In a recent analysis by PGi, it was estimated that the average real estate cost savings from having a remote workforce is $10,000 a year per employee. This can be further illustrated by the insurance company Aetna, who boasted a staggering $78 million cost savings when they dropped 2.7 million square feet of office space to allow employees to work remotely. So how else does remote work save businesses money?

Additional Expenditures

Most office leases don’t include utilities. That means employers incur additional expenses with electricity, water, internet and phone systems. These can cost businesses an average of $5,000 per year on electricity alone in a small 2,000 square-foot office. Paying a cleaning service is another expenditure which saves offices thousands more when shifting to a remote workforce.

Increased Employee Retention and Productivity

Training new employees is a huge financial drain, and remote work has proven to keep existing employees happy. Not only does remote work retain employees, it can also be attractive to new employees when it comes to recruitment. The appeal of flexible work hours, no commute and improved work-life balance can help businesses attract top talent. Additionally, employers have consistently found that most employees maintain or even increase productivity when working from home. A large reduction in employee absenteeism is another financial benefit for businesses to consider.

The Best of Both Worlds

Co-working spaces have increased in popularity, as employers find that it is still necessary to have an office space to host clients for meetings or have teams collaborate on a project. The availability of an attractive office space without the upkeep and additional expenses, along with the potential to network with other executives without leaving the office has led many to opt for this hybrid of remote work and a traditional office.

Whether for a team, company or entrepreneur, e|spaces is the ideal co-working space. The cost-effectiveness of a membership that includes free parking, 24/7 access, coffee and refreshments, Wi-Fi, IT support and printing services are why so many companies have chosen e|spaces for their workspace needs. Conference and meeting rooms come fully equipped with everything needed to have a successful presentation or brainstorm session. In addition to our affordability and numerous all-inclusive amenities, we also have a promotion currently available for new members in Knoxville and Chattanooga: receive the first two months free when you sign up for the year. Visit espaces.com to learn more or join a location near you.