Article | May 7, 2020
As part of its transformation to make it the most digital and customer-oriented global company in our industry, Manulife today announced the consolidation of its wealth management and assets for institutional and personal clients and related to pension plans under a single new brand: Manulife Investment Management. These activities were previously carried out under several brands and by separate units in different markets. Manulife Investment Management now brings together its wealth and investment management expertise in these three complementary lines of business under a single brand in America, Asia and Europe to better serve investors around the world.
Article | November 12, 2020
The concept of remote work has been an alluring one in modern workspaces. A quick search on Google Trends shows that terms like remote work, work from home, and telecommute have steadily gained more interest from early 2000s and peaked during the height of the pandemic in March 2020.
The rising popularity of remote work has made employees take note too. As working from office became impossible in early 2020, over 90% of global businesses moved base and switched to remote mode. But is it only a solution for the pandemic or are there other benefits of working from home that you need to consider even after the pandemic has left the society? Before that is explored, take a look at where it started.
A History of Remote Work
Believe it or not, remote work is the default state in which humans worked before the industrial revolution. Only few people like ministers, clergymen, and royals would go to a separate place of work. Others like the potters, blacksmiths, jewellers, and cobblers worked outside their houses all day and knew the benefits of WFH.
As the industrial revolution took place, factories and industries were set up. And people started ‘going to work’. This was a big shift from the traditional money-making practices. As modern offices started showing up in the ‘60s, people became more acquainted to the ‘offices’ as we know them today. But still, the biggest game-changer was the invention of internet.
As technology developed with the help of internet, services like WiFi became widely available and allowed people to work from anywhere with the new found connectivity. The preference for remote work grew slowly and steadily as people started seeing the benefits of WFH, but remote work was catapulted into fast drive as the pandemic hit the world this year in 2020.
Benefits of WFH for Employees
Working from home is one of the most appreciated perks at a job as per a survey conducted by Fractl. There’s no doubt that employees covet the idea of remote work but it is not just a matter of convenience. According to a recent study by Stanford, there are also various benefits of working from home for the employees.
Higher Job Satisfaction
The best thing about working from home is that remote work offers a lot of flexibility to your employees, which is impossible to achieve when working from office. Employees are responsible for their own productivity, they aren’t worried about their superiors watching over their shoulders, and most importantly, they still have time to have a life outside of work. All of this adds up and results in higher job satisfaction among employees. A satisfied workforce is one of the strongest benefits of WFH.
Commuting takes a big chunk out of people’s expenses. Even if your employees use public transport, working from home will save them a significant amount of money. Among other benefits of WFH, as there is no need to step out every day, expenses on food, clothing, cosmetics, etc. will also reduce significantly. Fewer expenses mean more disposable income for your employees, and who doesn’t want that?
Better Work-life Balance
Working from a place of convenience allows you to take care of a lot of small things that you wouldn’t be able to do in an office. For example, taking care of a child while working, preparing a healthy meal, getting in a quick workout in the break time or even just closing your eyes and enjoying music for five minutes are all great benefits of WFH. The WFH experience offers a good worklife balance than otherwise.
As employees save a ton of time on commute, meetings, and even obligatory niceties, all the time that they put into work is now productive. According to a Flexjobs survey, 65% of the respondents mentioned that they’re more productive in a remote environment over an office one and see it as one of the primary benefits of working from home. Moreover, time dedicated to work, is solely utilized for work as employees feel more responsible for their performance when working from home.
Lower Stress Levels
Many studies have found that working from home can impact stress levels positively and reduce them. Experts believe that the reason for this may be associated with working in a familiar and comfortable environment. Benefits of WFH like lower stress levels affect efficiency and creativity at work. A laid-back employee will be able to offer a lot more than a stressed one.
Benefits of a WFH Policy for Employers
So yes, a WFH policy is great for the employees and is widely preferred. But what’s in it for you? With the exception of government mandated remote working, why should you offer WFH? This employer’s guide may help explain the details.
