Is remote work the future?

Is remote work the future? In order to provide a detailed answer to this question, we should analyze the statistics from recent years. According to the Global Analyst Workplace report, the number of people who work from home went up by 159%! Such a trend cannot be ignored by HR managers. In the following article, we will explain the potential of remote work.

Remote work – table of contents:

1. Generation Y
2. Effective recruitment
3. Availability
4. Technology
5. Reduced costs
6. Summary

Generation Y

Obviously, working conditions will depend on the workforce. The research shows that Millenials, also known as Generation Y, will dominate the global labour market in the next 3 years. What does it mean? Millenials are innovative and resourceful. They also value flexibility in the workplace. This undoubtedly affects the personnel management process. The sense of independence among this group is so important that 85% of respondents declare their willingness to work remotely.

Interestingly, 84% of the opinion-makers show a strong desire for a work-life balance. This is a great opportunity for employers. Several international corporations such as Apple and Deloitte have launched special programs dedicated to remote work. As a result, a significant increase in productivity and employee loyalty has been observed.

Effective recruitment

Remote work has opened the door to a new approach to hiring. A survey conducted by Upwork indicated that over 70% of companies will hire virtual employees by 2028 . This is also confirmed by the candidates themselves who are greatly satisfied with a remote working approach. It should be noted that the cost of replacing an individual employee can amount to 30% of the employee’s annual salary, and training a new unit is another 213%. A solid and dedicated team of experts translate into the company’s success. A high employee retention rate can even increase the company’s profits four times.

Availability

Remote work is also beneficial to consumers. A lack of rigid time and geographic constraints opens up new opportunities and allows for new contacts and relationships. Recipients are increasingly looking for first-rate services, regardless of the company’s location.Teleworking is becoming a significant competitive advantage on the market. Delivering customer service at any time of the day or night is one of the features of modern business.

Technology

Did you know that 90% of virtual data worldwide have been created over the past few years? It is a perfect example of the dynamics and pace of development in this segment. Every second means over 100 new devices connected to the Internet, and there are over a million tech startups around the world. A large part of this progress includes solutions that facilitate the employee’s performance at work. There are several apps and tools for managing projects, tasks and recruitment processes. Each tool contributes to increasing the advantage of remote work over the traditional approach.

Remote work – reduced costs

Remote work is undoubtedly one of the best techniques to minimize costs.Transferring to remote work mode allows you to rent a smaller office space or completely give it up. A lack of fixed location eliminates fees associated with the facility maintenance and other operating expenses.

Renting an office is just the beginning. You should also consider electricity and utility bills, costs associated with office equipment, providing coffee and snacks to employees, as well as compensation for possible business trips. It has been calculated that the average cost of job maintenance for a single employee can reach up to 18,000 dollars a year.

According to Global Workplace Analytics, the introduction of part-time remote work saves 11,000 dollars a year per employee. The same source indicates that Flexjobs spared as much as 5 million dollars, and IBM reduced real-estate fees by 50 million dollars.

Summary

Is remote work the future, then? Remote work is producing a lot of attention since it offers several benefits for both employers and employees . With the outbreak of the coronavirus pandemics, it has become a popular trend in a multitude of industries.

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