Running a Fully Remote Company Is a Competitive Advantage

by Shannon Malcom Peters on August 30, 2022 in General Business

Remote work is no longer a challenge to overcome. It is a clear business advantage. As we all know, the pandemic was the catalyst for the seismic shift to remote work, and we’ve learned employees are just as productive, if not more, when working from kitchen tables (or hopefully home offices) as they are working in a traditional office setting. Many employees have also discovered a much greater sense of work-life balance while working remotely, thanks to more control over their daily schedule.

Companies that don’t need employees back in-person to keep their businesses running can expect more success in the coming years by offering current and prospective workers remote work opportunities. By strategizing ways to best support your remote workforce, you not only provide top talent a benefit they’re actively seeking out, but you also create a new competitive differentiator for your company.

5 Benefits of Having Fully Remote Employees

1. You Attract Top Talent

Studies show that one in three working Americans are Millennials, making them the largest generation in the workforce. They’re also more likely to want a remote position compared to other age groups. In fact, 84% of Millennials say remote work is important to them, compared to 66% of Gen Z, 75% of Gen X, and 68% of Boomers.

Tt’s clear workers of any generation are more likely to seek out an employer that offers flexible work options. For those who can work remotely, 77% value employers who will let them do so, giving them more control over their schedules and work environment. Companies open to this arrangement is a key way to recruit top talent in today’s job market.

Not only will you attract people of virtually every working age, the type of employee that a remote role attracts is someone you want on your team. To thrive in a work-from-home role, employees must be self-motivated, results-oriented, tech-friendly, and someone who can work collaboratively, but more importantly independently. In other words, they’ll be interested in both owning their role and taking responsibility for your organization’s success.

2. You Broaden Your Talent Pool

With a remote workforce, location is no longer a factor in recruiting the best of the best. You have access to a much larger talent pool than you would if you simply hired people who lived around your office. Airbnb CEO Brian Chesky said it best as he discussed why he chose to allow his staff to work from anywhere:

“Here’s what I would say [to CEOs calling employees back to the office]: The companies with the best talent usually win, and if you are limiting your talent to a commuting radius, you’re not going to have the best people because the best people will live everywhere.”

Expanding your typical recruiting locations is especially beneficial when looking to hire people with specific skillsets in high demand who may typically be difficult to find locally. So, you’re not only equipped to hire a more diverse and gifted group of employees, but you have the ability to look at your business with an international or even global mindset.

3. You Improve Retention

As candidates maintain leverage in the job market, the ability to work remotely is one of the most attractive benefits you can offer—and it will keep top employees around.

A Global Workplace Analytics study found:

  • 23% of workers would take a 10% pay cut to work from home permanently
  • 59% of respondents would be more likely to choose an employer who offered remote work compared to those who didn’t
  • 36% would choose remote work over a pay raise
  • 80% of employees consider telework a job perk

Salary isn’t the only thing that allows your business to hold onto your best people anymore. Workers today quit company culture and bosses—not jobs. By giving your employees the opportunity to balance their professional and personal lives, you show you value them as more than a body at a desk.

4. You Boost Worker Productivity

Even if we didn’t have data to show remote employees are more productive working at home, we could still validly infer the same. If you do need the proof, it’s in the numbers: businesses lose around $600 billion dollars a year due to workplace distractions. Teleworking gives people more control over their environments and effectively eliminates typical office distractions, allowing more time for employees to focus on the tasks in front of them.

5. You Lower Overhead Costs

Besides improving quality of life for employees, one of the most compelling reasons to offer remote work is the fact that it saves your company a significant amount of money in overhead costs. The average real estate savings with a full-time, remote workforce is $10,000 per year per employee. Additionally, many companies are saving in a variety of other ways:

  • McKesson saves an estimated $2 million dollars per year by being fully remote
  • Nortel estimates they save $100,000 per employee they don’t have to relocate
  • IBM slashed real estate costs by $50 million dollars by leaving their offices
  • Sun Microsystems saves $68 million a year in real estate costs

The fewer employees you have in an office space the less you spend on a lease, furnishings, utilities, insurance, supplies, and general upkeep and repair. Even giving a small percentage of your employees the chance to work remotely can have a large impact on your bottom line.

The Overall ROI

It’s time to leave the stigma around remote work behind— employees who work from home will not ignore or attempt to escape tasks when not in the office. With a remote workforce, you can attract and retain the best talent, increase productivity, and reduce costs associated with in-office work. To compete for high-performing people of all generations and work towards a better future for your business and staff members alike, it’s time to position yourself as a remote-friendly company.

Looking for ways to get a competitive edge on the competition? EdgeLink has the talent pool you need to build an exceptional team within your company. Reach out to us today.