The truth is that there are just as many, if not more, benefits of working from home for the employers. Remote work, even if partial, can give you a big edge when it comes to productivity, competition, as well as employee retention. So what are these benefits of WFH?
Space Optimization and Cost-savings
As many companies have noticed, expenses have gone down significantly during the pandemic. The cost of office spaces is one of the obvious ones. But there are utilities, snacks, stationery, toiletries, cleaning supplies and a lot more that you save on when you offer a WFH policy. IBM alone has reportedly saved over $100 million in snacks since they started their WFH policy.
This is not the only benefit of WFH, partial WFH can help you optimize your office spaces and let you use techniques like hot desking that’ll help you reduce costs as well as let you use office space efficiently.
With all these feel-good effects and several other benefits of WFH, it is no wonder that employees stay longer with organizations that offer remote working opportunities, even partly. According to Global Analytics Workforce, over 72% of employers stated in a survey that remote working opportunities greatly impact employee retention. And it is no secret that the longer an employee stays with a company; the more loyal they are to it.
One of the biggest benefits of a WFH policy is that you get to pick your team from across the world. There are no location specific restrictions and you can hire the best members for your team without having to compromise too much on your budget.
Progressively more companies are now open to hire for completely remote positions from across the world as they see this as an opportunity to improve the quality and diversity of their teams.
There are several surveys and studies, including institutions like Harvard, which have found that remote work improves productivity in employees. There can be several reasons for the improved productivity such as fewer distractions, little or no commute, and comfortable environment. But whatever may be the reason, if you want to switch the gears on your operations, you may want to consider the benefits of WFH on productivity.
Absenteeism is a big problem when it comes to working in a team, especially if the project requires multiple collaborations. A large amount of absenteeism is tied up to logistical or minor issues such as vehicular breakdown, sudden change in childcare routine, or a minor sickness.
As all of this can be easily averted when working from home, employees prefer not to take leaves for minor issues. When working remotely, there are fewer logistical errors, household responsibilities can be tended to simultaneously, and minor illnesses don’t bother them too much in a comfortable environment. This leads to a more planned workday, and higher availability of employees which all adds up to the several benefits of WFH.
Longer Working Hours
At this point, it might seem like a stretch that there are so many benefits of WFH. But studies have shown that when employees work from home, they put in extra hours. It could be the result of KPIs switching from punctuality to results. But whatever the reason, employees are willing to put in more effort and longer days when given the chance to work remotely.
Several companies like Twitter and IBM have made headlines with their lenient WFH policies. IBM has been offering remote working opportunities for years now, and Twitter recently announced that it will allow its employees to work from home as long as they want even after the pandemic has subsided.
Just a minor change in the policy has earned Twitter a ton of goodwill, and no doubt the preference of potential employees. That’s how powerful remote work can be as a tool. A good WFH policy can bring you good PR as well as great candidates for future positions.
Better for the Planet
Business operations aren’t just costly, they are also a big source of carbon emissions. From the daily commute of all your employees, to the electricity consumed and toilet paper used, your office has a deep impact on the planet. In fact, the highest source of greenhouse gas emissions in the U.S. is the burning of fossil fuels for electricity, heat, and transportation.
When you switch to a remote mode, you lower the emissions for your organization by a considerable amount. It may be a small percentage globally, but every drop in the bucket counts and is an added benefit of WFH that you can use by adding this to your branding.
Frequently Asked Questions
What are the pros and cons of working from home?
No hiring restrictions
Feelings of disconnect
Very little contact with co-workers
Why is work from home good?
There are several benefits of working from home including a better work-life balance, improved performance, lower stress levels, and higher efficiency.
How does working from home benefit a company?
Organizations see a big improvement in employee relations as employees are happier, more satisfied, and more efficient when working from home. Another benefit of working from home for the company is the reduced costs.
