According to new research, 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 will have a number of workplace design implications and 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.

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 overseas 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 $AU 28,189 higher than those that don’t.

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.

Given this perspective, it is unsurprising that more than half (56%) of Australian hybrid workers are likely to resign from their job in 2024 if they need to commute long distances daily.

“This latest research highlights the continued impact of hybrid work on today’s business landscape. The adoption of flexible work models by CEOs has driven productivity, enhanced employee retention and strengthened company culture,” says Damien Sheehan, Country Head for Australia, International Workplace Group, the world’s largest provider of hybrid working solutions.

Image: https://www.hubstar.com/blog/what-is-hybrid-work-and-why-is-it-important/

Branko Miletic

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