Future Of Work: 4 Key Tangible Business Benefits Of Embracing Remote Work

Published on August 7, 2020 - By Cecilia Amador de San José

• A global workforce survey found that the majority of organizations plan to transition to a more flexible work environment.
• This will usher in a new era of hiring and retaining talent, while at the same time providing additional business benefits.
• Among them, companies can drive inclusion by hiring people from different locations, and with specific personal requirements – such as care-givers, working parents, and people with disabilities.

Remote, an HR technology startup simplifying global employment, recently released the findings of its “Global Workforce Revolution” survey. The report shows changing business attitudes around remote work, highlighting that the majority of organizations plan to transition to remote work. 

“82% of organizations are already fully remote, or plan to transition to a more flexible work environment,” the survey found. 

According to Remote, this will usher in a new era of hiring and retaining talent, while at the same time providing additional business benefits.

“64% of respondents believe that hiring the best talent regardless of location will foster company creativity and innovation.”

Not only will remote work alter notions about recruitment and hiring, but it will also alter city demographics (even if only temporary) and re-imagine employee benefits. 

Suggested Reading: “How Remote Work and Rural Coworking Is Leading to Better Quality of Life”

Though the report focused on the technology industry, the findings could be relevant for business across industries. Job van der Voort, CEO and co-Founder, said in a statement that “for years, tech companies have been at the forefront of conceptualizing the workplace – whether it’s onsite perks, generous stipends or other professional development opportunities.”

It’s no different with remote work. 

Tech companies including Twitter, Facebook, Google, Square, Shopify, Slack, and Salesforce are only some of the various companies that have announced plans to allow employees to work remotely indefinitely or at least until the end of this year. 

Remote’s survey spotlights four key areas that will solidify remote work practices and the clear business benefits that this transition will bring. 

1. The Transition to Remote Work

The COVID-19 pandemic has solidified remote work practices. Even organizations that weren’t as open to the idea prior to the coronavirus outbreak now see remote work as a possible permanent or part-time solution. 

Remote’s survey found that “since the global pandemic employers and employees are more likely to embrace more flexible remote work environments.”

• 82% of organizations are planning to offer more work flexibility or transition to fully-remote work environments (65%), or are already completely remote (17%).
• 86% of organizations had employees ask to work remotely regularly.
• 64% of organizations had employees ask to relocate to a different state.
• 58% of organizations had employees ask to relocate internationally. 

2. Beyond Silicon Valley

According to the report, “traditional technology hubs such as Silicon Valley have become less attractive for companies looking to hire and retain top tech talent.”

Not only that, but workers are realizing that if they can work from anywhere, there really is no need to stay in a big city. This has led some professionals to turn to the suburbs or smaller cities in the hopes of improving their quality of life. 

• 64% of respondents believe that enabling companies to recruit the best talent in the world regardless of location will allow the tech industry to drive greater creativity and innovation.
• 61% agree that entrepreneurs need to look beyond Silicon Valley if they want to find the best talent in the world.
• 57% agree that the best talent does not necessarily exist in Silicon Valley anymore.
• 48% agree that the financial barriers to entry in Silicon Valley mean the best talent is no longer there.

3. Diversity and Equality

There is still a long way to go in terms of diversity and equality in the workplace. The good news is that remote work policies can drive inclusion and diversity in the workplace.

By hiring remotely, organizations are able to hire employees from different ethnic and educational backgrounds, they can hire people from different countries, they can hire more caretakers and working mothers, and they can hire people with disabilities. 

Remote’s survey found that:

• 65% of respondents believe that people should be entitled to a great career regardless of where they grow up and live.
• 62% believe that diversity of perspective in teams is essential to creativity and innovation.
• 53% of organizations believe that working harder to remove the barriers to gender and racial equality will help rebuild trust and confidence in the industry. 

The business benefits of having a diverse workforce are plenty. Among them, research has found that diverse organizations are “better equipped to face the challenges of the new world, as well as better cater to the global population.”

4. Re-imagining Employee Benefits

As more organizations and employees take advantage of remote work, organizations will need to re-imagine their employee benefits. Perks like on-site gyms, cafes, networking events, coffee, on-site classes, and many other employee benefits will lose their appeal as people are no longer required to go into the office. 

As a result, organizations need to figure out ways that allow them to continue delivering value to their employees, even from a distance. Remote’s survey found:

• 48% of respondents want access to healthcare.
• 38% want a home office allowance.
• 38% want personal development plans or learning development allowances.
• 20% would remain at their company six months to a year longer if their company transitioned to a fully-remote workplace. 
• 18% would remain one to two years.
• 18% would stay ten or more years long.