“The idea of working five days a week with two day weekends and a few weeks of holiday each year has become ingrained in society. But it wasn’t always the case, and it won’t be in the future.” Richard Branson – Virgin
There is no way around it. Millennials are demanding a change to the way we work, and work-life balance has become a key decision factor for this generation in choosing who they want to work for. 88% of Millennials in a recent survey said they want a work-life integration where work and life are indistinguishable. With Boomers and Gen-Xr’s rapidly moving to retirement, Millennials are in high demand in the workforce talent search, and if businesses are going to compete effectively for this next generation of talent, they need to shift their mindset on the “way we work.”
Benefits of embracing a remote work strategy
- Enhanced Productivity – SurePayroll, a web-based payroll provider for small businesses, found that 86 percent of those surveyed preferred to work alone to “hit maximum productivity” and ⅔ of managers say employees who work remotely increase their overall productivity.
- Increased Efficiency – 30% of workers surveyed by ConnectSolutions reported that telecommuting enabled them to accomplish more in less time, and 24% accomplished more in about the same amount of time than if they were in the physical office.
- Higher morale and employee engagement – Remote work decreases the amount of stress employees experience, which translates into more productivity for businesses. A survey by PGI reported that 80% of respondents experienced higher morale when working from home, and had 69% less absenteeism. And although it seems counterintuitive, Harvard Business Review found that of employees who work remotely, 87% reported feeling more connected than those in the office.
- Lower costs and overhead – Both American Express and Aetna found substantial savings when moving to a remote work strategy for their employees, with American Express seeing savings of $10-$15 million in real estate costs and Aetna saved upwards of $78 Million a year when you added utilities into the equation.
- Meets the demands of the new generation of the workforce – An AfterCollege survey reported that 68% of millennials seeking jobs state that the option to work remotely would significantly increase their interest in an employer. A study by Deloitte in 2016 found that work-life balance is the leading factor in a millennials evaluation of a job opportunity. Any way you look at, the inability to support remote and flexible work options will hinder a business’s ability to recruit this younger generation of workers.
- Keeps talented and experienced workers in the workforce longer – It’s not just the younger generation that is demanding this switch, but older more experienced workers as well. And why wouldn’t they? Increasing life expectancies along with inadequate retirement preparation are driving more American workers to work beyond the standard retirement age of 64. An AARP survey indicated that 74% of older workers want flexible work schedules and 34% would like to work from home.
- Enables an effective inclement weather backup plan – Even if you can’t yet organize a full remote and flexible work strategy for your business, it is a viable solution to manage inclement weather. A survey by TechPro Magazine found that in Ireland, workers were not adequately equipped to support working from home in the event of snow days, resulting in lost productivity and profit.
Remote work is not just a growing trend; it is fundamental to business success
Upwork’s Future of Work report surveyed over 1,000 hiring managers, who reported that they expect 38% of their workforce to be remote in the next decade. More than 55% of the same managers agree that the number of full-time workers who work remotely is rising quickly. This trend has Fast Company calling remote work the “new normal.” The question is, what are you doing to make this a reality for your business?
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