How Telework Saves Money (and the Environment)
Posted by on May 14, 2020 7:01 am
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Before the coronavirus pandemic, many business leaders were asking if telecommuting was right (and/or realistic) for their company—and if the potential cost savings outweigh the risks.
In typical times, there’s no one-size-fits-all right answer. However, there’s a lot of middle ground between full-time onsite work and full-time remote work. Research shows that even a part-time telecommuting policy could benefit your team. Furthermore, telework also has a positive impact on the environment.
Now that many companies have been thrust into remote working due to the Covid-19 crisis, you may have seen some of these benefits firsthand. So now you might want to determine if continuing to operate as a remote workforce is right for your company!
You can tap into the financial benefits of telework without surrendering your office. Here are the top three financial benefits your business can enjoy by implementing a partial remote work policy.
At many companies, people call in sick even when they’re not sick. Unscheduled absences have been estimated to cost American employers $1,800-$3,600 per year, per employee. The American Management Association was able to combat this problem with a flexible telework policy, realizing a 63% reduction in unscheduled absences per teleworker.
Decreased Payroll Costs
According to one study, it’s likely that one in three of your employees would choose the ability to work remotely instead of receiving a pay raise! 37% of tech professionals—among the highest-paid workers—would take a 10% pay cut in exchange for the opportunity to work remotely. This doesn’t need to be a full-time telework arrangement. Consider offering one work-from-home (WFH) day per week as an incentive.
Less Employee Turnover
Decreasing turnover by 25% could easily save your company $10,000—and that’s a realistic number that you could achieve by implementing a telework policy. The impact of telecommuting on employee retention is among the least controversial findings—95% of employers say that telework has a high impact on employee retention.
In addition to finances, a part-time telework policy could make a real impact on our environment. According to 2019 research by Global Workplace Analytics, if everyone with the ability and desire to work remotely did so just half of the time, “the greenhouse gas reduction would be the equivalent of taking the entire New York State workforce permanently off the road.” That’s because 29% of greenhouse gas emissions come from the transportation sector.
On the flip side, if existing telecommuters started driving to work right now, we’d have to plant 91 million trees to offset the resulting emissions.
How to Make Telework Work for You
A telework policy is realistic for many companies and workers. It requires planning and forethought as well as an intuitive, robust communications system that will keep your teams unified.
We specialize in communications tools that keep teleworkers productive. Meet with us to learn how GlobalMeet could make this possible for your team!
[link to GlobalMeet page on your website]
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How could a permanent telework strategy financially impact your company – and the environment? Check this out: [link to partner blog] #PGiPartners #GlobalMeet