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New data reveals that 81 per cent of chief financial officers (CFOs) believe hybrid work is saving them money.
Hybrid work has long been touted as a way to boost employees’ quality of life. From exercise levels to gender equality, this post-pandemic work model has had a wide range of physical and psychological benefits for employees.
But according to IWG, a flexible workspace provider, hybrid work does not just support work/life balance and wellbeing, it “also provides a meaningful boost to a company’s bottom line”.
In their recent IWG CFO & Hybrid Work Survey, IWG found that the vast majority of CFOs favour hybrid working as a way to reduce significant costs. Moving to a shared office or co-working space, or downsizing a company’s owned space, were both reported to effectively boost profit margins.
With two in three CFOs stating that Australia is currently in a recession, cost-cutting is at the top of companies’ priority lists.
According to the data, the financial benefits of hybrid work have convinced 64 per cent of CFOs to reduce their office space and focus on hybrid work instead, while 74 per cent plan on moving to a shared office or “flexspace” in the future.
In addition to reducing their floor space, CFOs revealed a number of other widespread cost-saving measures that had been rolled out in recent years. Reducing staff – by layoffs, minimising new hires, or not filling vacant roles – and changing to short-term lease arrangements on rented office space were also favoured by respondents.
For employers seeking to capitalise on the wellbeing and productivity benefits of a hybrid in-office and work-from-home system, the financial advantages of flexible work will come as welcome news.
According to IWG’s research from March this year, 80 per cent of workers reported greater productivity levels compared to their pre-pandemic average, and 66 per cent reported that the shift benefitted their mental health.
“Offering hybrid work is such an important and easy way for businesses to put their employees first by freeing up their time and giving them greater control over their schedules,” IWG’s chief executive officer, Mark Dixon, stated.
“Hybrid working is building a healthier and happier workforce,” he concluded.
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