Employee turnover is expensive. It can cost companies an estimated $15,000 to lose an employee, according to research from the management-consulting firm, Work Institute®. Fortunately, there are some simple ways to address employee turnover before it affects your bottom line. One of the easiest is allowing employees to work remotely and cultivating a culture of top remote workers. Here’s why:
Location won’t matter
Top remote workers leave companies for various reasons, and one common one involves moving to a new city. Allowing your team members to work from home, however, means they can keep their jobs, regardless of where they live. Most will do just that. Research from video conferencing company Owl Labs® shows that when employees aren’t required to live in a particular city or commute to an office, they’re more likely to stay with their current employer for the next five years.
Younger workers love it
Millennials make up the largest percentage of the workforce, according to the Pew Research Center®. But unlike older generations, they tend to prioritize work-life balance over salary and compensation. Some will even give up a raise or take a pay cut for benefits such as a flexible schedule, paid time off, better healthcare, and the ability to work from home.
It helps working parents
Remote work can give some employees more time to take care of their loved ones. These top remote workers tend to appreciate the freedom to pick up the kids from school or look after an aging parent during the workday. Allowing them to do so can improve the quality of their lives—so they’ll be more likely to stay at the company and remain productive.