Article | July 30, 2020
Learning used to be available and consumable in one major flavor - as in-person classroom instructor-led training (ILT). Today, ILT is one of a growing number of learning styles organizations offer their employees, including: virtual instructor-led training (VILT), on-demand learning, social learning, self-directed learning, and micro- learning where training is served up in bite-sized pieces of content. Looking ahead, augmented reality and virtual reality are exciting avenues to provide more immersive types of learning once those technologies and any required additional hardware become cost-effective.
Article | November 30, 2020
Drafting a WFH policy is not an everyday task, and therefore, you may need a bit of help when getting started. There are several approaches to drafting a WFH policy but Deck 7’s BDA guide is an efficient and unique approach to the process.
What Is the BDA Guide
Deck 7’s BDA guide is an organizational method that allows you to break down any process into three parts—before, during, and after. Once you break down the process in this manner, the smaller goals become clear and achieving any task becomes a lot easier.
This approach works really well for WFH policy drafting, as the policy itself needs to consider several elements and there is a lot more to the WFH policy than just the document. Use this employer’s guide to direct your policy drafting efforts and enhance the overall experience.
Before: Key Elements of a Work from Home Policy
This is the first part of drafting the WFH policy. Before you start drafting the actual policy, you need to start by planning. And planning the policy requires you to determine the key elements of the policy. These key elements may differ as per the organization, industry, or geographic location. But there are certain elements that remain uniform and necessary:
The purpose or objective of the WFH policy
Eligibility of the employees for WFH policy
Duration of WFH for employees
Mandatory requirements for working from home
Work timings and shifts
KPIs for remote employees
Security and confidentiality
There are several other additions you can make to the WFH policy such as communication procedures, compensation and benefits, break timings, dress codes, and more. The key is to tailor the WFH policy to your needs. Once you have all the key elements that you need for the policy, you can move on to the next step.
During: How Do You Draft a WFH Policy
There are a ton of guides on what goes into a WFH policy, but none that talk about the actual process of drafting it. Bigger companies usually outsource this process to their legal team or an individual contractor. But if you are just starting out or your organization is relatively small, chances are that the process of drafting the policy has fallen upon your shoulders. For your convenience, the drafting process can be broken down into smaller parts:
Finalize and arrange the key elements of the WFH policy into appropriate order
Start with one element at a time, for example – the objective of your WFH policy
Fill in the details for each element – explain the objective of your WFH policy in detail, answer why you want to have a WFH policy, and what do you expect to achieve from it
For each element, ensure that it is complete with the necessary details including procedures, expectations, obligations, requirements, and contact information if necessary
Proofread the entire policy document, once all the elements are covered
Add an acknowledgement at the end for employees to sign when they receive a copy
Ensure that the language is crisp, clear, formal, and error free
If needed, get the document approved from the necessary authorities
Print the document on the organization’s letterhead, and you’re ready to go!
If you need a quick start, you can take a look at HR Report's WFH policy template.
After: How to Implement a WFH Policy
The last part of drafting the WFH policy comes after the actual drafting. This is where you need to implement and execute the WFH policy. Implementing the WFH policy comes with several challenges that arise during working from home and aren’t apparent beforehand. If you simply hand the policy document to the employees and expect them to read and follow it, there will always be shortfalls in the process. In order to implement the WFH policy well, there are a few measures that you can take:
Once the policy is drafted, conduct a company-wide meeting to discuss the policy and its implications
Send an email with all the detail related to the WFH policy to all the employees in the organization
Communicate the expectations of the organization clearly, do not leave anything up for assumption
Update all the managers regarding their role when it comes to WFH
Ensure that all updates to the policy are communicated multiple times over different channels to everyone in the organization
A good plan, a succinct document, and effective communication will ensure that your WFH policy is well drafted as well as successfully implemented.
Frequently Asked Questions
What is a work from home policy?
A WFH policy is a document that details the provisions and protocols when employees of an organization work remotely or from home.
What is the objective of work from home policy?
A WFH policy is drafted to offer flexibility to the employees. Usually, the objective is to ensure safe and effective work practices, no matter the location.