Amid the continued debate about the benefits of telework, many companies are weighing their options. Business leaders are asking, is telecommuting realistic for my company’s business model? Does it fit our culture? Do the potential cost savings outweigh the risks?
There’s no one-size-fits-all right answer. However, there’s a lot of middle ground between full-time onsite work and full-time remote work. Research shows that even a part-time telecommuting policy could benefit your team. Furthermore, telework also has a positive impact on the environment.
Financial Benefits for Your Company
You can tap into the financial benefits of telework without surrendering your office. Here are the top three financial benefits your business can enjoy by implementing a partial remote work policy.
Cut the Costs of Absenteeism
People call in sick even when they’re not sick. These unscheduled absences have been estimated to cost American employers $1,800 per year, per employee on the low end, and $3,600 on the high end. The American Management Association was able to combat this problem with a flexible telework policy, realizing a 63% reduction in unscheduled absences per teleworker.
Cut Payroll Costs
It’s likely that one in three of your employees would choose the ability to work remotely instead of receiving a pay raise. 37% of tech professionals—among the highest-paid workers—would take a 10% pay cut in exchange for the opportunity to work remotely. This doesn’t need to be a full-time telework arrangement. Consider offering one work-from-home (WFH) day per week as an incentive.
Cut Employee Turnover Costs
Decreasing turnover by 25% could easily save your company $10,000 this year—and that’s a realistic number that you could achieve by implementing a telework policy. The impact of telecommuting on employee retention is among the least controversial findings—95% of employers say that telework has a high impact on employee retention.
Benefits for the Planet
A part-time telework policy could make a real impact on the environment that we all share.
According to 2019 research by Global Workplace Analytics, if everyone with the ability and desire to work remotely did so just 50% of the time, “the greenhouse gas reduction would be the equivalent of taking the entire New York State workforce permanently off the road.” That’s because 29% of greenhouse gas emissions come from the transportation sector.
On the flip side, if existing telecommuters started driving to work right now, we’d have to plant 91 million trees to offset the resulting emissions.
Employers can make a serious contribution to better air quality and sustainability, even without closing their brick-and-mortar offices.
How to Make Telework Work for Your Company
It doesn’t happen overnight, but a telework policy, or “advanced workplace strategy” as Deloitte puts it, is realistic for many companies and workers. It requires planning and forethought as well as an intuitive, robust communications system that will keep your teams unified.
We specialize in communications tools that keep teleworkers productive. Meet with us to learn how GlobalMeet could make this possible for your team!