As COVID-19 vaccination rates increase and the pandemic eases, business worksites are reopening. Contact Us, Venture Harbour Ltd is a company registered in England and Wales. For many, this may mean moving out of city centers in favor of more affordable rural areas. Many people choose where they live based on the locations proximity to their workplace. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. "We ensure that every employee has access to virtual care and a stipend for accessing [services, including] therapy, counseling and classes for stress reduction," she said. Opinions expressed here are authors alone. Arizona enlisted the help of an outside evaluator to determine if its early remote work was beneficial, and the results proved positive: In the summer of 2018, Bynder, which at the time had 350 employees in seven offices around the world, held its second annual Remote Week experiment. It has become one of the company's top-rated benefits. The two-year Stanford study showed a decreased rate of employee attrition for telecommuters. The 10 Benefits Of Remote Work For Employers, The Benefits Of Remote Work For Employers, 3) Remote Work Can Increase Employee Productivity, 4) Offering Remote Work Can Increase Your Businesss Competitiveness In The Labor Market, 5) Remote Work Can Remove Barriers To Success For Employees, 6) Remote Work Can Reduce COVID-Related Production Disruptions, 7) Easily Add Contractors To Your Remote Team, 9) Improve Employees Work-Life Balance By Offering Remote Work, 10) Employers Gain Remote Work Benefits As Employees Do, The Benefits Of Remote Work For Employees, 2) Employees Working Remotely May Have Flexible Work Hours, 3) Working Remotely Can Result In Fewer Distractions During The Work Day, 4) Remote Workers Can Tailor Their Workspace To Suit Their Needs, 5) Remote Workers Gain The Freedom To Choose Affordability Over Proximity To Work, 6) Employees With Children Can Work Remotely To Reduce Childcare Costs, 8) Working Remotely Can Save Employees Money, 9) Reduce The Chance Of Exposure To Illness, 10) Remote Work Can Lead To A Better Work-Life Balance. Marcus Taylor is the Founder of Serene, a macOS app that helps you get your focus back by blocking distractions, increasing focus, and organising your day around one goal that matters. A Meta spokesperson said at the time that the move was "purely temporary" and part of the company's reorganization plans. Spontaneous conversations and offhand comments can be an important source of information about employees' good and bad experiences, concerns, and complaints. Lets break this down and consider the most important advantages of remote work from both perspectives, starting with the two just mentioned. Remote workers generally have more control over their schedules, able to shift their start and end times, their locations, and which days they work. Expand your toolbox with the tools and techniques needed to fix your organizations unique needs. For life and health insurance agents, answering this question will be crucial for developing competitive insurance offerings both now and in the near future. Flexibility: One of the main benefits of working remotely is the flexibility it offers. Remote workers spend less on commuting, lunches, and even work clothes. A large part of the reason why group policies have reigned supreme for so long was that they provided guaranteed coverage. In fact, a recent study investigating the process of remote work adoption by US organizations found that the model has become a widespread and increasingly standard workplace practice. When working in an office setting, communication might take place via email, in-person This gives them a better chance of finding the best possible candidates for the job, thus improving the workforce quality. Virtual & Las Vegas | June 11-14, 2023. Taken together, these charts yield an important point of conversation for remote and hybrid teams: If employees are sacrificing work-life boundaries, and managers think productivity is declining, whats the disconnect? For many Pieter Levels, digital nomad and founder of Nomad List, estimates there will be 1 billion digital nomads by 2035. "Offering [employees] benefits and perks to address various and unique circumstances will be key to not only support a remote workforce but to retain them as well," said Britton. "The challenge is to see who can come up with the best ideas." This is especially beneficial for introverts who may need more quiet time to think and work independently. In these cases, employers may want to consider leveraging telemedicine to provide routine and primary care and triage. From reduced operations costs to improved productivity, remote work has plenty of advantages to note if youre considering transitioning your business to being remote. