The Bottom-Line Benefits of Becoming a Fully Remote Company

When the COVID-19 pandemic struck, many people began working remotely to avoid becoming infected with the virus. They did it out of necessity. But companies and workers are seeing that working remotely has a number of advantages in addition to keeping healthy – benefits that can help to boost the bottom line.

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One study found that companies can save as much as $11,000 a year per employee by allowing them to work from home half of the time. Here are a few more advantages for businesses from transitioning to a remote workforce.

  1. Saving on overhead

If you have a workforce that is fully remote, there is no need for a brick-and-mortar building. That is a huge savings in itself. You also save on all of the associated costs of having a building – utilities, rent, maintenance, and parking, to name a few.

You also don’t have to worry about furniture, desks, and computers.

  1. Fewer absences

Working at home offers employees greater flexibility to take care of personal matters without having to take off from work. If a worker needs to attend an event at his or her child’s school, for example, he or she can go to the event, return home – and possibly work beyond “normal” work hours – without having to ask for a half-day off from work.

If a worker has a mild illness, a cold for example, they are more likely to get work done at home, rather than taking time off from work out of fear of spreading the illness to coworkers.

  1. Greater productivity

Research has shown that employees who work remotely are more productive than those who work at the office. They don’t have to take the time for a morning and evening commute. They don’t have to deal with the interruptions that are common to office workplaces.

People working remotely usually work longer hours than those who work in an office, and they enjoy the work more. Because they have greater flexibility and freedom, they are happier in their work, and this positive outlook increases productivity. One study has found that happy workers are 13 percent more productive than those who are not.

  1. Less turnover

Lower employee turnover is another fringe benefit of having a more satisfied workforce. Because those who work remotely are happier in their jobs, they tend to stay in them longer.

This can save a company a lot of money. Hiring new people is expensive, as much as $4,000 per person. Plus, there is the time involved. You need to advertise jobs, review applications, schedule interviews, and onboard the new people, along with any other training that is needed.

Moreover, higher turnover can have a big impact on productivity. When people leave, projects are interrupted. New people need to brought up to speed on what is being done.

Managers also like remote workers: 79 percent of them in a 2019 survey said that remote it’s a great “non-monetary” way to retain employees. Moreover, remote workers say they are more likely to stay with their current companies than people who do not work remotely.

Humans are social creatures and about six months into a lot of remote working,  some employees are saying they look forward to returning to the office,  at least part-time. But most are saying they don’t want to return full time.

The next few months will really show how  much your workers do – or don’t – want to work from home but if you’re wondering if a fully remote workforce is the right move for you, there definitely some financial benefits to it.

Whether you decide to keep everyone working remotely or you want them to return to the office full time, the recruiters at Helpmates can help you source, vet and place terrific workers. Contact the Helpmates branch office nearest you for more information.

The Upside of Employee Turnover

Companies try to avoid employee turnover as much as they can, and that is as it should be. Generally, If you are hemorrhaging people, it is usually an indication that something is wrong.

Plus, there is the time, money and effort involved in hiring people to replace those who have left.

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But it’s not all bad when it comes to turnover. And that is precisely because of what it can tell you about how things are going at your company. Turnover can be a useful bellwether of your business’ health when you look under the hood to determine what is driving that turnover.

High Turnover

If turnover has been going up, there are naturally two questions to ask – who is leaving, and why are they leaving?

If your top performers are jumping ship it’s obviously a cause for concern. But if the ones leaving are poor or mediocre performers, that’s less of a problem.

You may find that more people are leaving at about the same time that you are instituting changes at the company in its culture or operations. It could be that the people heading for the exits are unwilling or unable to adapt to the changes being made. In this case, their departure may not be that distressing. It gives you the opportunity to bring on board people who are a better fit for the culture you are trying to create at the company.

On the other hand, if people are leaving because of outdated skill sets, it is often better to try and keep them and retrain rather than simply hire new people.

But here is where the why of leaving becomes important: employees could be leaving because they are uncomfortable with the changes being made or because they are not getting enough support during the transition. In that case, you risk losing the good performers with those who are discontented. It’s not always easy determining the reasons for turnover, but exit interviews and employee surveys can help get at the root cause.

Low Turnover

At the opposite end of the spectrum is very low turnover. At first glance, this might be reason for celebration. But again, you need to go beyond the simple metric to look at what is going on behind the numbers.

For example, you may have people who have simply fallen victim to inertia. They show up each day and do just enough to get by and collect their paycheck. They may have no intention of leaving because they are comfortable in their jobs – possibly too comfortable – with no impetus for change or improvement.

To find out if this is the case, you need to survey employees anonymously to find out their level of engagement and their intent to stay with the company. If you find that levels of employee engagement are not all that high, but people have no plans to leave, you know that they are pretty much just marking time.

Your next step is to drill a little deeper and find out which departments are affected the most. Then you can take steps to work with these employees and raise their performance levels. Managers should meet with these employees to assess their interests, strengths and training, conducting performance reviews and looking at ways to improve.

Low turnover or a constant churn of employees leaving: if you’re looking for great workers, call the Helpmates branch nearest you. We can supply skilled associates for your temporary, temp-to-hire and direct-hire opportunities. We look forward to hearing from you.

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