The matter of remote and hybrid work has been a topic of hot debate since the onset of the COVID-19 pandemic. Whether you're an advocate for working from the couch in your jammies or a hardcore cubicle advocate, hybrid work is here to stay. With increased employee wellness, more time to spend with family, and commute costs eliminated, working from home has become a widely accepted modality. Zippia reports at least 55% of workers prefer a hybrid model that allows them to work from home at least 3 days a week. With 74% of US-based companies already planning or implementing a hybrid model, the ripple effect on the bottom line is crucial to investigate.
No office, no overhead
Everything from the pencils in the supply closet to the pot of coffee in the break room adds up over time. By operating on a work-from-anywhere model, companies are able to cut down on the insane cost of maintaining an office space.
Besides the obvious burden of rent, ditching the in-person office eliminates the need for services required to maintain the space. Cleaning, electrical, and other similar costs are completely eliminated. Utilizing remote offices also reduces the cost of supplies and equipment by allowing employees to use their own. Hybrid companies benefit from this too, seeing a reduction in utility costs and amenities.
Mixed modalities see higher retention
With work from home being the new normal, companies that don’t get on board are risking high turnover and low retention. Companies that offer employees the choice to work from home see an incredible rate of up to 25% higher retention than those that don’t. Replacing employees is incredibly expensive, and an inconsistent team is not conducive to synergy. Keeping employees on board allows for increased loyalty and a better customer experience.
Increased employee well-being
When we feel our best we work our best. Given that 78% of employees surveyed in Cisco’s 2022 hybrid work study cited an increase in their well-being when allowed to WFH, it seems like it should be compulsory. But how does employee well-being influence the bottom line?
For starters, employees working from home are able to take a step back when they’re not feeling well and return once they’re on the upswing. While many employees that work in person feel a responsibility to come in when sick, those that work from home are afforded the opportunity to recoup on their own schedule.
Research also suggests that employees who work from home are more likely to lead healthier lifestyles and experience less stress than their office counterparts. This means fewer sick days in general. Fostering a positive remote environment that focuses on employee well-being is beneficial all around, especially for reducing absenteeism and boosting employee satisfaction.
Access to larger employee pools
By operating remotely, companies open themselves up to a huge talent pool that they wouldn’t have otherwise had available. Having access to more candidates across varying price points creates more opportunities to find the right person for the job, something that’s essential to a cohesive team.
Better employee performance
Besides an increase in well being, offering a work-from-home model is positive for employee performance all around. Companies that have hybrid options for their employees see benefits that in-person offices can’t replicate.
Between cutting travel time, making it easier to schedule other responsibilities around working hours, and better focus, the hybrid model is ideal for companies trying to maximize employee productivity.
Better customer connections
Without distractions, employees are able to spend more time attending to customers and providing individualized solutions that create long-lasting connections. Additionally by reducing overall stress employees are able to attack problems with a more positive attitude and achieve better solutions to best serve every customer's needs.
Higher morale and increased loyalty
By working with a cohesive team for a company that cares about their well-being, employees are more likely to stay loyal to their company. Keeping a consistent team snowballs into an environment where employees are able to better collaborate and come up with new and better solutions that highly turbulent ones can’t achieve.
The bottom line (pun intended)
Working from home is not just an employee favorite but a smart way for business owners to reduce overhead and pad their bottom line. There are more ways than ever for employers to create a productive environment no matter their company’s size, scale, or location.
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