#HybridWorking - New research has revealed that nine in 10 CEOs have adopted hybrid working (91%), with three quarters saying this has led to an improvement in productivity (75%) and staff retention (76%).
The latest C-Suite-focused study, undertaken by International Workplace Group among more than 500 CEOs, also found that the vast majority (74%) said that asking employees to be in the office full time was not a business priority.
This research is in line with findings from previous International Workplace Group reports which look at the attitudes and experiences of C-Suite leaders on hybrid work policies, the latest of which notes that 100% of HR leaders believe hybrid work leads to happier and more loyal workforce.
Improved employee engagement and staff retention
The research highlights the range of benefits business leaders are experiencing due to hybrid working, particularly around company culture – which three quarters agreed had improved since its adoption. They also noted widespread improvement in employee engagement (77%) and more efficient collaboration between teams and colleagues (75%).
These results support the findings from research undertaken earlier this year by The Bank of England, Stanford University, King's College London and Nottingham University, led by renowned economist and academic Professor Nick Bloom. The study found that for every day a firm’s employee worked in a hybrid model, that firm’s productivity is around $19,000 higher than those that don’t.
Attracting a wider pool of talent
As CEOs continue to see the upside of this approach, and hybrid becomes a non-negotiable for many employees, offering flexibility in working patterns is now a crucial tool for organisations in attracting and keeping top talent.
The study revealed that over seven in 10 CEOs (73%) agreed that hybrid work has enabled them to attract and hire the best talent. Furthermore, being able to offer employees greater autonomy over when and where they work has also allowed businesses to access a much broader pool of talent, with 71% of CEOs saying they have been able to consider and subsequently offer roles to a more diverse range of candidates.
Investing in hybrid work for the future
Whilst a handful of companies are mandating employee presence in the office five days a week, this study revealed that most leaders (74%) say returning to the office full time is not a priority for their business moving forward, recognising that staff retention could be impacted by such policies, and that hybrid working positively impacts their productivity. In fact, nearly two thirds (65%) believe they would lose talented people if they insisted on their employees being present in a central office every day.
So, rather than focusing on asking their people to endure unnecessary long and expensive commutes to central offices, most business leaders are choosing to invest in the future by enhancing and improving hybrid working equipment and facilities. A unanimous 94% had invested in new technology to improve their hybrid experience in the past year, with 43% saying this had been their top investment in the last 12 months.
As the ongoing investment in hybrid working accelerates, the potential for further growth is exponential - with an estimated 1.2 billion white collar workers globally and a total addressable market of more than $2 trillion.
Co-working spaces continue to support company culture and employee satisfaction, according to leaders of companies across industries. Separate International Workplace Group research found that CEOs of hybrid businesses have seen increased employee happiness, improved employee productivity and higher employee retention and attraction since implementing hybrid work. Almost three quarters (74%) of surveyed also reported their companies are expected to be operating in a hybrid model in five years’ time.
Mark Dixon, Chief Executive Officer, International Workplace Group commented: “The uptake of hybrid working is continuing to increase as companies of all sizes understand its importance in creating an optimal environment for both the productivity of the business and the happiness of its employees to thrive.
Furthermore, this latest research convincingly demonstrates that CEOs appreciate the critical role that hybrid working has in not only attracting, but retaining the highest quality talent.”
International Workplace Group - Regus’ parent group - the world’s largest provider of hybrid working solutions with brands including Spaces, Regus and HQ in South Africa , added 867 new locations globally last year to meet growing demand for hybrid working.