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. #1 remote work benefit: Easier recruitment If you allow your employees to work remotely, you will be able to find and hire talented new employees much easier. Our graduates are highly skilled, motivated, and prepared for impactful careers in tech. Even if they are not able to move as quickly as they did during the pandemic, employers are taking lessons from the health crisis in terms of how they change benefits. It will be up to HR managers to decide on competitive benefits offerings for enticing employees, as well as insurance agents when it comes to designing their services. Another advantage of written communication is that it can be easily documented and referenced later, which helps to keep track of projects and progress. With your employees working safely in their homes, theres virtually no chance of them spreading illness among one another. The average Brit spends 56,000 on petrol in their lifetime, while the typical American household pays $2,000 a year to fuel their cars. Allowing remote work is most common in midsize companies (201 to 500 employees), two-thirds of which (67%) have remote-work policies. Build specialized knowledge and expand your influence by earning a SHRM Specialty Credential. Companies benefit from remote work through reduced operation costs, increased talent pools, labor market competitiveness, and fewer business disruptions caused by COVID-19 spikes. However, the census reported that for the 12.7% of Americans with disabilities, home offices can be customized to improve accessibility and create a work environment that removes any hindrances to productivity. Now, with the public health and national emergencies officially over, employers and other industry experts are evaluating which pandemic-era benefits remain popular among workersand if the speed with which new programs were rolled out could or should be replicated in the future. But when you work remotely, you can set boundaries and establish rules to minimize distractions, thus maximizing your productivity. $("span.current-site").html("SHRM MENA "); And given the rising energy costs, this will likely become an increasingly important factor in the future. , post-Covid 19, is likely to be even more remote-friendly, with more companies offering flexible working arrangements and employees valuing the freedom of working remotely. In response to the health crisis, employers quickly rolled out new offerings, and enhanced existing benefits, to help employees. Increased productivity: Working remotely can increase employee productivity. A Get alerted any time new stories match your search criteria. Gusto is an all-in-one people platform that simplifies payroll many human resources tasks. The COVID-19 pandemic and resulting lockdowns forced many businesses to place all or most of their employees on a remote model. A "wallet" benefit provides employees with an annual sum of money to spend on anything they want without restriction. How Employee Benefits Will Shift in the Next 3 Years, Life Health > Running Your Business > Marketing and Lead Generation, Commentary But how do you know if remote work is the right fit for you? In some cases, employers completely changed their approach to employee benefits as a result of the pandemic. Become a qualified UX designer, UI designer, web developer, product manager, digital marketer, or data analyst in less than a yearcomplete with a job guarantee. After graduating, she began her career as a freelance writing generalist before finding a niche writing about SaaS. When remote work is an option, businesses can cast a wider net when recruiting new employees. And they did so at an unprecedented pace. The ongoing question is how to meet the needs of this workforce. 290356105. Each of these policy types can be fully customized to suit the needs of individual employees and can transfer with them when they switch employers. For example, you may need to eliminate or reduce your businesss budget line item for office space or increase your budget for software. But what are the key advantages of remote work for employees and employers? Choose the work you would like to do now. Many millennials and Gen Zers dream of being able to live abroad but dont want to put their career on hold. Requiring workers to live near your offices means significantly constraining your talent pool. While some business leaders might dismiss this as a temporary measure, the reality is that remote work is likely here to stay. Dont forget you can visit MyAlerts to manage your alerts at any time. VAT No. [Related SHRM article: All Rights Reserved. 2. But some employers are requiring all employees to return to the office for work. The company is now benchmarking its benefits nationally to support a new benefits strategy. You may need to pay for additional software subscriptions, supply your team with hardware for remote work, or your business may experience higher employee turnover rates. Meta CEO Mark Zuckerberg has recently been trying to promote the benefits of in-person work. If the best indicator of the future is the past, then its clear that at least interest in digital nomadism has been growing rapidly during the past decade. Please log in as a SHRM member before saving bookmarks. Many people think of remote work as a new trend limited to hip startups and tech companies, but thats not the case! Our guide goes into the many benefits of remote work for both employers and employees to consider