a hybrid workplace ?
The hybrid approach to work has shown its full potential, to the extent that business leaders are questioning the location of their headquarters. That is notably the case for The British Petroleum Company plc, which, in response to the pandemic and its restrictions, is renting out its London headquarters to adopt a new, more flexible way of working.
So, how can hybrid working be an effective solution for your business?
Strengthen your competitive advantage. The Covid-19 pandemic has made the market even more competitive as it requires change responsiveness, market shifts anticipation and emerging opportunities identification. Through workspace flexibility, we find that short-term use of space allows better cost control. This is because space financing is limited to needs that vary over time, allowing for greater profitability.
Expand your teamwork geographically. By adopting a hub-and-spoke working model through our collaboration with Spaces, Highline expanded its international network of flexible workspaces making all teams available closer to its clients. Coworking spaces allow the company to expand its presence across multiple locations while providing more convenient workspaces that enhance employees’ work-life balance.
Follow the agile method. To be competitive in today’s world, it is also necessary to maintain a culture of continuous learning, effective decision-making and resilience. According to Scaled Agile Inc, digital agility can increase productivity by 20-50% and employee engagement by 10-50%. Agility offered by hybrid working is an operational and economic advantage for startups, SMEs and multinationals alike.
Challenge yourself. Business leaders need to look at the future by rethinking their organisation and business model to quickly and effectively respond to events. This is particularly true for market leaders who plan to downsize their offices in the wake of the pandemic. Lloyds Banking Group, for example, plans to reduce its offices by 20% and HSBC by 40%. By optimising their workspaces, they adopt a better approach to work.
Enjoy the positive effects of a connected world. The global emergence of the workspace means that companies are no longer restricted to specific locations in their research. More than increasing the chances of finding the best candidate, this recruitment process trend speeds up the process by replacing face-to-face interviews with video conferencing.
According to a report by Absolute Personnel, over 60% of candidates consider flexibility at work to be fundamental. Indeed, flexibility allows professionals to reduce their long-term living costs. In addition, working from home has a significant impact on reducing the company’s carbon footprint, which is an increasingly important consideration.
Consider the well-being of your employees. Hybrid working improves the health and happiness of employees, which in turn helps to retain employees in the company. It also leads to less turnover and, therefore, significantly lower recruitment costs, estimated at 15-25% of gross annual salary for a recruit. Indeed, the Society for Human Resource Management suggests that every time a company replaces a salaried employee, it loses six to nine months’ salary.
Successful leaders know that well-being at work is not just a personal and individual consideration but a key business strategy.
With a new attitude toward work-life how can you as an employer remain agile and prepare for a post-pandemic workforce?