Does happiness yield ROI? According to multiple studies, workplace bliss raises productivity by 12%, reduces turnover by 59%, and boosts customer satisfaction by 10%, contributing to operating income growth by 20%. Companies with fulfilled employees further outperform peers in terms of profitability by close to 202%. Clearly, a happy workforce is good for business. But is remote work or work-from-home the answer?
Remote Jobs and Opportunities for Your Business
According to the Global State of Remote Work report, people with remote jobs are 24% more likely to feel happy and productive in their roles. Increased productivity translates to a better bottom line, especially when you consider how disengaged workers cost companies 34% loss in yearly profits. Companies offering remote jobs gain more than happy, productive workers.
Employee Retention
Because employees enjoy what they’re doing, their engagement will lead to a level of commitment that will result in longevity. It’s the kind of loyalty that prevents costly turnover, preventing your business from exhausting resources to hire, onboard, and train new people.
Brand Loyalty
A stable workforce is a good sign for clients and customers. When consumers know you have happy employees, they develop a favorable opinion about how you run your company. And that favorable opinion is likely to lead to favorable transactions.
Talent Pool
Remote job roles enhance your access to a greater talent pool as well. Remote work gives your recruitment and hiring team flexibility in choosing the best candidates for the job. It eliminates geographic barriers and contributes to better diversity in your workforce. You’ll have greater access to highly qualified people with specialized skills. With talent acquisition becoming deeply competitive, offering remote jobs gives your business an attractive edge.
Business Continuity
If 2023 has taught businesses anything, it is how remote work options have allowed operations to continue in spite of the pandemic. Companies continued to serve clients and customers amid a global crisis, generating revenue in the process. The remote work set up has not only helped many businesses survive, industries that did it well even thrived.
The Growth of Remote Jobs in the Philippines
The business benefits of remote work have transformed the working world in this side of the globe. With a tech-savvy workforce, remote jobs in the Philippines continue to rise. About 52% of Filipino employees are working from home, with 49% preferring to stay remote.
The BPO industry in the country has seen a rise of up to 40% in the productivity of their employees with the work-from-home set up. Apart from improved productivity, a 20% savings on utilities and other relevant operational expenses were also noted.
Clearly, shifting from the traditional work arrangement to a remote set up is creating opportunities for businesses. But not all companies adopt a fully remote arrangement because some jobs just require people to be on-site. As a solution, hybrid work and other policies, such as a four-day work week and core work hours are being practiced. The creative options to a full remote work enable employees to still have some form of flexibility in their jobs and provide top applicants with compelling reasons to consider an employer.
What works for some businesses may not be effective for others, so it’s crucial to get your remote work policies in place before adopting it. For instance, if your business is looking to hire international talent, have your human resources team check tax and legal compliance risks.
A remote work program is not just hiring qualified people who can work from home permanently. Your organization must introduce and follow formal policies to gain the benefits of remote work. How will teams collaborate and communicate if some are on different time zones? What are expectations around performance, workflows, and goals? How do you develop a remote work culture?
Yes, many talented employees may prefer remote work to stay in a company. But that engagement will wear out if policies are not clear or consistently practiced.
How Do You Create an Effective Remote Work Program?
Whether it’s permanent, your business’s remote work program must have clear policies to ensure a smooth transition.
Invest in tools and platforms
Before deploying your remote work program, your teams must have access to the right technologies. The most common tools for communications, collaboration, and project management are Slack, Skype, Zoom, Asana, Google Docs, and Airtable. For specialized tasks, like product development, consider tools designed for such work. Consider ease of use, security, and cost.
Implement core work hours
Flexibility is a core benefit of remote jobs, but you still have to meet deadlines and client deliverables. Ensure work is done when they have to be done by implementing core work hours. Core work hours are set times when everyone on your team is expected to work; some companies may do core work hours in the morning, others in the afternoon. Either way, these set times allow remote employees the flexibility to perform their duties while still having time for personal concerns.
Develop a work plan
Relevant to your core work hours, set out measurable goals and responsibilities. The metrics will provide remote workers with specifics on how their performance will be measured and how your company will track productivity.
Your work plan must cover communication practices, including guidelines for instant messaging, response times for important emails and messaging.
Determine eligibility criteria
Not all employees may be able to work remotely. Workers with responsibilities that can be fulfilled with technology may be able to work remotely. For employees who must be in the office, provide options for working at home on certain days so that your business still accommodates the needs of your workers without sacrificing operations.
Maintain company culture
Finally, virtual meetings don’t always have to be about work. Supervisors or team leaders may organize Zoom calls for regular check ins or simply to celebrate birthdays or anniversaries virtually. Consider as well broadening your company’s wellness benefits through free or discounted gym memberships, free mental health consultations, and on-site meet ups with teams.
What is a Remote Job?
Although people use the terms “work-from-home” and “remote work” interchangeably, both are not the same.
Work-from-home typically refers to a perk, which allows employees the option to do work from home and, on other days, in the office. For most companies, remote jobs are positions that can be done from anywhere. Freelance professionals and employees working for companies operating virtually will do remote work. These jobs are permanent ways of working and usually 100% remote, especially for businesses with teams across the globe.
Remote Work and Strategic Business Decisions
The employment landscape has changed, fueled by the pandemic and, more recently, innovations in technology. Businesses would do well to adapt, particularly when it comes to hiring and retaining talented people. Drive business growth, maintain relevance, and attract the best people in your industry with the flexibility of a remote work program. As studies have shown, a happy workforce is a contributing factor to your financial success.
John Clements Consultants, Inc. is in the business of helping businesses succeed. Visit our Client Solutions page today.
