By Chris Weston, Director of Aston Black Accountants
Increase In Productivity
Not everyone can work between the hours of nine and five. Businesses have to take into consideration the employees with family commitments such as taking care of an elderly relative or having to do the school run at nine and three. Providing flexible work hours allows employees to fully commit to work and family commitments without sacrificing one for the other. Recent studies conducted by Harvard Business Reviewp have proven that working from home boosts productivity among workers. The research, which was conducted on telecommunications employees, resulted in the remote workers making 13.5% more calls than the staff in the office.
One possible explanation for the unexpected surge in productivity is that there are usually far fewer distractions in the home than in the office. Unnecessary meetings, office floor noise and idle chat are pretty much unavoidable in the office and all take a toll on productivity. Employees are also able to start earlier and finish later than usual because they don’t have to commute.
Businesses Save Money
Remote Workers can eliminate overhead costs such as utility bills, furniture and stationery supplies as well as security and cleaning services. With real estate prices rising and office space with a good, central location becoming dearer, businesses need to ask whether office space is providing a good return on investment. .
Moreover, research suggests that allowing your employees to work from home with flexible hours means that they will be less likely to take sick days or be absent from the office due to weather conditions. A survey conducted by the UK Labour Market in February 2014 shows that 131 million days were lost due to sickness absence in 2013. These unscheduled absences cost the economy an estimated £29 billion a year.
Employees Save Money
With the price of fuel and the cost of a train ticket rising each year, commuting to work can be very expensive for employees. On average, British commuters spend 17% of their wages on rail tickets. This research is based on workers paying £391 on a monthly season ticket from Brighton to London.
As well as this, employees don’t have to endure the commute to and from work twice a day. With remote working, they avoid the stress of traffic jams, crowded trains and busses.
Expansive Choice Of Talent
There is no need to settle for second best, as remote working allows companies to hire staff from all over the world. Convincing talented candidates to relocate is no easy task, but allowing them to work for you from their living room might be.
Extended Work Hours
For international trading companies, employees with flexible work schedules have the opportunity to work outside of normal working and trading hours that may comply with foreign work hours.