Hybrid-Working Is A Win For Business

7 Mar

Digital processes and workflows have been steadily creeping into our working lives since the 70’s, but the global pandemic has accelerated the ‘digital revolution’ to such an extent that, for most of us, the way in which we work will never be the same.

Thanks to technology, the office is no longer a physical place but has become a digital construct, allowing people work from almost anywhere. While this has been a revelation for many, some businesses and individuals have struggled with the transition.

There has been much discussion about the impact of remote working on our mental and physical wellbeing, giving rise to the notion of ‘hybrid working’, or simply put, splitting the working week between the office and home. We now know that flexible ‘hybrid working’ arrangements are not only what people want but also offer considerable benefits to businesses, their employees and the broader community.

Businesses that have the capacity to offer flexible work arrangements but insist on staff returning to the office will miss out on the many benefits of hybrid working.

The Benefits Of Hybrid Working

NO COMMUTE

Perhaps the best aspect of working from home is that it has put an end to the soul crushing daily commute, creating more time for family, friends, exercise and sleep, all of which are essential for our wellbeing.

Many people would now rather change jobs than return to the office and resume the battle with peak-hour traffic. In fact, according to an IWG survey in 2021, half of office workers would quit if asked to go back to the office five days a week while three quarters said they would prefer the option of hybrid working to a 10% pay rise.[1]

**The Average Daily Commute In The UK In 2019 Was 59 Minutes.**
**The Number Of People Commuting 90 Min Or More Each Way Between 2010 And 2019 Has Risen By 45%**

REDUCED CARBON EMISSIONS

During a bleak period of lockdown in Melbourne, the clear blue skies over Port Phillip Bay served as a powerful demonstration of how quickly the environment and our own health can benefit from reduced commuting. Offering flexible work arrangements is great way for environmentally responsible organisations to further reducing their carbon footprint.

According to Global Workplace Analytics, if all US residents who could and wanted to work from home started doing so for half the week, it would be the greenhouse gas equivalent of taking the entire New York State workforce off the road. [1]

**Imagine The Long Term Implications That A Sustained Reduction In Commuting Would Have For Our Planet And The Health Of Urban Populations.**

REDUCED COST OF OFFICE SPACE

Office rent is typically one of a company’s biggest costs. According to global real estate consultancy JLL, the most expensive premium office rental markets in the world are Hong Kong, New York, Beijing and London, costing as much as US$313 per square foot in 2020. Australia’s most populated cities, Sydney and Melbourne are not far behind.

One of the many benefits of hybrid working is that offices no longer have to accommodate all of their staff at the same time. This means that companies can downsize their physical workspace, resulting in leaner corporate real estate footprints and increased profit margins.
**According to Global Workplace Analytics, a typical employer can save about US$11,000 every year for every person who works remotely for half of the week. [1]**

EMPLOYEE RETENTION

According to the US Labor Department, 4.4 million people left their jobs in the US in September 2021 (3% of workers) while the number of job ads offering flexible work has doubled to 26% since the beginning of the pandemic [1]. Additionally, a recent survey by the International Workplace Group (IWG) found that 70% of people surveyed insisted on flexible work arrangements. [1]

It's clear that people now value work-life balance ahead of pure earning capacity when it comes to choosing an employer. If businesses hope to recruit and retain the best people, flexible working must be on offer.

BETTER MENTAL & PHYSICAL HEALTH

When working from home, people can be themselves and utilise their time in a manner that suits their personalities and lifestyles. This has huge potential mental health benefits as people are less frequently forced to compromise their own needs or creative processes for those of the company.

Flexible working means more opportunity to sleep in, socialise, exercise and prepare healthy meals, all without the stress of battling peak hour.

**Both our physical and mental benefit immensely from flexible work arrangements**

Tips For Employers Still Sitting On The Fence

Recognise the importance of technology in the new world of work, and ensure you have systems in place to allow employees to work effectively from wherever they are.
Take advantage of the capacity for people to work from anywhere to widen your recruitment net in terms of both geography and diversity.
Take time to fully investigate the many potential sustainability benefits for your business associated with hybrid working.
Invest in employee wellbeing and reap long-term loyalty and productivity.
Explore suburban corporate real-estate opportunities, to reduce costs associated with an expensive CBD address
Think of offices and coworking spaces as places for creativity, fun and human connection, helping to build and maintain a resilient company culture. [1]

References