taking advantage of and how to get started. One of the most significant benefits remote work has given me as a business owner is access to talent from around the country. As such, businesses would do well to recognize remote work as a core part of their business strategy. "This requires further study, but our hypothesis is that it is still easier to build trust in person and that those relationships help us work more effectively," Zuckerberg wrote. "Whatever is meaningful to them and increases their well-being.". For example, during the pandemic, professional services firm EY pivoted to a "test and learn" model by quickly putting new benefits in place, then analyzing how well the programs were working in terms of employees' receptiveness to the programs and their efficacy. If youre currently looking for flexible work in the tech space, youre in luck. Additionally, a GoodHire study showed that 61% of workers were willing to take a pay cut to work remotely. "If they want to purchase a standing desk, donate to charity or use a meal delivery service, they can do that," said Gessendorf. May 30, 2023 at 02:46 AM Working remotely can be a money-saving strategy. with a portion of staffers working in-office and a portion working from home. Build a career you love with 1:1 help from a career specialist who knows the job market in your area! And as we went over above, that saves employers money. }); if($('.container-footer').length > 1){ As a result of the initial experiment, the company decided to give all its employees the option to work from home, with over half shifting to remote work. Enhanced corporate social responsibility, This is increasingly important in todays. } Rethinking Employee Benefits for Permanently Remote Workers Employers are rethinking their health plan networks, leave policies and other offerings to ensure that We back our programs with a job guarantee: Follow our career advice, and youll land a job within 6 months of graduation, or youll get your money back. Whether remote work will be less expensive for your business depends entirely on your operations. sometimes without letting their companies know, affecting medical insurance benefits, upending rates set at the beginning of the year and preventing state-mandated benefits changes," said Leslie Slay, senior vice president and partner at Woodruff-Sawyer & Co., an insurance brokerage and consulting firm in San Clemente, Calif. To ensure employees can use their benefits, employers must know about any changes to employees' circumstances as soon as possible. Copyright 2023 Merchant Maverick. This is because remote teams use written communication more than teams in traditional offices, which can lead to more clear and concise communication overall. CareerFoundry is an online school for people looking to switch to a rewarding career in tech. The former employee alleges she was treated unfairly after three years of being denied full time benefits and remote work as she was undergoing cancer treatment. The smallest companies (five to 20 employees) are the least likely to offer remote work options (42%). Employees who are happy and satisfied with their jobs are also less likely to take time off sick. View Davina Ward's professional experience. In a traditional office setting, its easy to get sidetracked by colleagues dropping by your desk, impromptu meetings, or general office chatter. Need assistance with a specific HR issue? Work-life boundaries are blurring and managers worry about productivity. "Employees in remote work situations are not necessarily located in the same geographic region as the employer's office, which means they may no longer be able to access in-network coverage and will be forced to pay higher costs for out-of-network providers," said Ann Murray, a partner with law firm Nelson Mullins Riley & Scarborough LLP in Atlanta. Stone noted that "state, city and county laws apply based on where an employee lives," whether an employer has one employee or 1,000 in a given jurisdiction. This is a huge advantage for people who have difficulty fitting traditional work hours into their schedules. How do companies benefit when employees work remotely? In its place is a broader benefits philosophy to match Paycor's nationwide pool of potential workers. Whether they're country music fans or not, HR leaders can't ignore that daytime alcohol and drug use is rising. Whether you prefer working from home or in a co-working space, you can find a setup that suits your needs and helps you be more productive. "It was completely new for us," he said. Check out eight of the most important remote work benefits: 1. Meta has announced that employees must come into the office three days a week starting September 5, marking a sharp turn in the pro-remote work culture the company championed during the height of the pandemic. These findings chalk with similar remote work studiesconducted by WFH Research,in which 87.7% of workers responded that remote work has led to equal or better productivity outcomes when compared to in-office work. Members may download one copy of our sample forms and templates for your personal use within your organization. As