WFH Good for Company’s Revenue Growth: Study
The analysis of 554 public companies employing a total of 26.7 million people discovered that "fully flexible" organizations, which are either wholly remote or allow employees to select when they visit an office, increased sales by 21% on an industry-adjusted basis between 2020 and 2022.
WFH is Good for Company’s Financial Growth and Revenue Growth, a BCG Study revealed
A recent survey finds that companies that allow remote work grow revenue four times faster than those that require more stringent office attendance, adding fuel to the debate over productivity and performance in today’s workplaces.
When the COVID-19 epidemic was at its peak, corporations changed to a work-from-home configuration, and we all assumed that this would become the standard in the future. There are numerous studies that suggest that employees prefer working from home because it saves time and money on commutes and is much more viable.
However, when things began to normalize, many corporations began to require that their workers work from offices. As a result, several staff members have left their positions.
According to a new poll performed by Scoop Technologies and BCG, there is a direct association between company revenue and the possibility for employees to work from home. According to the poll, which was co-led by Boston Consulting Group, organizations that are flexible about their work policies have a higher rate of revenue growth than those that aren’t.
Despite the fact that the discussion over remote work will likely continue for some time, the findings of this new survey imply that organizations prepared to embrace remote work may have a competitive advantage.
The analysis of 554 public companies employing a total of 26.7 million people discovered that “fully flexible” organizations, which are either wholly remote or allow employees to select when they visit an office, increased sales by 21% on an industry-adjusted basis between 2020 and 2022.
In comparison, organizations with hybrid or wholly onsite workforces had a 5% increase. The survey, conducted by flex-work advisor Scoop Technologies and Boston Consulting Group, includes organizations from 20 different industries, ranging from technology to insurance.
To ensure that employers in higher-performing locations would not bias the findings, revenue growth was standardized against typical industry growth rates.
According to the survey, among the organizations that did need at least some office attendance, those who came in a few days a week increased sales at twice the rate of those who worked full-time. According to Scoop co-founder and CEO Rob Sadow, the greater growth rates for more remote-friendly organizations may be attributable to their capacity to hire faster and from a wider geographic area, as well as higher employee retention.
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