Let’s be honest, before the COVID-19 pandemic, if someone had suggested that working from home can be as effective as working from the office, most would not believe them. But, after more than a couple of years into remote work, we are convinced that it is indeed a great alternative. Further, it is not only as good as a traditional work setup but also, at times, proves to be better than that. Besides being a great time and money saver, it offers flexibility that is not quite possible in a conventional workspace. And this, of course, has a positive impact on corporate innovation. In this blog, we will focus exactly on that — 3 ways in which work from home promotes innovation.
How does Work from Home foster Innovation?
It is said that necessity is the mother of invention. Work from home is one of the greatest examples of the same. For a very long time, traditionalists have considered remote work as an enemy of innovation. But when companies were actually forced into it due to COVID-19, they realized quite the opposite. According to Mckinsey & Company, since the boom of virtual work, countries worldwide have set records for new business formation! So, now, let’s explore the top three ways in which work from home sparks innovation.
1. Saves a Lot of Time
In this fast-paced world, time is invaluable. Money can buy you almost anything but time. So, we have to spend it wisely. Have you ever calculated the amount of time you spend daily while traveling to work? According to the United States Census Bureau, the average one-way commuting time in the country. is 27 minutes. This means that an American working professional spends almost an hour every day traveling to work and getting back home. Moreover, some “extreme commuters” face commute times as long as 90 minutes or more each way.
Recent research by Harvard Business School reveals that long commute hours are inversely proportional to innovation. For every 10 kilometers added to employees’ commute each day, the companies registered 5% fewer patents than those experiencing a shorter commute. Moreover, the quality of patents declined by 7%, with the trend being prominent among the most talented inventors. Their output declined by a whopping 10% for every 10 kilometers traveled each day.
Now, when these innovators work from home, count the hours that they are saving! Where each minute counts, think about how they can promote innovation with those “extra” few hours each day. Additionally, they can organize their activities, both professional and personal, more efficiently. This further leads to increased productivity and better work-life balance.
2. Lets the Introverts Bloom
We have all witnessed that whenever there is a corporate meeting, the loudest voices or the extroverts get the most attention. However, that does not necessarily mean that they contribute the best ideas. There is not any evidence to support any link between extroversion and good ideas. Work from home promotes innovation by letting the introverts bloom in peace. Remote setups enable more people to be comfortable in sharing their ideas.
For example, during video conferences, they have the “raise hand” option to let others know that they have something to say or can write down their ideas in the chat box. But, in the office, they either have to wait for their turn or interrupt someone, maybe their managers, to make their point. The latter is not really an option for introverts or those who do not want to come off as rude. Also, software tools for remote work have many advanced features that allow them to drop in their ideas with credibility and start a discussion. This way, they do not feel left out or that they are missing their opportunities to speak, while the team also gains from their input.
Bonus: American author Susan Cain beautifully explains how an equal space between introverts and extroverts is mandatory for successful innovation.
3. A Big Money Saver
Work from home favors the employees in many ways — from enhancing their job satisfaction to saving commute time and exhaustion. But, what do employers gain from it apart from enjoying better employee productivity? Well, a lot, actually. Companies are able to significantly cut down utility bills and other maintenance charges. Moreover, if a company goes full remote, it can save on real estate too!
As a result, the organization would have more resources to invest in research and development, innovation activities, as well as digital platforms enabling better remote collaboration, various cloud services, and cybersecurity solutions to maximize the benefits of working from home. To give you some data-driven insight, here is a Gartner, Inc. survey of 300+ CFOs and finance leaders in March 2020. It revealed that 74% of them intend to shift at least 5% of their previously on-site workforce to permanently remote positions post-Covid-19.
Now, you tell us — from your experience, do you think work from home promotes innovation? Has remote working proved beneficial for your innovation team? Is your organization planning on providing permanent work from home for its employees? Get in touch & let us know!
