The ROI of Remote Work Productivity
Measuring the ROI of remote work productivity means having the right software, hardware, and team members to ensure remote work can be done effectively.
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Remote workplace ROI is the productivity of remote workers versus that of office-based employees. This productivity is measured in terms of revenue, customers served, productivity, and other factors.
ROI increases with remote productivity because the more productivity, the fewer costs that are incurred by an organization while performing similar tasks on-site or in-office.
Because of this direct correlation between productivity and cost savings, organizations are beginning to recognize the productivity benefits of having a remote workforce.
ROI: A Result of Improved Productivity
Those in favor of remote work productivity believe that productivity is increased while working remotely. This is largely because there are fewer distractions and less noise while working in a remote environment.
Working remotely also removes the commute time associated with going into the office each day. Additionally, it potentially reduces stress levels by reducing the number of meetings and other non-productive tasks that come with being in the office. After all, people are less likely to be distracting if they’ve got to do it via a messenger function.
However, productivity can be lost when remote workers are not given clearly defined goals and tasks. This is becoming less of an issue as project management software tools have advanced to facilitate productivity in a remote working environment.
According to studies on productivity by Stanford University, productivity increases up to 20% for some employees working remotely each day, while productivity decreases around 10% among others who typically do not work well remotely.
For this reason, managers must consider the productivity differences between different types of employees when determining if their organization should go 100% remote or keep some offices open.
What Do Remote Workers Gain?
Remote workers gain autonomy and flexibility when performing tasks remotely instead of in an office setting. This is because they can work at their own pace with fewer distractions in order to get more work done.
Another benefit is that remote workers enjoy increased productivity because there are fewer distractions and noise interfering with their productivity. Lastly, remote workers enjoy greater productivity because they do not have to commute as much as those who work in the office every day.
How to Track Remote ROI
Remote productivity can be tracked in a number of ways. For example, productivity can be gauged by comparing the output of remote employees with that of on-site employees.
In this case, productivity is measured against goals set out in advance and agreed upon by management and workers.
Another way productivity can be tracked is based on the number of tasks completed per hour or per day. For example, productivity is measured by comparing the number of tasks completed with that of a job detail sheet divided up into hours during a workday.
4 Ways to Measure the ROI of Remote Work Productivity
There are a few key metrics you can use that will help to measure the ROI of the remote workplace. Four of those are:
The degree to which a platform or technology is accepted is always influenced by engagement. In other words, when using software tools to improve productivity and ensure projects are being completed on time, measuring how your team is using the software will help you see the value in remote working.
For example, when using project management software, seeing how well everyone engages with everything the software offers will be a good indication of its efficacy. The more team members get out of a key piece of software will be a key metric in showing the ROI of remote work productivity.
Users on each platform adapt to it at different paces. Those team members who adapt quickly can be utilized as influencers or pioneers in the workplace who spark others' interest.
As well as helping people adapt to the platform faster, influencers help everyone get up to speed and comfortable using the new software.
Having these team members who positively influence others around them may be one of the elements to a successful ROI.
3. Sales and Customers
The aim of any business is to get new customers. Your digital workplace must be efficient and effective enough to assist your sales team in closing as many deals as possible by making information readily accessible in order to provide a fantastic client experience and encourage sales.
Check to make sure your sales team has the confidence to get access to any information at all times. Has having a remote workforce resulted in more sales and improved client happiness? Then this is included in the ROI of remote work productivity.
4. Reduced Infrastructural Costs
The cost of office space and amenities has traditionally been one of the main fixed capital expenditures in traditional offices. With the advent of on-demand services, a significant portion of this expense is excluded from company costs.
These lower operational expenses might help to pay for other essential procedures in the budget, such as project management software, and any additional hardware team members may need.
How to Measure ROI of Remote Productivity From an Employee Point of View
So far, we have looked at the financial return on investment for remote work, and why the productivity of remote workers is—statistically speaking—higher and therefore better for a business. But what about internally?
3 Ways to Measure the Value of Your Remote Worker’s Productivity
There are many ways you can measure the value of your remote worker’s productivity, here are three of the most effective methods:
1. Place Value on Output Not Hours
It’s easy to mistake the number of hours worked for productivity. In terms of value, however, it’s more important to look at how many tasks are completed and completed well.
That’s why you should be less worried about tracking hours, and more focused on tracking tasks completed. This results-orientated approach is better for your employees and for your bottom line.
After all, you don’t want staff focusing on how much time they’re at the desk. It’s better they focus on completing tasks and projects to deadlines, as meeting deadlines is—obviously—more important than how many hours spent at the desk.
2. Embrace the Tools
There is a wealth of software tools available to help manage and track employees’ productivity. More importantly, there are tools that can help teams be just as collaborative as if they were in the office.
Using software tools to improve communication, goal setting, task management, and project completion can help improve remote work productivity which, in turn, improves the ROI of remote work productivity.
3. Set and Communicate Goals
Having direction is vital to success in business. When you break down your projects and goals into task lists, it becomes simpler to track and less time-consuming for everyone involved.
Goal setting by breaking down a project into a task list means everyone can spend less time thinking about what to do next. Instead, have a clear idea of how long each task will last, and how important it is in the grand scheme of things.
This helps prevent any confusion and ensures tasks are completed on time and to specifications.
The ROI of Remote Work Productivity
There is nothing wrong with keeping track of your remote workers. In fact, it would be remiss of you not to track their progress and their productivity, because that’s exactly what you would be doing if they were in the office.
Tracking the progress of your remote workers, while also giving them the best tools for success, is a vital part of ensuring a good ROI from your remote workers. It’s something you need to continually assess to ensure remote work productivity remains at a healthy level.
This not only ensures your team members are doing the best possible job, but it allows you to see ways in which you can help them improve. Also, there’s the added benefit of accountability.
If a team is working together on a project can see what each other is working on, it will motivate people to hit their deadlines. After all, no one wants to be that guy who lets everyone down. You can not only measure the ROI of remote work productivity, but you can also greatly improve it.
Published at DZone with permission of Vicky Pham. See the original article here.
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