Telework Case studies 2008
Tuesday, February 25th, 2014
Bank of America, the largest bank in the US, is launching a major telecommuting initiative. The voluntary program, which is called “My Work,” allows qualifying Bank of America employees to give up their office space to work “wherever, however,” said bank spokesman Lawrence Grayson.
Though this program has been in effect since 2004, it hasn’t had much buy-in until recently. According to an article in the Atlanta Business Chronicle, only 5,500 of Bank of America’s 157,000 employees are enrolled in the program. But, as the economy sours and gas prices rise, more employees are expressing interest.
Part of the My Work rollout includes opening satellite offices around Atlanta for employees to use. The satellite sites will be positioned near subway stations and main traffic arteries to speed access for My Work employees.
Link: Bank of America launches telecommuting program, Joe Rauch, Atlanta Business Chronicle, July 9, 2008 http://atlanta.bizjournals.com/atlanta/stories/2008/07/07/story1.html
An article in this month’s issue of The Leader describes a new program at Bank of America (BofA) called “My Work.” Qualified employees exchange their dedicated office space to work where they wish including flex drop-in spaces in the office, working at home or at a one of 25 suburban satellite offices.
Concerned with ways to attract and retain top talent, improve employee satisfaction, and enhance productivity, BofA’s corporate workspace team created a flexible work program with several components. The program is voluntary, and employees must get their manager’s approval to participate.
The authors of the article, all members of BofA’s workplace team, credit the My Work education plan as instrumental to the program’s success. Several web-based training courses are available, as well as a variety of documents, tools and communication methods. These include get-read checklists, Q&A sessions, online catalogs, town halls, information sessions and virtual work tools.
Nearly 8,200 associates have enrolled as of October 2008. The company saves an annual average of $5,500 per participant. In addition, worker satisfaction has shown a 14-point increase.
Link: My Work at Bank of America, Daniel Boutross, Scott Foster & Aditi Sant, The Leader, CoreNet Global, Nov/Dec 2008.
A press release from Nortel last week revealed that the telecommunications company is continuing to reap rewards from its policy of providing workplace flexibility. About 80% of Nortel’s over 30,000 employees are equipped to telework, while 10% work out of a home office on a full-time basis.
Nortel reports these benefits:
- Employees who work from home one day a week save an estimated US $500 a year on fuel costs
- An estimated 15% increase in productivity among teleworkers, with 94% of them reporting 15% to 20% greater productivity
- An 11% increase in satisfaction among teleworkers compared to the overall employee population
- Annual real estate savings of about US $9,000 per full-time teleworker
- Savings of approximately US $22 million per year in real estate costs and associated energy usage
- 18% of employees chose “Flexibility” as the #1 reason they like Nortel
- Based on reduced electricity consumption, Nortel’s 2,500 registered teleworkers decrease the company’s carbon emissions, by 18,070 metric tonnes per year.
Press release: Breaking the Pajama Stereotype: Responding to Soaring Fuel Prices, Nortel Provides Primer on Telework, June 26, 2008. http://www2.nortel.com/go/news_detail.jsp?cat_id=-8055&locale=en-US&oid=…