A recent article published in Inc. declared that work-from-home arrangements are the “World’s Smartest Management Strategy,” highlighting the financial, competitive, and employee benefits of allowing employees to work remotely or from home (even if it’s just a few days a week).
That may sound like a stretch, but work-from-home, flexible, and remote work policies really are transforming businesses across all industries. Employees with flexible work options are more engaged, more productive, and healthier; not to mention the organizational benefits of embracing flexible work, including reduced turnover and decreased payroll and facility costs.
Here’s an excerpt from the article, highlighting one of the five reasons managers should consider implementing a work-from-home strategy:
It reduces attrition rates.
The cost of employee turnover is huge—far larger than most people, even managers, assume. Depending upon the study, recruiting, hiring, and training a replacement after an employee departs can cost up to two full years of that employee’s salary. Assuming, of course, you can find a qualified candidate—a difficult task in a hot economy.
In the Ctrip study cited above, the employees who worked from home reported “much higher job satisfaction” and “quit at half the rate of people in the office,” a result that Bloom said “was beyond what we anticipated.”
In addition to lowering your attrition rate, a work-from-home policy can make it easier to recruit new employees. This is especially true for millennials, according to a 2018 study at the University of Akron, which found that “41 percent of them state that they prefer communication via electronics as opposed to in person or over the phone.”
Working in Sococo allows you to embrace the flexible work revolution while maintaining the ad-hoc communication, synchronous collaboration, and sense of presence that you get in a physical office. Learn more about Sococo here.
Read the full article here.