According to a new report by Remote, an HR platform that supports distributed workforces, more UK businesses are losing their employees to companies offering flexible working arrangements.
In the last six months, 72 percent of UK hiring leaders have reported that staff left for companies offering flexible working options such as remote and flexible hours. Also, 84 per cent of UK companies report an increase in employee requests for greater flexibility.
Based on a survey conducted by over 4,000 leaders of businesses in 10 countries, 500 of whom are from the UK (including the UK), this report shows that flexible working models fuel business growth. In the UK, 81% of businesses have increased their workforce in the last year. Similar growth was reported by the U.S. (72%), and Germany (86%). Companies offering hybrid working arrangements hire at a higher rate. 87 percent are actively recruiting, as opposed to 82 percent for those who require office-based work.
Flexible work boosts productivity
Flexible work arrangements have clear advantages for companies competing to attract top talent. The majority of office-based companies report having a harder time finding qualified candidates. 43 percent struggle to recruit, as compared to only 33 percent for remote-first businesses. Due to their flexibility, remote businesses also experience lower employee turnover (30%) as well as an expanded talent pool (28%).
Remotely-operating companies benefit from improved productivity (38%), as well as better business performance (32%). These findings are in contrast to the position of high-profile companies that have recently reintroduced office mandates citing productivity concerns.
The report highlights that 40 percent of businesses believe remote working improves employee satisfaction, while another 40 percent emphasise its importance in achieving a bettera href=”https://www.cipd.org/uk/topics/wellbeing/?gad_source=1&gclid=Cj0KCQjw3vO3BhCqARIsAEWblcCmhPIX1QK8BjrvgefqQj4t2Xd38qv_ Report highlights that 40% of businesses believe remote work improves employee satisfaction. Another 40% emphasize its importance to achieve a better balance between work and life.
Remote Work Challenges
Businesses still have to overcome challenges in managing distributed teams, despite the obvious benefits of flexible working. The challenges that are cited include compliance with international labor law (65%), managing remotely located teams (80%), as well as higher technology costs (79%). However, 72 percent have reduced their office space by adopting hybrid or remote models.
Job van der Voort is the CEO and cofounder of Remote. He said, “We are just starting to write a playbook for remote work.” Flexible work has many advantages over the challenges. We believe that distributed work leads to a more fair and balanced business environment.
