The CEO of IWG asserts that hybrid work is a permanent fixture.

The CEO of IWG asserts that hybrid work is a permanent fixture.

Companies and their employees are shifting towards a hybrid working model, granting people the freedom to work where and when they are most productive. This trend was already underway pre-Covid; however, it is now expanding at an accelerated pace, and there is no turning back. Hybrid working offers more flexibility and cost-effectiveness for companies, rendering it unnecessary for them to confine themselves to expensive, inflexible long-term contracts for city-centre properties. Additionally, it has a substantially positive impact on the environment. This type of working is being swiftly adopted by companies worldwide, with half of the financial leaders surveyed in IWG’s recent CFO study having already opted for some form of hybrid working solution.

Hybrid working’s appeal is simple: it offers the agility to scale up or down rapidly without being bound to lengthy contracts. Moreover, it is unquestionably profitable, with an independent Global Analytics survey indicating that hybrid working can save organizations over $11,000 per employee per year on average. Little has done more to depress, stress, and irritate workers over the years than the daily commute, affecting people in otherwise good careers, exceptional cities, and great employers, separating families and fracturing communities, polluting the environment and wasting vast amounts of time and money. Hybrid working allows employees to work where and how they want. Technology is the enabler, providing millions of businesses worldwide with the ability to operate more efficiently while optimizing their workforce’s productivity, resulting in happier employees who see hybrid working as a 7% to 8% pay rise.

Companies benefit from hybrid working, fueled by cost savings, productivity improvements, and a more attractive employee offering, which will assist them in winning the war for talent. According to Stanford University’s Professor Nicholas Bloom, acknowledged as the leading academic expert on hybrid, “Firms don’t do things that lose them money. They do things that make them money. That’s why every firm just about out there is doing hybrid, because it’s such a no-brainer to increase profit.”

Cutting the daily commute can have an immediate impact on carbon footprint, with up to 70% of an individual worker’s contributions coming from commuting, which boosts workers’ happiness and work-life balance, ultimately achieving a win-win for businesses and their employees. The hybrid model has the potential to deliver significant carbon savings, making it a vital initiative for our planet. Given the invaluable gains, there is no looking back.

Jack Wilson is an experienced finance writer and analyst with a deep understanding of the global economy, stock market, and personal finance. He holds an MBA in Finance and has worked in the industry for over 12 years. Jack's insights and commentary have been featured in various financial publications. In his spare time, he enjoys investing and following the latest market trends.

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