In 2020, nearly every aspect of life was transferred online, from meeting friends to working from home. This change was necessary to enable our lives to continue despite the restrictions caused by the global pandemic.
According to Global Workplace Analytics, 69% of U.S. employees worked remotely at the pandemic's peak. This drastic change allowed companies and government institutions to function with minor modifications to their processes.
Telecommuting is not a new concept. Previously, it was a privilege reserved for a select few. Still, the pandemic has accelerated the process of considering and accepting long-term remote work environments.
Employers and employees can benefit from remote sales jobs and working arrangements with the right balance. In this blog, you will learn the advantages of remote work for employees and employers and understand effective employee retention strategies.
Advantages of Remote Working for Employees
Freedom and flexibility
Remote work's benefits undeniably keep employees happy, engaged, and fulfilled. Employees can work from anywhere, not just in their homes. Coffee shops, beaches, and trips to other countries are possibilities with flexible working hours if you have your laptop with you.
Remote work allows you to save money on rent and transportation. Working remotely full-time can keep you up to $12,000 per year. You can now earn a good living without moving to a big city or commuting daily and paying for gas, car maintenance, or public transportation.
The money you save is a step towards achieving financial independence and retiring early, going on vacation, taking care of your family, or enjoying yourself.
Many remote jobs allow you to start and end your workday whenever you want, as long as you complete your work or specific total working hours. Some prefer to work at night, while others like it in the morning. Working from home gives you autonomy over your schedule so you can easily manage your personal life.
Advantages of Remote Working for Employers
Larger pool of talents
The best candidate for the job may not live within commuting distance of your office and may be unwilling to relocate. Remote working allows you to find the most uniquely qualified candidate for the job.
Companies supporting remote working and working across time zones have access to global employment. They can hire the best candidate for the job regardless of location. Embracing remote work allows companies to go beyond geographic barriers to attract the best candidates for each position and create a more diverse workplace.
Employers who allow employees to work from home part-time save about $11,000 yearly per employee. Companies save money on real estate costs, public transportation subsidies, in-office perks, and other costs associated with a physical location.
Supporting remote employees could result in significant savings without requiring a radical restructuring. Fewer employees in the office reduce their real estate footprint and use space more efficiently.
Fewer office politics
Even as a remote employee, it is impossible to prevent office politics. Because remote teams rely heavily on effective communication, remote workers tend to be excellent communicators, which reduces the risk of misunderstandings and political maneuvering. Many remote workers, however, avoid traditional workplace gossiping and posturing.
Reduction in absenteeism
Allowing flexible working hours reduce unexpected absences and demonstrate to your employees that you trust them to complete their tasks correctly and on time.
When remote employees do not feel hounded, they are more likely to cultivate a favorable outlook toward the company and management. Trust fosters a sense of loyalty and dedication that increases productivity.
Effective Employee Retention Strategies
It isn't easy to find the ideal candidate for a job. You can employ offshore recruitment agencies to help you find the right person for a position. However, how long they will remain committed to your company relies on your efforts.
Low retention rates have ramifications for motivation, productivity, and performance. Here are some ideas for increasing employee retention in your organization:
Engaging employee onboarding process
Every new employee should be set up for success right away. Your onboarding process should teach new employees about their job and the company culture and show them how to add value and succeed.
Don't cut corners on this crucial first step. The initial training and support you provide can establish a foundation for the employee's entire tenure with your company.
Attractive benefits and compensation
Compensation is a crucial component of any company's retention strategy in today's competitive market. No matter how valued employees feel, they are likely to look elsewhere if they believe they are underpaid for their work.
According to Robert Half, 55% of employees in the U.S. feel underpaid, and 48% said they would ask for a pay raise by the end of 2022.
Flexible workplaces were a significant driver of retention even before COVID-19. Companies can expect their willingness to accommodate employees' needs and preferences to be an important factor in employee loyalty.
Recognition and rewards
Highlighting notable accomplishments contributes to employee retention and increases morale. Even if you celebrate virtually, it can be a fruitful event for everyone. Companies should encourage managers to recognize the efforts of their staff.
Engagement activities and recognition are essential, especially when many employees manage difficult circumstances amid ever-changing conditions.
Dialogue and constructive feedback
Neglecting the annual or quarterly performance review may have long-term consequences. Devise a realistic plan for your employees to achieve objectives. While you should never make promises you cannot keep, you should discuss potential career development with your staff.
Use one-on-one meetings to discuss short- and long-term professional goals and assist employees in visualizing their future with the company.
Training and capacity building
Upskilling is vital as technology transforms collaboration. People who upskill gain new abilities and competencies for various business functions. As part of providing a continuous assessment of their performance, you can assist employees in establishing a baseline for career progression, such as the need to learn new competencies.
Make investing in your employees' professional development a top priority. Give them time to attend virtual conferences, reimburse tuition, or pay for continuing education. Also, don't overlook succession planning, which can be a powerful tool for advancing professional development and leadership skills.
Embrace Remote Work
Remote work has many benefits for employees and employers, but it all comes down to finding the right mix of factors.
For example, trust is an essential aspect of remote work arrangements. Employers should trust that their employees will continue to be productive and meet expectations. In return, employees must believe their employers will not abuse working hours or develop unrealistic expectations.
Setting realistic expectations for remote work has a multitude of benefits. As with any work concept, there is a delicate balance between employer and employee. Employees who believe their companies care about their success are happier, more productive, and more loyal. Finding that balance benefits everyone.