Five Reasons Hybrid Working is Good for Business
As an employer, how does hybrid working make you feel? Perhaps you’re fully on board. You’re happy for your staff to work in the office some days and remotely other days. Or does it make you uneasy, even nervous? Are you worried that this ‘new way of working’ might not be right for your company?
If you’re still on the fence, it’s not surprising. After all, hybrid working wasn’t really on people’s radar pre-Covid. Flexible working, yes. Remote working, sure. But hybrid working has only really gained prominence post-pandemic.
The idea that you can be flexible with where your staff work may have existed before the pandemic hit, but it’s only really become commonplace in the last few years.
And it looks like it’s here to stay, with more than 80% of people who worked from home during the pandemic planning to hybrid work in the future, with most wanting to work at least one or two days from home. For this reason, it’s probably time for bosses, like you, to get on board with hybrid working.
Need some convincing? Here are 5 reasons why it’s good for business…
Your staff will be happier
Your staff are your most valuable asset. Whether you have a team of 2 or a 102, the people who work for you are key to the success of your business. So, it’s important to take an interest in their happiness.
Hybrid working means staff don’t have to commute 5 days a week. It can also result in a better work/life balance. But it still allows employees to connect in-person with colleagues. They still get to enjoy the social side of working.
All these things lead to a happier workforce.
And the happier we are, the more productive we are. In fact, experts at Oxford University’s Saïd Business School found happy workers are 13% more productive.
Sure, there’s plenty you can do to promote happiness among your staff. But giving them the flexibility to work where they want, when they want, could make a huge difference to the quality of their lives, and, as a result, their happiness
You’ll have access to a broader pool of talent
When it was the norm for all employees to go into a company’s headquarters everyday, employers were typically limited to candidates who lived within close reach of the office when hiring.
With hybrid-style working, this is no longer the case. Firms can now look further afield for best-fit candidates who may be happy to do a slightly longer commute into the office if they only have to do it a couple of days a week.
Recruiting can also be quicker and easier as in-person meetings, especially in the early stages of the recruitment process, aren’t essential, so candidates can be more readily available.
Staff retention rates will be higher
Replacing employees can cost a business a lot of money when you take into account recruitment and advertising costs, role downtime, the cost of training replacements, and a new salary.
Worryingly for bosses, a large number of employees would consider quitting their jobs if they were forced back into the office full-time. Employees who are empowered to make choices and who feel respected and trusted by their bosses are more likely to stay with a company.
One study found that 76% of employees who worked in a trusting environment felt more engaged with their job. One way to instill trust is by letting your team hybrid-work and not micro-managing their every move.
Staff are also more likely to stay if they’re able to fit life-admin or family commitments around their working day, for example, doctors appointments and school sports days. This is much easier to do if you institute a hybrid working model.
You won’t experience losses due to disruption
When Covid hit, many businesses were unprepared for home working, with those in the healthcare industry, manufacturing, retail, professional services and financial services found to be least prepared.
Think about your own experiences? Were your systems set up so that your team could work remotely? Or was there downtime – which would have cost you money – while you scrambled to get your remote systems in place?
If you adopt a hybrid working policy, you’ll be forced to make sure all employees can work away from the office. This will have the added benefit of preparing your business for any future disruption including things like rail strikes.
You’ll save money on office space
This is an obvious one but could make a real difference to your bottom line.
If you don’t have your full team in every single day, you won’t need to provide deskspace for every employee, which will lead to some serious cost savings. You’ll also end up saving money on utilities and potentially even support staff.
You could even consider a flexible workspace instead of being tied into a long, onerous lease for a huge floor of a building. You could rent desks or office space for a few days a week and let everyone work from home the other days.
Flexible workplaces offer top-class amenities and hospitality that you’d otherwise struggle to offer.
At Spacemade, we’re building coworking spaces fit for the 21st-century worker. Think bright, airy desk space, high-tech meeting rooms, zoom booths, onsite gyms, Peloton rooms, bouldering walls and in-house baristas.
Want to find out more about Spacemade? Get in touch today. We’d love to hear from you.