At this point it should be no shock that there is plenty of upside to remote work. Improved recruitment, reduced turnover, happier employees, increased productivity, and greater ROI—and that’s just the tip of the iceberg. These are just a few of the reasons LEC was born natively remote all the way back in 2018. We took the leap and never looked back.
There are still a good number of companies out there thinking about trying out remote or hybrid work for keeps and a ton looking to move back away from it. Take it from me, a fellow business owner, remote work is worth it. Let’s keep going and I can share with you a few reasons why.
5 Reasons For Going Remote
When you decide to take your company remote, your teams aren’t the only ones who reap the benefits. There is a plethora of perks for the employers to take advantage of as well. From accessing a larger talent pool, increased productivity, there’s plenty to love when it comes to remote work.
There are numerous reasons why LEC decided to go remote in 2018 and stay remote to date. Let me break down six of the biggest reasons why we are a remote organization. I think you will find them applicable to your business as well.
As I mentioned earlier, unlike many other businesses, we decided to go the remote route way before the pandemic in 2020. Our belief was, is that it was the best way to position our employees for mental and physical health in an industry that demands at a high level.
Although we never saw COVID coming back in 2018, COVID assisted us in proving our model as not only viable, but sustainable. Statistics now show working from home improves a team’s mental health and decrease stress, it can also help reduce the spread of sickness in the workplace. To date no one has caught a cold or any other virus via Zoom or Facebook workplace. This means remote teams can avoid the shrink in production that cold and flu season wreak on business.
Moving your team to remote does wonders for your total obtainable talent pool. With an unrestricted hiring geo-footprint companies can search for the best candidates for the position instead of the best candidate who happens to live closest to their building. You can lock down particular regions that may be more advantageous for payroll spend, mitigate tax risk and our possess a higher concentration of talent for the specific job.
The ability to offer remote work will not only expand your talent pool to other areas, but it will improve your brand recognition in new markets and make your business hyper attractive to today’s applicants. Today 60% of workers say they would quit their job for a fully remote one! That’s a very strong percentage.
3. Creates Amazing Retention
In addition to attracting top-notch talent to work at your business, remote work has yet another massive perk: EMPLOYEE RETENTION.
I think we all know that employee retention helps improve your workplace culture, boosts productivity, and increases overall employee engagement. No company likes turnover, especially when it includes an rock-stars or long-time employee.
Remote work is one smart and solid solution to retaining employees. Companies that offer it have experienced an average of 25% reduction to their turnover rate. Since work-life balance tops the list for most of today’s workforce, remote work gives the teams what they need to be happy and productive. It can takes away things like long and dreaded commutes that drive shrink, hurt performance. It’s also a good move toward going GREEN as an organization.
4. Infuses Life into Productivity
When my company went remote a few years ago, we believed it could really work, but we did have some concerns. How were employees going to adjust? Would they be able to focus at home? Would management team be effective? Is the technology really going to enhance their ability or hinder it? But, the LEC experiment went even better than we could have imagined. Our employees wound up being more productive than ever.
Come to find out, remote work is a huge productivity boost for businesses. I’m still skeptical you say? Here are some quick facts about the productivity with remote work:
- Working remotely increase productivity by 78%
- Over 65% of remote employees were more productive at home than in a traditional office
- When surveyed 78% of remote employees said they are highly engaged in their daily tasks
You may still be on the fence about going remote or staying remote, but one thing you shouldn’t worry about is the impacts to productivity. Working at home has proven to give employees the gas to take their productivity to the “leading-edge”.
5. Enables Financial Flexibility
I don’t think it makes any of us a business guru knowing that managing costs is a big part of running a business. But the real questions is what does going remote do to the cost model? I wish I could say they totally disappear. They don’t, but there are some major decreases possible.
When your company goes remote, you can eliminate some extra overhead costs. Here are some of the costs you may be able to cut by going remote:
- Rent or mortgage payments
- Building and Liability Insurance
- Building maintenance and cleaning
- Utilities like electricity, gas, water
- HVAC replacements and maintenance
- Office equipment and supplies
- Software and on premise technology
Keep in mind that remote work doesn’t remove of all costs associated with employees. You still need to provide them with the necessary equipment and tools to work from home. What it does do though is create a scenario where you are hyper flexible financially and far more scalable.
For more information on moving your business remote (a.k.a. virtualizing your business) or looking to outsource portions of your business fill out our contact form.