Talent Pool Gets Deeper as Positions Go Remote

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The pandemic has forced employers to dip a toe into the waters of remote work.  And companies such as Nationwide and Facebook have decided to dive right in, noting the benefit of a wider talent pool when hiring.

Without the geographic limits of a physical office, companies can post remote job offerings to national and even global talent.  And this deeper talent pool is a win-win for business.

During the pandemic, 95% of Facebook’s employees switched to remote work, and Mark Zuckerberg estimates that half will continue to work remotely within the next five to 10 years, expanding Facebook’s presence in more cities (Jennifer Liu, CNBC).

Nationwide plans to permanently transition to a hybrid workforce model.  Aside from four main corporate campuses, most other Nationwide positions will transition to work from home.

Deeper Talent Pool= Significant Savings

If a company is no longer bound by geography, it is also no longer bound by the cost of living in that geographical region. For example, if your office is in New York City or San Francisco, you face very high expenses to employ people and rent office space.  There’s great talent in Cleveland, Columbus, Cincinnati, Pittsburgh, and other cities, often for a 20% salary savings.  Ankur Modi in Forbes states: “Due to convenience and ease of hire, employers often end up filling open positions within their city limits. This excludes thousands of qualified remote applicants who would otherwise be a good fit for the role. Sometimes the most qualified and hardworking candidate for the job is someone who is homebound by family responsibility or visa restrictions.”

Data shows that savings also come from increased productivity.  Modi continues, “Besides the immediate cost savings from maintaining a larger office space, remote work also benefits from enhanced revenue generated through increased productivity. All the collective hours lost with sick days, late starts and office distractions add up to a surprising dent in company revenue. In Nicholas Bloom’s 2-year study, companies reported an annual increase of $2000 in profit per remote working employee.”

More Candidates for Highly Skilled, Niche Positions

Having a deeper pool of applicants can be vital when looking for niche, highly skilled talent.  Despite the recent increase in unemployment, demand for technical skills remains high.  Manpower Group lists IT, sales, and marketing as the top three hardest roles to fill in 2020.

To find talent, some companies are switching to a gig economy hiring model, posting freelance or long-term contract work.   These project-focused positions may come at a higher cost per hour but save due to the lack of benefits.

 Remote Work Reduces Turnover

 

In 2017, Owl Labs reported data from its State of Remote Work report which surveyed over 1000 US-based workers.  One of its major findings showed that “companies that allow remote work experience 25 percent lower employee turnover than companies that don’t support remote work” (Greg Nichols, Robotics).  This is a surprising find since many workers thrive through face-to-face interactions. Perhaps increased digitalization helps maintain vital interpersonal connections.  Google Chat, Dropbox, Zoom, and Skype for Business help blur the lines between a physical office employee and a remote worker.

Ellen Carney, a financial services technology analyst with Forrester Research, believes work from home is more than a temporary adjustment for some employers. “This shift will stick, thanks to subsequent waves of the virus and if the inevitable recession is U —not V— shaped,” she wrote in a recent report. “Employers, big and small, are questioning whether being in the real estate business makes sense,” she added.

Artemis Consultants recruits highly skilled talent on a national level.  We provide visibility to talent coast to coast.  Let us help you dive deeper into the national talent pool through remote offerings.

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