Remote Working: Sell the Office, Save on Costs, and Increase Employee Happiness

Remote work and working from home were, initially, quite big shocks to the system for many workers. Around the world, people suddenly didn’t have to go into work in 2020. However, it didn’t take long for the benefits of remote work to be fully appreciated once offices got up and running again.

You could look at it from the angle of costs. You could delve into employee happiness. Or, you could review it in regard to our efforts to become more sustainable. Either way, remote work makes a lot of sense on paper. However, by 2023, less than 10% of US workers had a fully remote job.
Looking at the figures, it only makes sense for this figure to grow.

Making money and saving on costs

The most immediate obvious cost saver of remote work is the lack of an office. If the business has purchased a building or an office space, it can quickly sell up without fees to get more cash into the system. If you use online estate agents, you can avoid commissions and fees usually charged by traditional high-street estate agents.

So, using the hassle-free path to selling will inject some cash into the business. On top of this, upkeep costs will be erased. A business may later decide that in-person meetings on important matters are needed. For this, there are plenty of short-term or just-for-the-day office spaces and rooms for hire.
Immediately, a huge drain on resources is gone. In fact, businesses that switch to formats of remote work options end up saving as much as $10,000 per remote-working employee. It’s not just the business that saves, either. Without the need to go out to buy food or commute, hybrid remote work can save an employee up to $6,000.

Going fully remote can save an employee up to $12,000 per year. It’s a lot of money, and it is noticeable. Even keeping an office space but allowing for some remote work will reduce costs all around. Employee productivity studies typically find gains. As such, implementing remote work can both save on costs and increase the cash produced.

Increasing employee happiness

A flexible remote work policy can create more profitability. This is thanks to the costs saved, but also the productivity boosts. The increased productivity can come from many aspects. Chief among them, however, is the increased levels of happiness. A lot of the time, this boost comes from a better work-life balance.

Additional job satisfaction also comes from employees saving money. In turn, they’re essentially earning more money whenever they work from home. Figures suggest that as many as 98 percent of workers now want at least part of their weekly routine to feature remote work.

Nearly four in five Canadian employees go as far as to say that they prefer working from home. As everyone’s different, a hybrid system can be a good way to get started and test the waters. A sudden switch risks making some employees unhappy. Still, almost everyone takes the opportunity to work flexibly when offered.

Remote work should be an obvious win-win for everyone. So, more businesses should seek to embrace some form of the format.