According to a recent survey, most businesses opt for flexible workplaces.
After the pandemic, most companies kept hybrid models to ensure flexibility to employees and respect their preferences. However, employees’ work-life balance was not the only reason.
The current crisis is pushing business owners to find different solutions to cut costs.
According to co-working leading provider IWG, most business leaders choose flexible workspaces and leases to avoid long-term contracts. Another survey with UK CFOs reports that nine in ten managers believe that the crisis is inevitable. And 97% are already implementing cost-cutting measures.
Following the survey, businesses see flexible workplaces as one of the first strategies to optimize the budget. Around two-thirds of respondents aim to reach over 10% yearly reduction. Among the strategies, 50% of respondents are opting for short-term leases or co-working spaces. And 82% will implement hybrid arrangements as a more affordable business model. Finally, 39% of CFOs are planning to leave the office and permanently move to flexible workplaces.
As IWG founder and CEO Mark Dixon said: “Hybrid working helps businesses stay competitive and resilient, especially in times of economic uncertainty. With economic pressures mounting, our latest research shows that CFOs and business leaders are adopting hybrid working for many reasons. Not only does it support the work-life balance and wellbeing of their teams, but it provides a meaningful boost to a company’s bottom line.”
The US office market shows similar trends. For example, VTS’s latest Office Demand Index (VODI) reports that office demand is less than half compared to pre-pandemic levels.
So, most businesses opt for flexible workplaces embracing new remote work trends to cut costs. 14%
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