Numerous business leaders have wondered whether to return their employees to the office or stick to remote work. The office vs. remote work heating debate still continues, with advocates of both options listing numerous pros and cons.
But in times of upcoming crises when it’s critical to save money and cut costs so the predominant factor that can help business leaders get the definite answer to this burning question.
According to numerous surveys, the answer is clear: remote work is more cost-effective, saving you up to $5.000 annually. And this statistic refers to the office-based employees commuting only a couple of times a week.
Let’s dive into numbers and reveal more about how more flexible options like remote and hybrid work can save you money that you can invest in pay raises, bonuses, or advanced technology like project management tools and remote work monitoring software tools to enhance cross-team collaboration and productivity further.
Use Statistics to Get a Clear Picture
About one-third of 2,300 full-time employees surveyed said that their workplace is hybrid, meaning that they work remotely and from the office. This information shows that employees adapted to the changed workplace quickly. But hybrid work will evolve further, bringing new challenges along.
When it comes to hybrid workers’ expenses, commuting is on the top of this list with $15.11 a day, followed by lunch costs of $14 and breakfast and coffee expenses of $8.46.
Obviously, these expenses depend on numerous factors. Employees who prepare their food will spend less than those who order lunches. The same goes for workers who visit the office frequently and have long commutes.
Many other surveys show that commuting is one of the most significant reasons why employees prefer remote to office work. 75% of Millennial employees state that they prefer remote work because it saves them time and money.
Working remotely isn’t cost-effective only for employees. Business owners can have high costs by embracing and developing remote workplaces. They won’t need to pay office rent, property taxes, equipment, electricity, air conditioning, and other employee-related expenses.
Creating an effective and productive remote work environment can be challenging and demanding. Streamlining cross-team collaboration and communication can be one of the biggest challenges. You can achieve this by investing some money saved by abandoning office-based work in advanced technology like video conferencing tools, project management platforms, and remote work monitoring software.
Work from Home Increases Work/Life Balance
One of the main reasons why employees prefer fully remote work to work from the office is more free time they can spend with friends and family doing things they enjoy.
Almost 60% of surveyed employees believe that remote work is the key to increased work/life balance.
Increased productivity and the ability to stay focused and be more creative and time-efficient came in second with 49% and 51%, respectively.
Despite all these benefits, many employees would choose to work from the real office instead of the one they created at home ( 26%).
This is because the work from the office offers in-person communication and collaboration necessary for achieving effective results and completing complex, critical tasks. This is why almost 55% of fully employed Baby Boomers think that they prefer in-person brainstorming sessions in the office.
Humans are social beings and need to create meaningful relationships to feel satisfied and happy about their work. Numerous studies have shown that employees working fully remotely often felt isolated and cut off from the rest of the team.
So if you want to build successful remote teams, focus on inclusiveness, making sure that every remote employee feels welcome, heard and equally appreciated as their office-based peers.
The numbers clearly state that the traditional 8-hour office-based work is a thing of the past and that the hybrid option has gained significant traction for numerous good reasons. Besides unparalleled work flexibility and independence, remote work is cost-effective and will save you a lot of money.
And this factor is especially important in the midst of a financial crisis that the business world is experiencing at the moment.