It’s not just the B2B industry that has begun favoring remote working – businesses across the board soon realized that remote working was perhaps a more viable option than previously thought. Pre-pandemic, only 14% of people worked remotely within the last ten years, increasing to 21% in the last five years. Post-pandemic, 55% of respondents to the same survey now work remotely.
What’s interesting, however, is the B2B industry was very much not remote and centered around business meetings and in-person operations. Nowadays, there are numerous reasons why remote working suits the B2B industry. Let’s explore.
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Buyers Don’t Want Interaction
Although there is still around 27% of buyers prefer face-to-face interactions, the majority of buyers prefer a hybrid model, remote interactions, or no interactions at all. What’s more, Gartner predicted that by 2025, 80% of B2B sales interactions between buyers and sellers are likely to occur in digital realms. McKinsey & Company also found that, in 2021, two-thirds of buyers opted for remote service or digital-self serve options.
Interestingly, however, buyers are now utilizing omnichannel more than ever before. It’s essential to remember one of those omnichannel is in-person meetings, but the rest are digital platforms and ways of communicating. McKinsey also found that hybrid sales models that still facilitate in-person meetings are essential, but that doesn’t stop the benefits of remote working.
Employees Work Better From Home
One of the reasons so many brands have decided to continue to facilitate remote working is because it’s what employees want. Study results vary, but one study conducted by Forbes revealed that 74% of respondents wish for remote working to become the new norm. It’s, however, natural to assume that remote working would lead to a lack of productivity and general management to support employees.
Think again, an employee engagement programme can help B2B companies to foster productive working based on rewards rather than harsh and discredited tactics like micromanaging. Other platforms also help bring the office environment into the home, such as Trello for organization and Zoom for meetings. There’s always the option to go back to office working or even a hybrid working model to have more control over productivity.
Cutting Costs
Naturally, if there is no office, there are no office expenses. Thus, this is an easy one to figure out. The average cost of office spaces in the US is $8-23. The average cost of allowing an employee to work from home is a $40 to $50 increase in household bills. Some companies have opted to subsidize employees for the additional cost, which, compared to renting and running an office space, is far less.
Increased Productivity and Reduced Employee Turnover Rates
The idea of employees being more productive at home would make some old-school managers shake in their boots – but it’s true, 77% of employees that work remotely at least a few times a month are more productive. 30% also report doing more work in less time, perhaps because they know there’s a chance they can take an extended lunch or even take the afternoon off.
Employee turnover rates also reduce with remote and hybrid working models. One study found that companies that offer remote work experience a 25% decrease in staff turnover rates. Even an $8 p/h employee can cost a company $3,500 in turnover costs to onboard, so finding ways to reduce employee turnover rates will benefit the business in the long run.
Remote working seems to be becoming the new norm. More companies are adopting, or never stopped adapting, remote or hybrid working models. The result is a more inclusive, constructive, productive, and desirable working environment for everyone involved. From the buyers down to the employees, remote working models suit all.
