these empty spaces, including housing, healthcare facilities, and schools. Could this be the start of something better?
Profitability soars
When knowledge workers are free to work however they work best, profits go up. According to data from Global Workplace Analytics in 2021, organisations can save a massive $11,000 per hybrid employee due to increases in productivity, lowered real estate costs, and reduced absenteeism and turnover.³
On top of that, a two-year study of 500 public companies by Boston Consulting Group and Scoop found that companies without in-office requirements increased their revenue by 20%, whereas in-office and hybrid organisations increased their revenue by 5%.⁴
On top of that, a two-year study of 500 public companies by Boston Consulting Group and Scoop found that companies without in-office requirements increased their revenue by 20%, whereas in-office and hybrid organisations increased their revenue by 5%.⁴
Organisational performance boost
The benefits of feeling empowered at work have been well-studied and documented for years. Decades of research into organisational psychology show that having autonomy at work leads to greater engagement, job satisfaction, well-being, and retention. Happy workers are good workers. So, it's no surprise that - according to a 2022 paper - giving workers autonomy over their location can significantly improve organisational performance.⁵
In short, going remote expands your access to talent, cuts costs, boosts profits and improves organisational performance. If you ever had doubts, this is all the evidence you need that, on balance, your company really should go remote.
In short, going remote expands your access to talent, cuts costs, boosts profits and improves organisational performance. If you ever had doubts, this is all the evidence you need that, on balance, your company really should go remote.
¹ McKinsey, 'How hybrid work has changed the way people work, live, and shop', July 2023.
² Akila Quinio, 'Office space vacancies in US and London reach at least 20-year highs', Financial Times, October 2023.
³ Global Workplace Analytics, 'Latest Work-at-Home/Telecommuting/Remote Work Statistics', June 2021.
⁴ Boston Consulting Group and Scoop Technologies, 'Flex Index Q4 2023', November 2023.
⁵ Sheshadri Chatterjee, Ranjan Chaudhuri, and Demetris Vrontis, 'Does remote work flexibility enhance organization performance? Moderating role of organization policy and top management support', Journal of Business Research, February 2022.
Out Of Office Report
To show your company how remote work could work for you, order your free copy of the Out Of Office Report now.
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Written by
Matilda French
Content Marketing Intern
Matilda has a BA Hons degree in Creative Writing and Film and Screen Studies and is using her love of storytelling to create informative content that helps workers get the most out of their digital tools.
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