Page 24 - Spaces Magazine Volume 1

· 24 · Vol 0ne ® What hybrid work means today Flexible work models have existed for decades. The earliest examples are time- based ones. Things like shift-based systems meant businesses were able to operate round the clock. Pros 1. Flexibility and work-life balance Hybrid work offers employees the freedom to choose where they work, promoting a healthier work-life balance. This flexibility can lead to increased job satisfaction, reduced stress levels, and improved overall well-being. 2. Enhanced productivity This ties into above, as improved work- life balance leads to higher levels of productivity. A 2022 study by the University of Birmingham surveyed 597 managers and found that 76.5% believe that flexible working generally increases productivity in their teams. This makes sense because, hybrid work models allow employees to tailor their work environment to their needs. 3. Cost savings all round We know bottom lines don’t lie. Employees benefit from cost savings due to reduced commuting expenses, as well as things like childcare. It also means people can move further out of the city, giving access to better housing options. Employers can assess their office requirements and adapt accordingly. This contributes to a more sustainable and economically efficient work model. Smart Spaces Evolving hybrid work By Omer Sharif Smart Spaces If you read ‘hybrid work’ in a job description 5 years ago, what would you have thought it meant? Perhaps a role that entails a lot of travel, maybe something in field? I doubt it would conjure up images of offices, all but deserted on Friday’s, and the dreaded Tuesday morning tube rush. Through the forced hand of a global pandemic, industries and organisations the world over transitioned to a new way of working. With that, along with technological leaps in things like AI and cloud computing, the traditional work model has evolved. Simply put, hybrid work is a type of flexible working arrangement, where employees alternate their time between working remotely and at their employer’s designated office. Just like businesses differ from one another, so too do types of hybrid work. On top of that, shifting technological landscapes and work culture play a role in how hybrid work has evolved. So, it’s essential to retain as much top talent as possible. According to a 2023 report by the Chartered Institute of Personnel and Development, 66% of organisations believe that it is important to provide flexible working as an option when advertising jobs. After the spread of landlines and the internet was more accessible, location- based flexible working became a viable model. However, it was only after 2020 that wide range adoption occurred across many sectors. As a response to the pandemic, and the restrictions set on people’s movements – productivity became a key business metric. Suddenly, company performances started to diverge. Organisations that could go remote, or already had some form of hybrid work, outperformed their competitors. This led to a massive shift across industries. Today, hybrid work includes the ability to work from office, home, or practically anywhere so long as there is a stable internet connection. For the most part, the main alternative premises to the office are people’s homes. It would be easy to assume that this only benefits employees, but that’s far from reality. Pros and cons to hybrid work Benefits of hybrid work affect the employer and the employee. These also merge into each other, as a happier workforce improves a company’s output. A huge cost to employers is replacing talent. Studies by the Society for Human Resource Management, estimate it costs 6 to 9 months’ salary on average to replace an employee. This goes up to 213% for senior level roles.