Think employees only benefit from working remotely? Companies with remote workers make more money, have higher retention rates, and crush every other industry benchmark. Learn why now:
Do you have an open position at your company a remote worker could fill?
After researchers from Global Workplace Analytics read over 4,000 case studies, they discovered over two-thirds of employees want to work remotely — and 36% of them would choose the ability to do so over a pay raise[*].
This steady remote work trend not only benefits employees, it’s also a huge win for employers too.
Which may be why 34% of businesses say they expect half their full-time workforce to be virtual by 2020[*].
Why Your Next Hire Should Be a Remote Worker
When businesses hire more remote employees, they get to:
Save Money and Lower Overhead
You may not be able to fill every position in your company with a telecommuter, but you can offset your operating expenses with the savings you make from hiring a few remote workers.
The Global Workplace Analytics (GWA) review revealed the average real estate savings just one remote employe generates is $10,000/year[*].
And companies with offices in expensive metros like New York, London, or San Francisco may see even bigger savings.
When adding more remote workers[*]:
- IBM saved $50 million in real estate expenses
- McKesson saves $2 million every year
- Sun Microsystems saves $68 million a year in real estate costs
But real estate isn’t your only overhead expense. You’ll also slash non-real estate costs for:
- Internet/phone systems
- Office equipment and furniture
- Restroom supplies
- Snacks, coffee, etc. in the breakroom
- Janitorial services
In addition to saving money, companies will also be able to generate more revenue and provide better customer service with more virtual employees.
Earn Revenue Around the Clock
With a remote workforce, employees aren’t limited to generating revenue between the hours of 9 and 5.
You can have a team of employees working across time zones and in various countries to make sure you’re running a 24/7 money-making machine. Or guarantee your customers always reach a representative no matter what time it is.
Almost every remote worker also finds their work days more productive than those in traditional offices — and that makes your company more profitable.
Score Greater Employee Productivity and Engagement
Did you know companies lose $600 billion every year due to workplace distractions?
That’s why Cisco was pleased to learn they “generated an estimated annual savings of $277 million in productivity by allowing employees to telecommute and telework[*].”
Remote workers don’t have to deal with noisy coworkers, get pulled into unnecessary meetings, or spend forever commuting so they actually get to accomplish more during their uninterrupted work time.
Virtual employees at Sun Microsystems, for example, spend 60% of the commuting time they save performing work for their company.
So it’s no surprise 91% of employees say they’re more productive when working remotely[*].
And in a review of more than 19,000 employees, those with greater workplace flexibility had less stress and burnout[*].
Remote employees have the freedom to work when its most productive for them instead of wasting time in a cubicle for an arbitrary number of hours.
And 53% of remote employees admit they’re likely to work overtime whereas just 28% of in-office employees say the same.
As result, when comparing remote workers to their in-office counterparts[*]:
- AT&T telecommuters work five more hours at home
- JD Edwards virtual employees are 20-25% more productive
- American Express remote workers produce 43% more
This flexibility and autonomy also creates highly engaged employees, which is great news for you.
According to one study, highly engaged employees produce 250% better performance-related business outcomes[*].
Alpine Access saw this first hand. Compared to traditional agents, their remote agents[*]:
- Closed 30% more sales
- Decreased customer complaints by 90%
- Lowered turnover by 88%
Let’s talk about that turnover stat more.
Boast Higher Retention and Recruitment Rates
Hiring managers know losing a valued employee can cost an employer $10,000 to $30,000.
And on average, an employee earning $50,000 per year will cost a business 20% of that salary to replace[*].
That’s because recruiting top talent and training employees is expensive.
But since over half of remote workers say they have lower work-related stress and a better work-life balance, they’re more likely to stay with their company long term[*].
Maybe that’s why 46% of companies with remote employees say their attrition rate has gone down.
And when you have happy employees stick around, the news is likely to spread and help with your recruitment efforts too.
Select Top Candidates from a Wider Talent Pool
Open a position to a remote worker and you’ll find standout candidates in markets all across the globe.
You’ll never have to settle for a new hire simply because they live in your zip code and happen to be semi-qualified for the position.
Businesses will be able to recruit the best talent and they won’t have to pay to relocate these candidates either.
Nortel estimates they save $100,000 per employee they don’t have to relocate by hiring a remote worker instead.
Work Around Fewer Unscheduled Absences
Unscheduled absences cost employers $1,800/employee/year; which adds up to $300 billion/year for U.S. companies[*].
And 78% of employees who call out sick really aren’t but only do so because they have family issues, personal needs, or too much stress to go into work.
On the other hand, remote employees work flexible hours so they can schedule their appointments and deal with family emergencies while still putting in a full day’s work.
When American Management Association implemented a telework program there was a 63% reduction in unscheduled absences, for example.
And ConnectSolutions noticed 53% of their remote workforce was less likely to take time off, even when they were sick[*].
Telecommuters not only have the ability to work from their beds when they do come down with something, they also won’t show up and infect other coworkers.
While this creates a healthier work environment, remote workers also help your business go green.
Help the Environment
Traffic jams during rush hours idle away almost three billion gallons of gas and account for 26 million extra tons of greenhouse gases.
All this pollution isn’t lost on employees; 70% of them said they would see their companies in a more favorable light if they helped reduce their commuting carbon emissions.
And a whopping 24% of employees even said they’d take a pay cut of up to 10% to help the environment.
Since every 1% reduction in cars on the road yields a three-fold decrease in congestion, hiring more remote employees can make your company a greener, more environmentally friendly place to work.
Plus, several states are now offering financial incentives for businesses to take more cars off the road and offer telecommuting options so it’s a double win for your company.
You’re So Ready to Hire Your Next Remote Worker
With these seven major reasons to choose a remote worker to fill your open position, your next step is to post your job where virtual candidates are most likely to see it.
Skip the standard job boards and check out Fresh Gigs, the best way to find top talent in Canada’s largest telecommuting communities.
Post a job here where more than 30,000 unique creative job seekers visit per month and you’ll find your perfect candidate (and start seeing these awesome benefits) in no time.