Over the last few years, flexible working has grown more and more popular. COVID-19 meant that people got used to arrangements like remote work, work from home, and hybrid work. This had a significant impact on employees’ happiness and well being, which ultimately serves your business too.
But if you’re the one running a small business, you might not be sure that flexi-work is a good choice. That’s why we’ve gathered 7 benefits to show why you should offer your employees flexible work options.
Differentiate your business
It’s a jobseeker’s market right now, but small and medium businesses often find it hard to compete with big enterprises, which have perks like free coffee, in-office relaxation rooms, and happy hours.
But flexible work conditions can differentiate your company and attract great employees to your business. Since COVID-19, many people have reset their priorities. They don’t want to work all hours for a fat paycheck. They prefer a workplace that respects their capabilities and supports a better work-life balance.
Raise employee productivity
When you give your employees the flexibility to work from home or work flexible hours, they can often work more efficiently. For example, night owls can get their work done in the evenings and late at night, when they can concentrate better, but morning people can work early in the morning when they have more focus. This way, everyone is more effective and gets more done during their work hours.
With Payoneer, business owners can easily transfer funds to remote workers across the globe, via bank transfer, or debit / credit cards, all at highly competitive exchange rates.
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Lower employee turnover
Employee retention is another worry for small business owners. Big enterprises might poach your best workers because they can offer a bigger salary. But flexible working arrangements can create a happier workplace with more satisfied employees, who are far less likely to move to your competition.
Flexible working conditions are especially important for people with children or who look after older relatives. Many people, particularly women, drop out of the workforce entirely to look after young children or aging parents. Flexible work means that they can keep their job and still care for their loved ones.
Reduce your overhead costs
Flexible working arrangements can also help you lower your regular expenses. When you allow employees to work from home or work flexible schedules, you’ll need less office space. That means lower rental costs, less outlay on office equipment like office chairs and desks, lower utilities bills, and can cut other expenses associated with traditional office environments. This can help SMBs save money, and you can reinvest those savings into other areas of the business.
With Payoneer, business owners can easily transfer funds to remote workers across the globe, via bank transfer, or debit / credit cards, all at highly competitive exchange rates.
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Boost employee engagement
When employees feel that you trust them to manage their own schedules and workloads, they are more likely to feel satisfied with their jobs and committed to their employers. This can lead to higher retention rates and a more positive workplace culture overall.
Flexible working arrangements can also improve employee health and well-being, because they feel in control of their working life. Remote working cuts the time and stress of commuting, so employees can spend less time on the road and more time doing things they enjoy. This can lead to reduced absenteeism, increased productivity, and employees who are more engaged with the business.
Hire the best talent
Remote work means that you aren’t limited to hiring employees who live near your business. You’re free to hire the best talent there is, even if they live in a different city or a different country. It also helps you compete more effectively with larger companies who are trying to grab top talent.
Remote working is especially important for business owners who live in rural areas that don’t have a large working population on the doorstep. You might find it difficult to find someone with the right techie skills or marketing expertise in your small town, but flexible work means you can hire an expert in India, Indonesia, or Indiana, no matter where you are located.
Increase environmental sustainability
Sustainability is a big buzzword for businesses today. Consumers prefer to buy products and services from sustainable companies, and younger employees choose to work for sustainable businesses instead of those with a bigger carbon footprint.
When you offer flexible work conditions, you can lower your business’ environmental impact and boost your reputation as a planet-friendly company. Remote work means that your employees don’t need to commute to and from the office, which reduces their carbon emissions.
Paying remote employees easily, efficiently, and at low cost
With Payoneer, business owners can easily transfer funds to remote workers across the globe, via bank transfer, or debit / credit cards, all at highly competitive exchange rates.
Our easy-to-use platform for managing business payments helps you save time and streamline your financial operations while also giving you peace of mind knowing that your remote workers are receiving their payments quickly and securely. Read more about paying remote workers.
Remote work can be a smart business move
Offering remote and flexible work conditions can bring a lot of benefits for small business owners, including increased productivity, retention, and employee engagement, and a significant competitive advantage. The business landscape keeps changing, but SMBs that embrace flexibility are likely to attract and keep the best talent, helping them continue to thrive.