The way we work is changing. Advances in technology are making it possible for more and more people to work remotely, either from home or a coworking space. And this shift comes with several benefits for both businesses and workers.
On the business side, remote working can help promote creativity and collaboration while reducing overheads. For workers, it can provide greater flexibility and a better work-life balance.
According to a study by Global Workplace Analytics, the number of people remotely working grew by 115% in the past decade. And it’s not just freelancers, and digital nomads who are making the switch – an increasing number of large companies are allowing their employees to work remotely, too.
There are several reasons remote working spaces can benefit businesses and workers. Let’s take a look at some of the key benefits.
- Reduced overheads
One of the biggest advantages of remote working for businesses is that it can help to reduce overheads. If your employees work remotely, they won’t need office space, and you won’t need to furnish and equip an office. It can help to save you a significant amount of money.
There’s a global trend towards coworking spaces, shared office spaces that remote workers can use. For instance, in Hong Kong, there are now more than 100 coworking spaces, and the number is growing. This trend is because businesses can save money using these shared spaces, as they don’t need to set up their own office.
You can find a coworking space in Hong Kong that suits your budget and requirements. The price of a coworking space varies depending on the location, facilities, and services offered. For instance, some coworking spaces offer private offices, while others offer hot desks, which are shared desks that anyone can use.
- Improved creativity and collaboration
Working together in an office can develop new ideas and solve problems more effectively. However, this isn’t always the case when people work remotely. It is because remote workers can often feel isolated from their colleagues and may not have the opportunity to brainstorm ideas or collaborate on projects. Also, they can miss out on the serendipitous moments that often lead to new ideas, as they’re not in the same physical space.
However, coworking spaces can help to address this issue. It provides an environment that encourages creativity and collaboration. When people work in a shared space, they have more opportunities to interact with each other and exchange ideas. Also, the physical environment of a coworking space can promote creativity. For instance, some coworking spaces have games rooms and foosball tables to help people relax and have fun.
- Greater flexibility
For many workers, the biggest benefit of remote working is flexibility. With remote working, you can often choose when and where you work, making it easier to fit work around your other commitments. For instance, if you have young children, you may want to work during the day at school or in the evening after they go to bed. You can also take advantage of working from home to save time on commuting.
- Better work-life balance
A study by Stanford University found that employees who work from home are more productive and have a better work-life balance. It is because they can spend more time with their family and friends and don’t have to commute to and from work. Remote working can also help to reduce stress, as you don’t have to deal with office politics. However, it’s important to make sure you take breaks and disconnect from work when you’re not working, or you may find it difficult to switch off.
- Increased motivation
When people feel they have more control over their work, they’re often more motivated. With remote working, you can usually choose when and where you work, making you feel more in control of your work-life balance. You may also feel more motivated to work if you’re working in a place that you enjoy, such as a coffee shop or a coworking space.
- Access to a global talent pool
You may need to look beyond your local area to hire the best talent. With remote working, you can hire employees from anywhere in the world. It gives you a much larger talent pool and a great way to find employees with the skills and experience you need. Most importantly, you can hire employees who share your values. In addition, you may save money on salaries, as you can hire employees from countries where the cost of living is lower.
- Improved retention rates
Another benefit of remote work is that it can help improve retention rates. Employees who work remotely often have a better work-life balance and are less likely to leave their job because of burnout. Also, suppose you have a good remote working policy. In that case, it can be a great recruiting tool, as it will attract employees who value flexibility.
- Reduced environmental impact
Remote working is a great option if you’re looking to reduce your business’s environmental impact. It is because it can help reduce the amount of commuting that employees do and the amount of office space you need. Also, suppose you have employees who work remotely. In that case, you may be able to reduce your carbon footprint by using video conferencing instead of flying them in for meetings.
- Access to a larger market
If you want to expand your business, remote working can help you reach a larger market. It is because you can sell your products or services to people worldwide without setting up a physical presence in each country. Interestingly, this is something that many small businesses are already doing.
- Increased productivity
There are several reasons why remote working can lead to increased productivity. For instance, employees who work from home often have a better work-life balance, making them more productive. Also, they can choose when and where they work, which can help them focus on their work. And they can avoid distractions from colleagues and the office environment.
There are many benefits of remote working for businesses and workers. Remote working can promote creativity and collaboration, and it can also lead to increased productivity. It’s a great way to attract and retain employees and help you reach a larger market. Remote working is also a great option if you’re looking to reduce your environmental impact.