Employees want to work from home – and you should let them. Your company saves money. The newest generation entering the workforce highly values a shorter commute and working from home. As more employees face life commitments traditionally unfamiliar to employers – like having to care for both young children and aging parents – they require more flexibility in their work lives to accommodate for the demands in their personal lives. So, how does letting your employees work from home save your company money?
The hiring process is time consuming and expensive. By offering more work style options, you’ll increase employee retention. You’ll also attract better talent. Without geographical restrictions, you can access more candidates and possibly gain insight into new global markets with a more diverse team. Letting your employees work from home will also attract candidates working at organizations forbidding that option. You could steal talent. And with a large percentage of the workforce employed as freelancers, the allure of a more predictable schedule, typically stronger compensation, and maintaining some flexibility of a freelance lifestyle could attract a new talent pool.
With fewer employees regularly in office, you’ll save money on overhead costs. With high commercial real estate prices, you’ll save money on rent with a smaller physical work space. You’ll also trim expenses like utilities, supplies, and even office perks like snacks or games. These costs are inherited by your employees.
A healthy, happy team is a more productive team, and one with fewer absences. Employees who spend less time stuck in rush hour traffic and more time catching up on sleep are mentally and physically healthier. A one-size-fits-all office environment isn’t effective as employees need customization. Some prefer flexible seating, while others want an assigned desk. Some need music, while others require silence. Employees working from home have the autonomy to create a work setting, break schedule, and even dress options that maximize their comfort, satisfaction, and most importantly productivity.
Letting your employees work from home requires trust. Your company should hire employees they can trust – otherwise why hire those people to begin with. What it doesn’t require is a complete shift. Start with one day per week and evaluate the results. Statistically, letting your employees work from home saves money.