Woman having online business conference or video call staff meeting. Young black lady sitting at office desk with computer talking to team of coworkers who work from home or have hybrid work schedule
A majority of top business executives are embracing hybrid work models to reduce operating costs and maintain employee retention amid a backdrop of macroeconomic instability. According to a survey of C-suite executives by flexible workspace solutions company International Workplace Group, 84% of CEOs and CFOs are concerned about economic volatility and believe hybrid workplaces play a key role in their cost-saving strategies.
About one-third of top executives say they are likely to make changes to their business operations, including hybrid working, in the next few months, the survey found.
Recommended For You
Among the benefits CEOs and CFOs see with hybrid work are improved operational resilience, significantly reduced overhead costs, and decreased utility and operational expenses. Cost savings in these areas can free up resources to be reinvested in other areas or used as a buffer against unpredictable costs and market fluctuations, said the report. In addition, hybrid work has prompted 80% of high-level executives to explore new business locations, and 87% said flexible work models have helped lower commuting and travel costs for their company and employees.
Employee engagement and productivity benefit from hybrid work arrangements, the survey said. Eighty-four percent of survey respondents reported a noticeable boost in productivity among hybrid employees, and 87% believe offering flexible working helps retain top talent during economic volatility. About 78% of CEOs and CFOs are exploring additional flexible workspaces to support these benefits, the survey said.
“In times of economic volatility, CEOs are carefully evaluating how to navigate uncertainty while driving efficiency and growth for their business,” said International Workplace Group founder and CEO Mark Dixon. “By empowering their teams to work closer to home in local workspaces and offices, companies operating in the hybrid model are able to significantly reduce their costs and improve the work-life balance of their people.”
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
