This list of benefits that hybrid work and remote work policies have on employees and employers continues to grow. For those companies that switch to a hybrid work model, they could be setting themselves up to save as much as US$ 13,000 per employee each year according to new research by IWG.
In their study, IWG found that these potential savings are made by reducing the business’ real estate footprint and moving away from core downtown areas. Businesses could save up to as much as 51% of their rent or operating expenses by moving to a more flexible or hybrid model. These savings are not only apparent in the bottom line but also in the financial well-being of employees. Employees could save up to US$ 1,200 per month just on commuting costs.
As many companies are facing a talent shortage, a flexible work model is one way for the business to strengthen its employee value proposition and keep employees employed. With workers indicating their willingness to find employers that cater to their calls for increased flexibility, through adopting a hybrid model, employers can address employee expectations as well as engage and unify talent under one corporate identity.
Reducing the office footprint as well as having employees cease their commute has a positive impact on any business’ carbon footprint. For those businesses who are ESG conscious, giving people the ability to work flexibly whether it is a few days a week can drastically help them to make strides towards their environmental goals.
It is vital that HR support its business along the way. Managers need to be trained to effectively ensure good cadence, engagement and communication across in-person or remote workers. HR must also take time to ensure that all employees have equitable access to remote or flexible work otherwise it will send the wrong message and lead to a culture of resentment.
Paul Arkwright
Publisher
