Now that everyone is heading back to the office and life is going back to normal, many businesses are finding that their employees are resistant to full-time office work once more. Not only did Covid prove that many businesses can function completely remotely, but studies show that employees reported it made a vast improvement to their work/life balance. So, should your business go hybrid? Though you may be surprised to hear, it could actually save your business money. Read on for five ways that a hybrid workforce can save your business money.
1. Higher productivity levels
Hybrid working creates higher levels of productivity, as confirmed by several studies. There are a few reasons that have been attributed to this. Firstly, a more flexible approach means that employees are working when they have the maximum capacity for concentration, without the distraction of others.
2. No need to subsidize commuting costs
Pre-pandemic, many companies had been used to subsidizing salaries with commuting costs for their staff. This was particularly true of businesses based in large cities, where public transport is the most efficient way to commute to work. With hybrid working, there is clearly less need for transport to be subsidized by the company.
3. Lower cost of living
This leads nicely to the next point on the list. Post-Covid, a vast number of city workers have taken the opportunity that remote working has afforded them to move out of city centers to areas with a lower cost of living. It is not a great leap to imagine this will eventually have an impact on wages; if companies do not need to pay their staff a higher rate due to the higher cost of living in cities, then the company will eventually be saving money on salaries too.
4. More autonomy for staff and better levels of well-being
Hybrid working gives not only potential for monetary savings to all but also the opportunity for employees to take more responsibility for their own work. The beauty of working remotely as an employee could also be seen as a potential con for the business, which may worry that their staff will not be able to take the initiative when balancing the workload for the day. In fact, giving employees more autonomy over their own job has shown to improve morale and decrease stress levels, leading to optimal working conditions. Using the best employee survey platform can help your business to pinpoint exactly how your staff feel about taking on more personal responsibility for managing their working schedule, thus allowing your business to implement a personalized hybrid system that will garner the best results.
5. Fewer people in the office equals fewer overheads
It stands to reason that companies who adopt the hybrid working model will mean that there will be fewer people in the office at any one time. This means that potentially, the business will need less space, unlocking savings not only on rent and rates but on utilities too if they choose to downsize to a more optimal capacity. Some companies have even shut down their permanent offices completely, instead implementing ‘hot desking’, where employees are able to book a desk at a smaller venue of the management’s choosing for their in-office days. Not only will both these approaches save money in overheads, but they can also create a more informal working atmosphere to boot!