Calculate the Benefits of Remote Work for Your Business
Working from home is new for some and second nature for others. In the last few weeks, we’ve all had to adapt to find ways to make remote working, well… work. Whether that’s scheduling a daily walk outside, setting up an impromptu standup desk or having more video calls – we’ve all made changes to get more comfortable working remotely.
What’s the result of this shift to remote work? The good news is that there are both short-term and long-term benefits. And we could all use some good news right now. So, let’s explore what some of those benefits are and how your organization can maximize those impacts.
Let’s start with short term benefits. JD Edwards reports that remote workers are up to 25% more productive than their peers working in the office. 25% more productive! Add that extra productivity up across your workforce and realize how much more you can accomplish.
Working remotely also gives employees more flexibility which results in reduced unplanned time-off and lower voluntary turnover. Did you know losing an employee can cost employers $10,000-$30,000? When employees are given the flexibility to work from anywhere, they’re happier and more engaged. Need to be home with a sick child? No problem. Employees can find their own balance when it comes to when and where they get their work done.
As we’ve seen in recent weeks, organizations that offer remote work options to their employees also benefit from adaptable workforces. When employees know how to work from home effectively, businesses are better able to handle unplanned interruptions and continue normal business operations. We’ve even seen this with our team. Motus has been able to make the transition to full-time remote working pretty easily (here are a few tips if you’re new to it!).
We’re all looking for a beacon of hope during this time. We’re faced with many challenges in figuring out how best to navigate this changing landscape. But, thankfully, having a fully remote workforce all the time pays off.
First, it might be a good time to look for ways to optimize your office space. For example, creating hoteling desk options can help you save and encourage more days working from home. CRBE estimates that dedicated office space costs an average of $12,000 per employee per year. Not only can you better control costs by cementing remote work for your business, your employees will have fewer interrupted days of work and be less likely to have unplanned absences. Employees also save money when they work remote. They don’t have to spend as much on fuel, parking or dry cleaning. As they evolve past this period of disruption, some organizations will decide that the costs of office space are no longer necessary.
Calculate These Benefits In Savings
So, just how much could your business save with a fully remote workforce? We’ve developed this calculator to help you figure out your estimated savings. You’ll answer a few quick questions to determine the potential impact to your expenses, productivity and employee happiness.
Projections show that 25-30% of the workforce will work remote half-time or more as a result of today’s pandemic. If you’re looking for ways to reimburse your remote workers today or down the road, we’re here to help. Motus Remote Work Reimbursement calculates fair and accurate reimbursement rates for home office needs. Whether it can help you strengthen compliance with labor laws, or help you give your employees a little more right now, let us know if we can help you figure out what’s best for your team.