The modern workforce is increasingly dominated by remote and work-from-home models.
According to Forbes, 60% of the top 20 companies in the annual World’s Best Workplaces list have an active remote working policy.
Genius Avenue has recently implemented a comprehensive remote work policy and, like so many other companies, has found that the change is proving to be incredibly beneficial for our employees and, ultimately, our clients.
Let’s explore some of the top benefits of remote work:
Benefits to employers
Talent pool
It’s always a good idea to hire the best people possible and with a remote workforce, the entire world is your talent pool.
Hiring onsite employees, based in individual locales, restricts your talent pool to your geographical area. By opening your search to remote workers, you now have access to top talent across the nation. With the flexibility that comes with working remote, top candidates are looking for companies whose offerings fit their wants and needs and don’t require relocation.
Retention and loyalty
As remote work becomes one of the more sought-after perks among workers of all ages, the case for enhancing these policies to reduce turnover costs is quite strong. Employees who work remotely have shown to have lower stress levels, improved personal relationships, and have extra time to set aside for hobbies. Remote work has a high impact on employee retention as two-thirds of workers say they’d take a new job if it had a better commute.
Recruiting and training new employees can come at a hefty cost – this is why you want to make sure you’re hiring the right people. Working remotely has a significant, positive effect on employee retention in large part to the flexibility that comes with it.
Savings on office costs
The benefits of providing a coworking space for remote workers includes opportunities for workers to collaborate, increased productivity, and cost-efficiency.
When renting an office, chances are you’re dealing with several separate costs for things like coffee, snacks, and office supplies. A coworking facility comes with these perks equipped all under one monthly price.
Genius Avenue has secured office space at the Industrious facility at Fashion Square, which will be available for our Scottsdale based employees starting in April. We look forward to our team taking advantage of the workspace amenities at Industrious, which includes printing, craft coffee and beverages, lounge and common areas, conference rooms, mail and packaging, and much more!
Benefits to Employees
Fewer distractions and increased productivity
According to FlexJob’s annual survey, 66% of workers believe they are more productive working remotely than in a traditional office setting.
Employees who work remotely are less likely to be vulnerable to distractions. In fact, the average worker loses 20% of their workday due to interruptions and noise at the office.
Working remotely provides a lower noise level, fewer and more efficient meetings, the choice to dress freely and more comfortably, and a customized office environment. This combination of features can enable workers to be more productive.
Without having to sit in an office where they may have little to no control over numerous variables, employees who work remotely have flexibility over what kind of environment they work best in and have the option to work wherever they deem best for their productivity.
Time and money savings
The average one-way commute to work in the U.S is 26.1 minutes. Working remote lessens or completely eliminates any commute, which will save workers time as well as money on gas and possibly car maintenance.
According to the Auto Insurance Center, drivers spend approximately 42 hours stuck in traffic each year. Working remote will allow workers to spend that time elsewhere, whether it’s getting extra sleep in the morning, spending time with family, going to the gym, or simply getting a head start on work.
Other ways remote workers can save money may include saving money on a professional wardrobe, going out to lunch, and childcare. These savings have the potential to add up quickly, putting that money right back into employee wallets while increasing job satisfaction.
Positive environmental impact
Personal transportation plays a significant role in environmental impact calculations and the transition from on-site to remote can help tip the equation in our favor. Current data puts the telecommuting population at nearly 2.9 million people. This alone has reduced greenhouse gas emissions by the equivalent of taking more than 600,000 cars off the road for a year, according to the State of Telecommuting in the U.S Employee Workforce report.
Remote workers are also in control of their use of materials, such as how much paper they use or the controls of their thermostat and lighting. Each of these will have can have a positive environmental impact.
The future of the workforce
Genius Avenue has recognized the many advantages to this strategy, and we have elected to join the growing number of companies who are seeking to modernize their workforce.
By 2025, it is projected that 70% of workers will be remote at least five days out of the month. This trend, while not entirely new, is solidifying in a way that has not been possible in the past. The balance between remote and on-site is struck on a per-company basis and we are excited to continue to improve our remote-work model as we look to gather data on employee feedback, output, and satisfaction.