Creating a virtual office environment for your employees can offer cost savings for the employer and employees while also leading to increased productivity and employee engagement.
Creating a virtual office environment for your employees will offer cost savings for the employer and employees while also leading to increased productivity and employee engagement. Below are five benefits of offering a work from home option to your employees.
Your next best employee might not always be in the same city as your business. By setting up a "virtual" office for your company that works effectively and efficiently you can select the best talent from anywhere!
Cost Savings for Employers/Business Owners
Structuring your business to operate effectively “virtually” will reduce your overhead expenses including rent and utilities but there are other cost savings some business owners are not aware of or do not consider. One of these “hidden” benefits include employees being more likely to consider a lower wage for the added benefit of being able to work from home. This survey conducted by Princeton University and Harvard University found that many workers are willing to take up to an 8% reduction in pay for the option to work remotely. If you are curious how much your business could potentially save by setting up a virtual office click here to download our worksheet.
Increased Employee Productivity
Many employers biggest fear when transitioning to a “virtual” workforce is that their employee's productivity will drop if they are not monitored or required to be in an office. Many studies actually find the opposite to be the case! This study by Stanford University found that employees that worked remotely increased their productivity by 13%. Employees also tend to work longer days (no commute!), take less sick time and a decrease in daily distractions (no break room!) when given the option to work from home.
Talent pool is no longer limited by geography
By eliminating the requirement to come into an office daily employers can now hire from anywhere in the country or even the world. Your next best employee might not always be in the same city as your business. By setting up a "virtual" office for your company that works effectively and efficiently you can select the best talent from anywhere! Also, Millennials that are entering the workforce are demanding the option to work from home. In 2017, this study by the Pew Research Center Millennials are the largest generation currently in the workforce accounting for 35% of the labor force and employers will need to accommodate their needs to attract the best talent. Millennials see the requirement to report daily to an office as an out of date concept. In short, offering the option to work from home is becoming a requirement to attract and retain the top talent. By setting up your office to work effectively "virtually" now your company will have a significant competitive advantage over other companies requiring all work to be done from a corporate office.
In short, creating a "virtual" work environment for your business can offer major benefits including significant cost savings, increase in employee productivity and giving your company a competitive advantage to attract the best talent. If you are interested in discussing how you can set up your company to work efficiently and effectively in a "virtual" environment contact Harper Administrative Services today!