Why Remote Work is Perfect for Startups and Here’s the Data to Prove It
With the Philippine president signing the Telecommuting Act this year, it’s no wonder the local startup industry is as vibrant as ever and more digital nomads are sprouting like mushrooms all over the country. Employers have acknowledged that working remotely will not pose problems in their respective operations provided that a stable internet connection is in place. For startups who are venturing for the first time in entrepreneurship, a remote staff may turn out to be the best alternative for you, and here’s why.
In 2017, the OWL Labs State of Remote Work Report stated that companies that resorted to hiring remote staff saw a 25% reduction in turnovers than those who opted for traditional office set-ups. The same report revealed that remote work is very ideal for startups in that it allows employees to work in more flexible hours and further fosters productivity.
Remote work offers a gamut of benefits that all lead to a win-win prospect for both companies and staff. If you have a business and you are pondering on whether or not to jump in the telecommuting bandwagon, here are some startup tips to ease you in on this trailblazing office culture plus the facts to prove them.
You can acquire more talent
Hiring the right personnel for the job is one of the major essentials for all startups. Fortunately for this type of office culture, employers find more opportunities to meet professionals through expanded networks and communities. You are not limited to geographic locations and you can even hire employees from out of the country via remote arrangements. According to the 2017 State of Remote Work Report, companies that allow telecommuting or Fully Distributed Companies hire their employees 33% faster than their counterparts. That’s four and a half weeks of the hiring process on average as compared to almost seven weeks for other companies.
You broaden your business perspective
Building a startup company is like thinking out-of-the-box and when you break through operational limitations, you likewise get to meet other people with perspectives that differ that of yours. This is a good thing if you want your company to develop innovations and apply efficient business models. A study by the London Annual Business Survey proves this correlation and states that the more diverse a startup company is set-up, the more it is likely to pioneer new ideas.
You build trust
From the birth of the remote work concept, productivity has been a major concern for employers in that they fear they cannot fully-monitor digital nomads who work for them. Even those who are in co-working spaces get some relief from micro-management and enjoy the flexible time. However, there’s nothing to fear as long as the trust is nurtured between employees and employers. It seems easy to say but most professionals do not appreciate minute-by-minute or even day-to-day work monitoring because it signifies the absence of trust. The first thing a startup should develop is a proper conveyance of expected results and clear-cut goals so that all employees understand what they need to do. Only when these concrete guidelines are established does mutual trust follow as proven by a study conducted by MIT Sloan Executive Education Department’s Dr. Peter Hirst.
You develop culture
Most startups begin as a relatively small team of professionals who are either working in modest co-working spaces or remotely, and aiming to make a difference in entrepreneurship. Developing office culture during these early stages works better for remote set-ups because it scales communication among the leaders and staff more efficiently. If your employees are situated in multiple locations, you should figure out how to establish a communication network that goes over the hurdles of time zones, distance, and technologies. Startups who are able to put effective communication channels in place will certainly find it easier to adjust office culture as they grow in size.
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