“Firms that have figured out how to make hybrid schedules work will be more productive. It’s not just that talent might leave, but those firms that do the hard work of figuring it out and reimagining the workplace are going to be more successful in the future.”—Stephan Meier
For those companies that play the long game and remain focused on retention and growth from the inside out, you are urged to reimagine the workplace using the wants of the workforce to guide you. This helps to attract and retain a more positive employee who feels heard, builds internal rapport, and secures the longevity and social standing of your company.
The most crucial lesson that we have gleaned over the past few years is that remote work is not going away. While remote work began as a child of necessity, the pandemic has shifted the employee focus towards a new way of doing business. This provided the space we didn’t realize we needed as human beings: a better sense of work and life. To do business, we no longer need to waste time, money, and natural resources commuting to work every day. We have gotten a taste of balance and deliberate productivity, which overall has helped our mental health and the market.
Thanks to the pandemic, working remote has become and remains acceptable amongst most verticals. Not only does a remote/hybrid option help employees to strike a better balance with work and life, but on average, remote workers help to decrease overhead costs and work almost a full hour or more than their in-office counterparts, increasing productivity. (Forbes)
Let’s break it down:
Better Work/Life Balance (Forbes)
A survey showed that over 70% remote/hybrid work improved work-life balance and 58% reported less burnout than in-office work. (Gallup)
Decrease Overhead Costs
Today’s economic climate still seems a little shaky. We’ve experienced inflation and there is talk of a recession. Cutting costs to prepare for long-term company success is front of mind for most CFOs. A survey found that 82% of CFOs sided with hybrid work being a more affordable business model. (Fortune)
Productivity paranoia out of the way, the fact remains, and the data shows, that when you treat employees as trusted adults, the majority feel empowered to act accordingly. Those employees with a fully flexible schedule report 29% increased productivity and 53% have an enhanced capacity for focus than their fully in-office counterparts. (Forbes) (Gallup)
Increase Talent Pool
While there seems to be a slight dip in remote or hybrid opportunities, the majority of applicants are flocking to the opportunities which do offer a remote/hybrid option. Opening remote/hybrid options for candidates increases the likelihood of driving top talent. You will cast a wider and deeper net instead of repeatedly pulling from the same restricted pool of candidates. (LinkedIn)
All of this to say, if your company can support remote/hybrid opportunities, it behooves you to do so. The world is in constant change, and I encourage you to help be a steward of this change and help your company thrive.