Companies struggling with high employee turnover may benefit by considering remote work options, with recent research revealing advantages for both employees and employers.
Owl Labs’ 2017 State of Remote Work report, put together with support from TINYpulse, shows that companies that allow remote work experience 25% less employee turnover than companies that don’t.
“This is great news — we now have evidence that if a company leans into their employees’ interest for more flexibility, it will also be extremely beneficial for the company. What’s better than that?” the Owl Labs team said in a blog post.
The report, drawing on data from 1,097 US-based respondents across all company sizes and industries, also shows that 52% of employees work remotely at least once per week, while small companies are two times more likely to hire full-time remote employees.
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According to the report, 51% of employees who work remotely do so to improve their work/life balance.
Among employees who don’t work remotely, 48% stated that they would like to do so at least once a week and 17% at least once a month.
For those those who didn’t express a desire to do so, 57% said it was because the nature of their job wouldn’t allow it.
Companies that have gone fully remote also have an advantage when it comes to filling positions, with the report showing that they can hire new staff 33% faster than other companies.
Remote workers, meanwhile, stated their biggest challenge is staying in the loop, with 48% missing conversations and 40% missing celebrations the most.
Recent research has also pointed to potential productivity benefits for companies that employ remote workers.
As outlined at TED, research conducted by Stanford University economics professor Nicholas Bloom shows companies could not only benefit from a reduction in costs associated with office space, but also see improved productivity from employees who work from home.