an employer, you can take advantage of the same benefits of remote work that employees gain, including improving your work-life balance, avoiding work-related exposure to illness, and potentially improving your productivity. Next on the list of remote work benefits for employees is that this work model can help you manage your time more effectively. Now that the worst effects of the pandemic are in the rear-view mirror, many senior managers have displayed an eagerness to get everyone back in the office. While 71% of employers have a positive perception of the companys culture toward menopause, only 32% of women employees agree. If your business is poised to see a hefty ROI on the transition to remote work, has the tech infrastructure to support remote work, and employees are eager to work remotely, it may be time to seriously consider offering remote work. Cost-effectiveness and productivity are, therefore, among the most commonly cited advantages of remote work. As many contractors work remotely, implementing a remote work environment for your business will provide an easier onboarding experience if your business hires contractors. In 2017, transportation was the largest source of greenhouse gas emissions, according to the U.S. Environmental Protection Agency. Theres never been a better time to pursue a career in a remote-friendly industry. As a result, employers have been forced to compromise by allowing for more flexible scheduling. Understanding why remote work has so many benefits is just as important as knowing what the benefits of remote work are. Remote-enabled organizations can reduce on-site costs significantly in The company began telling managers to halt posting new jobs with a remote option, Insider reported. As much as CEOs might wish otherwise, many organizations continue to have large numbers of employees working outside of the office every day. Allowing your businesss employees to work from home takes trust that they wont take advantage of that freedom on company time. In addition, youll save money on transportation costs and other commuting-related costs, such as gas or parking fees. The COVID-19 pandemic changed many thingsand employee benefits are no exception. This, in turn, called for a complete rethinking on employee benefits for its 2,700 employees, according to Jennifer Gessendorf, vice president of human resources. While this worked well enough for a short amount of time, its become harder to differentiate since wages are no longer stagnant. 6 Tips for Communicating With Clients Facing Cognitive Decline, Bernie Sanders Prods DOL to Get Moving on Secure 2.0, Bermuda Offshoring Could Make Annuity Issuers Look Too Good: Moodys, Use Disability Insurance Awareness Month to Educate, Americans With Annuities Want More Annuities: Survey, 5 Conversations to Have With Asian American Pacific Islander Clients. Benefits of work from home for employers. [Special Event] BRB: The Working World Takes a Break. As a result, employers have had to adjust their benefits offerings to attract and retain talent. To understand why, one need only look at the changing demographics in the workforce, which is now increasingly made up of Millennials and Gen-Z workers, who have shown the greatest willingness to vote with their feet when their desire for remote work is not met. So, if youre looking for a career that offers flexibility, autonomy, and the opportunity to work from anywhere, these are the industries to keep an eye on. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Thanks to Wi-Fi and communication technology, many workers are no longer tethered to a desk job and can work from home or even from the road. var currentLocation = getCookie("SHRM_Core_CurrentUser_LocationID"); Even structuring health plan networks around their office locations may not be appropriate in all cases. Discuss with your team: How has the pandemic changed how you think about work-from-home opportunities? Please purchase a SHRM membership before saving bookmarks. Our graduates come from all walks of life. Additional studies support these findings, but critics of remote work suggest that while remote workers may initially see performance increases, those performance increases will dip in the long term. It is intended to provide hard numbers to inform the hard decisions organizations are making on how they will operate in the future. Company No. With a flexible remote work schedule, you may be able to better time your work schedule to suit your childcare needs and reduce childcare costs across the board. document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. Whether you have already instituted remote work for your business due to the pandemic or are wondering how remote work can help your business, weve got you covered. The second implication is that by offering individual policies, employees will begin paying for these benefits via direct deposits into benefits accounts rather than through payroll deductions. document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. , even for people without much work experience. Paycor also conducted an analysis of benefits programs and budgets to