As we progress through 2024, the lifestyle of remote work continues to evolve, significantly impacting how UK businesses operate and compete on a global scale. The trend towards remote working can alter where people work and influence corporate strategies around employee engagement and workplace policies.
Volopa, a UK-based financial services company specialising in international payments, foreign exchange, and prepaid cards, has delved into the evolving trends of remote work and its implications for businesses. They highlight a significant shift toward remote work, particularly the trend of UK citizens seeking opportunities to work remotely from abroad. This interest is evidenced by Google Trends data showing that 115,000 UK citizens searched for ‘working remotely’ in 2024, underscoring the growing demand for flexible work arrangements.
This shift poses a challenge for UK businesses: adapt to offer remote work opportunities or risk losing talent to companies that do. This trend not only reflects the changing preferences of the workforce but also indicates the strategic adjustments companies might need to make to retain and attract top talent in a globally competitive market.
The Business Case for Remote Work Flexibility
UK businesses that offer remote working options are observing tangible benefits, including enhanced employee satisfaction, higher retention rates, and increased productivity. In a survey from the Chartered Institute of Personnel and Development (CIPD), UK companies embracing flexible working arrangements reported a 75% increase in employee retention and a significant boost in worker morale.
A Deloitte study also found that UK companies supporting remote work saw an average productivity increase of 40%. This finding challenges the traditional notion that employees are more productive in conventional office settings.
A study by Standford of 16,000 workers over 9 months found that working from home increased productivity by 13%. This increase in performance was due to more calls per minute attributed to a quieter more convenient working environment and working more minutes per shift because of fewer breaks and sick days.
Several studies over the past few years show productivity while working remotely from home is better than working in an office setting. On average, those who work from home spend 10 minutes less a day being unproductive and work one more day a week. These same remote workers are up to 47% more productive than office workers according to a Stanford study.
77% of those who work remotely at least a few times per month show increased productivity, with 30% doing more work in less time and 24% doing more work in the same period of time according to a survey by ConnectSolutions.
Future Prospects
The trend towards remote work is poised to continue, with employees increasingly prioritising a work-life balance and technological advancements making online collaboration more effective. For UK businesses, adapting to this shift and providing remote work options can lead to considerable competitive advantages, helping to attract and retain top talent from across the globe.
The top remote work destinations of 2024 are not only desirable places to live but also represent a broader movement towards a more flexible and empowered workforce. By supporting remote work, UK businesses can harness these benefits to foster a more satisfied, productive, and dedicated team.
“As businesses adapt to the rising trend of remote work, it’s crucial to support this shift with innovative solutions. At Volopa, we’ve recognised the need for flexibility and security in how remote employees manage their expenses,” explains Jacqui James, Head of Marketing at Volopa.
“Our multi-currency prepaid cards are designed to empower employees to spend like locals anywhere in the world, with the ability to hold and spend in 14 supported currencies. This not only benefits from real-time controls and access to wholesale exchange rates but also ensures secure spending tailored to the size of any team.
With Volopa, companies can maintain control over their financial operations by setting daily or transaction limits, and tracking all card activities. We can deliver these cards to any UK or EU address, making it easy for businesses to equip their teams wherever they are based. Our platform offers real-time visibility on employee spending, allowing businesses to easily manage, track, freeze/unfreeze cards, check balances, and much more, all from a single dashboard.
