As organizations reduce their office space needs, they can find significant bottom-line savings, as well. According to Global Workplace Analytics,iii U.S. companies could save between $525 and $665 billion per year through remote work policies. The savings comes as a result of lower real estate costs, less absenteeism and turnover, and increased productivity.
With the fight to combat climate change a goal from the boardroom and balance sheet, companies can also take advantage of positive PR from a lower carbon footprint thanks to WFX policies. In some cases where states such as Californiaiv have active carbon offset marketplaces, there can be real financial benefits for companies that reduce their carbon footprint from powering fewer facilities and data centers.
Fewer office-bound employees also means CIOs can spend less CapEx budget on technologies like legacy PBX upgrades, desktop phones, Wi-Fi access points, conference room A/V equipment, and a host of other expenses, such as tech support and security associated with running a facility full of people. Instead of giving these monies back to the business directly, these savings can then be spent on technology such as 5G network-capable routers, tablets, smartphones, and laptops that remote workers need.