identify potential changes and additions to the lineup. Benefits for Employers. Remote work provides clear cost savings for both employers and employees. For instance, you wont be micromanaged as closely as you might in a traditional office setting. As a remote employee, you can work wherever the noise level is conducive to your productivity. "Benefits decision-making requires a lot of deliberation.". With the many benefits of remote work for employers and employees, its here to stay and will continue to shape how we work in the years to come. They may also simply be paying less because fewer employees are in the office. Whats important to understand is that these trends are largely being driven by intense competition in the workforce as employees increasingly recognize that they hold a lot of negotiating power when deciding on an employer. And youll have the opportunity to take more initiative and be more creative in your work. When most people think of the benefits of remote work, they tend to equate them with the employees, not the Flexible hours allow you to take care of personal errands during the day and then make up for the time by working in the evening or on weekends, if necessary. According to FRED Economic Data reports, rent is up 5.77% compared to the same time last year. Some even stay in a place they hate simply because its close to their office (and remember, commuting is stressful). Theyll provide feedback, support, and advice as you build your new career. It may sound far-fetched, but remote work can help businesses prepare for and respond to disasters. Recently, there has been an increasing focus on corporate social responsibility. With access to a deeper provider pool, "people are more likely to find a provider with whom they feel an affinity. "We're committed to distributed work, and we're confident people can make a meaningful impact both from the office and at home. Employers are recognizing that there areadvantages toallowing remote work, including the ability to widen the pool of potential employees and to reduce the fixed costs associated with physical office space. For the longest time, most employee benefits programs have consisted of one-size-fits-all group policies for health and life insurance. They include technological advances, the changing demographic of the workforce, and the rise of the gig economy. Companies with a remote, distributed team can save money in a myriad of ways, including: No more having to pay To begin, think about the varied demands of working remotely and how they differ from an in-office experience. Thats not to say that remote work eliminates employee stress. , as it opens up a wealth of new opportunities. Paycor also introduced or enhanced parental leave, elder care leave, military support leave and bereavement leave offerings in response to employee feedback. Since the start of the Covid-19 pandemic, many companies have shifted to a remote workforce or hybrid work model and are now seeing the benefits of remote work for the first time. This went beyond just listening to employees to being open to idea generation. This form is for feedback only. 1. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? Home Blog Payroll The 10 Benefits Of Remote Work For Employers, Save money on credit card processing with one of our top 5 picks for 2022. A Penn State meta-analysis of 28 studies found a positive correlation between job satisfaction and remote work, partially due to the subjects increased perceived autonomy. It turns out we like to control how, when, and where we work! Lets take a look at 17 remote working benefits for employers and employees, along with a host of relevant studies about them. With a remote work policy in place, enterprises ensure that operations can continue even if their physical premises are affected by a natural disaster, for example. This creates challenges for HR and employee benefits executives trying to stay current on employee needs. An analysis of employee data conducted by the Fiduciary Group in 2020 confirmed this. The state government in Arizona began testing telecommuting long before it was cool. A final advantage to take into account when considering remote work is that youll likely experience fewer distractions. Because remote workers often have unique needs and lifestyles, employers may need to increase flexibility in their benefits. In fact, its one of the reasons time tracking software company Toggl decided to go remote. With that in mind, heres a look at what employee benefits will look like in 2023 and beyond. "As they always have in the past, employers will monitor a program's utilization and overall benefit and ROI," Haslam said. But telecommuters dont have to worry about that. The company had also begun telling hiring managers around March to halt posting new jobs that offer a remote option, Insider previously reported. So while its challenging to measure happiness in remote workers, its clear to see that remote work tends to reduce stress levels. Choose the work you would like to do now. Earn badges to share on LinkedIn and your resume.
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