What started as a transitory work environment is now part of the "new normal" for many businesses. And from what we've seen, it has resulted in a renewed passion, happiness and fulfilment from their work. But is the hybrid work model here to stay, and what is it doing for businesses' profit?
Remote work isn't anything new. Even before pandemic-related lockdowns, it is estimated that 10% of the workforce consisted of remote workers. However, only weeks into the pandemic, that number skyrocketed to roughly between half and two-thirds of all positions.
What Employees Think About The Hybrid Work Model
The hybrid work model has become the new normal through the pandemic, and it will likely continue to play a role in the evolution of the office through 2022. But what do employees think of it?
For many, this new work model has introduced an appreciation for a better work-life balance. Sure, they may still have to report for daily meetings. But this has still introduced a new level of freedom and control of their time.
Employees can now choose the time to perform individual tasks. Instead of focusing on intensive projects during regular business hours, they have the flexibility to decide when they work. They can now focus on the most critical projects when they can be most productive.
This model of working is beneficial to parents, as well. It ensures they're home when the children get off the bus and provides the flexibility to attend school events.
Remote and hybrid work is even saving employees money. Cutting out the daily commute leaves more money in their pockets. Plus, working from home means outsourced childcare may no longer be necessary or may not be needed to the same extent.
So, it is easy to see why so many remote workers aren't in a hurry to go back to the office.
How does the hybrid model affect productivity?
Harvard Business School survey. For more information about the survey visit the HBS Online website.
Many studies have been conducted on the productivity of remote or partially remote workers. Most have discovered similar results showing remote workers to be just as productive or more so than in-office employees.
Research comparing employee productivity specifically in 2020 and 2019 produced surprising results. Contrary to many predictions, the results proved a steady monthly increase throughout 2020.
The same research also found that employees started the workday earlier and ended later, as well as an increase in the number of daily meetings.
The Benefit To Your Business
As a business owner, the benefit to your team is only part of your concerns. For the hybrid work model to be effective, it has to be equally valuable for your business.
Research into the benefit to businesses was conducted by some of the world's leading research institutes, including Harvard and Stanford University. The results showed that workplace flexibility increases a business's bottom line in five areas. These areas include not only employee performance and productivity but also the business's profitability.
Gallup, Harvard University, Global Workplace Analytics, and Stanford University.
According to this research, remote workers can save an organisation as much as $11,000 per year, which gives them up to a 21% increase in their profitability. This could make it well worth including in your business plan for 2022 and beyond.
Conclusions On The Hybrid Work Model
While the hybrid work model isn't new, it's massively growing in popularity with businesses and employees alike. Many big players in the tech industry have already adapted fully remote or hybrid models. So, it seems remote work is indeed the future!
Most of the studies conducted seem to conclude that the benefits greatly outweigh the negatives. But is it right for your company? The answer to that can only be decided by you and your team — but the possibility is very promising.