Remote work will continue to be a workforce trend heading into 2023. A McKinsey study released in the first quarter of 2022 showed that eighty-seven percent of American workers chose remote work when they had the opportunity. Over the course of the year this trend has not budged, as ninety percent of tech companies recently said that they are turning back to remote work to cut costs. Another leading indicator that this workforce trend will continue on is the Business Insider report that showed that downtown office occupancy rates are still down – they have fallen from ninety-five percent occupied pre-pandemic to forty-seven percent, nearly two and a half years later.
This leaves small businesses between a rock and a hard place. They are currently in desperate need of talent, accounting for eighty percent of all job postings, while also competing for talent against major tech corporations who are casting a wider net for talent through remote work.
Here are three reasons why small businesses should list remote positions in 2023.
1. Culture over location
According to G&A Partners, the average price to terminate an employee is about fifty percent of their annual salary. For some positions, it can be up to one hundred percent of that employee’s annual salary – or more! Finding the right hire for your company is an extremely important business decision.
Remote work gives small businesses the opportunity to connect with the right talent, even if they aren’t in the local area. The RedBalloon team has recommended many of their companies to consider culture over location wherever possible if they are struggling to find the right talent.
2. Wider pool of potential candidates
In October, half of the job applications submitted on Linkedin were too remote positions, while only making up fifteen percent of listings, according to the Washington Post. If a small business lists a remote position; it would have a wider pool of candidates to select from.
3. Remain competitive in a tight labor market
According to Owl Labs, eighty-six percent of workers said that having the ability to work from home - at least some of the time - would increase satisfaction at work. Simultaneously, eighty-two percent of company leaders plan to let employees work remotely sometimes, according to Gartner. Remote work is more than just a pandemic trend – it is becoming a workforce reality. Whether or not small businesses have posted for a remote position in the past, they should consider it moving forward to remain competitive in the talent market.
Remote work is more than just a pandemic trend – it is becoming a workforce reality.
All that being said.
While remote work can be a blessing for all involved, we strongly encourage companies to consider hiring in person or offering to relocate a new hire, as it is the best way to build a productive, healthy company culture.
That is why thousands of companies come to find talent on RedBalloon.work - they are looking for the right talent that will be with them for many years to come.