Remote work is a must for your company, especially in terms of operational efficiency, culture, and more.

7 Reasons Why Remote Work Is a Must for Your Company

In this guest post, Hrishikesh Pardeshi, co-founder at Flexiple, discusses why remote work is a must for companies to improve numerous aspects of the business and maintain a competitive advantage.

Since the start of the COVID pandemic, there has been a global shift to working remotely. Although this was sudden, employees of IT companies gladly accepted the change. This sparked the debate on remote work being the future of work and the opinions in this regard have been mixed.

Many big firms have gone back and forth on their decisions to adopt a fully remote working style. We’ve seen companies like Cisco, Nokia, and Deloitte try to find a balance between virtual work and in-office in a hybrid model. We’ve also seen that some companies, like Google, are giving their employees the privilege of working remotely only with a pay cut.

Moving forward, though, flexible working is the only way to survive. While there have been many advocates in support of this notion, the opposition’s voice has also been strong. Not accepting remote work could be detrimental to the company’s growth and survival.

Working remotely is advantageous for companies across all areas — from building and retaining a strong team to getting the best clients. You might say that this is possible in a co-located office, too, right? Well, very soon it might not be, and we’ve already started seeing signs of this. The profit gap between companies working remotely and in an office is only likely to increase.

So, why exactly is remote work the only way forward? Read on to find out the reasons why remote work is a must for your company.

Why Remote Work Is the Way Forward for Your Company

Keeping up With the Competition

In the present day, not embracing cloud computing in tech companies could be a very foolish thing to do. However, rewind a few years ago and quite a lot of individuals opposed the cloud revolution. Such is the case with working from home.

Thinking that remote work will soon fizzle out and is just a trend would be a grave mistake on any company’s part. Remote work has been around for a couple decades now, and it’s only gaining momentum. As such, not embracing change would deem you regressive and make you lose out big time.

Global Talent Pool

The advantages of remote work are prominent when it comes to hiring talent. A strong team is the main driver to the success of the firm. With the opportunities that remote work provides in this regard, it’s high time companies embrace it.

Tech companies across the globe are given the advantage of hiring from anywhere in the world through remote working. Not embracing this could mean that you are stuck with very limited talent resources, restricted to your location. 

Since employees can easily avail better opportunities from companies hiring remotely, they might not be willing to relocate to your location. Although the COVID-19 pandemic was a sudden change and the first time some people worked remotely, the majority isn’t keen on going to office again.

Retaining Employees

Employee retention is far better in companies that work remotely than their non-remote counterparts. Companies that have been fully remote for a while now have the best stats as far as employee retention goes. For example, Buffer, founded in 2010 has a retention rate of 94%. The same figures are reported by Zapier, founded in 2011. Both companies have been fully remote since inception.

Plus, companies are always at risk of losing their employees to other companies that allow employees to work remotely. Even if your company is able to hire talented people in a particular location, keeping them would be a tough task. A lot of employees are willing to take a pay cut if that means they can work remotely, so you’re naturally at a disadvantage if co-located.

Giving Your Productive Best

Working remotely has proven to increase productivity of employees. The flexibility of working at their own time allows employees to choose which is the best time to put in deep work. This then allows more work to get done in the same amount of time. 

As Parkinson’s law states, work expands to fill the time available to do it. Not giving employees the flexibility of picking their best time would mean that you are not completely utilizing the work hours and falling behind on productivity. At the same time, your remote competitors are taking full advantage of time. To keep up with them, companies would have to incur more expenses in hiring.

Using the Latest Technology

As a company, you’d want to stay updated and use the latest tech products to improve your processes. However, in recent times, digital products (at least the good ones) are being made specifically for remote workers. For example, Dropbox has implemented features to improve data security when working remotely. Google has also made changes to their workspace to facilitate remote work. 

With more and more tech products being made for and by remote workers, you’d soon be using outdated tech if co-located. If you do decide to use the latest products, then you’d be spending money unnecessarily on office rent.

Improved Delivery on Deadlines

As a consequence of quality employees and increased productivity in a remote environment, your delivery speeds would also improve. On the other hand, if you do not adopt remote work, you might end up losing clients. Given this, working from home is the only viable option.

Having more flexible times and a remote team could also mean that you are able to collaborate with clients internationally. Sure, you can do this by setting up multiple offices, but a distributed team is clearly the better option here. A better client base will result in quick growth for companies.

Finding the Best Investors

If you feel that after the pandemic ends, virtual work will also stop, you are mistaken. Remote working is here to stay and your company might soon be outdated.

Venture capitalists are always looking for the most promising companies. As such, not keeping up with the remote working trend would mean that you lose out on quality investments. Investors would be wary of investing in your firm as you have no contingency if at any point remote work is the only option (like in 2020) for firms.

Author Bio

Hrishikesh Pardeshi is the co-founder at Flexiple, a fully remote bootstrapped company with $2 million+ revenue. He’s passionate about remote working and has also built Remote Tools & Remote Clan.

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