A paradigm shift has occurred in the workplace with more and more companies abandoning the traditional workweek in favor of the hybrid work model in an effort to limit employee burnout and prioritize job satisfaction and demand for flexibility.
With the 9-5 traditional work model continuing to become obsolete and die out, companies are adapting quickly to remote work full-time. According to a LinkedIn survey, 18% of American professionals are already working in a hybrid model.
Employees working in the office full-time has decreased by 42% in the second quarter of this year which is down nearly 50% from the first quarter of 2023, according to The Flex Report. It also shows 51% of companies are requiring three days of in-office work with 39% requiring just two days. Major corporate players such as Amazon, Google, Microsoft, Apple, IBM, and Ford are just a few of the big names that have went to a hybrid work model.
“First and foremost, I believe in flexible working,” said Virgin Group Founder Sir Richard Branson. “It is important that employers appreciate their employees’ work-life balance and give them the flexibility to work around their personal lives.”
Branson is right to prioritize work-life balance as millennials and Gen Z employees become a more significant part of the workforce. According to a survey, millennials and Gen Z employees overwhelmingly prefer hybrid work and prioritize work-life balance above all else.
Companies that recognize and accommodate these preferences are better positioned to attract and retain top talent.
Employees increasingly value the autonomy to choose when and where they work, and the hybrid model provides this freedom. It allows individuals to optimize their work environments to suit their needs, which can lead to increased job satisfaction and improved mental health.
But let’s not kid ourselves. Companies aren’t going to just be generous without it being mutually beneficial. From a financial standpoint, the hybrid model cuts costs immensely for both employer and companies. According to OfficeRnD, companies can save 40-50% in office space costs alone. An IWG survey, over 80% of CFOs said hybrid work saves their company money. Seeing that companies can get the same productivity and more at a cheaper cost, will always appeal to a corporation.
In fact, the ability to scale workspace and costs is why the coworking industry has become so prominent. In the face of both employers and employees seeking flexible and viable options, coworking companies have slid in to answer these demands.
“We [coworking firms] serve a crucial role for those companies who saw where the future was headed but need assistance in helping with the transition,” said Workspace Strategies President Karen Condi. “We’re empowering companies to become successful and adaptable under changing circumstances while remaining efficient and prioritizing the morale of their employees.”
Dramatic shifts across industries are never easy and without a fight. As with every significant change, there’s immediate resistance from those holding the reigns who seek to uphold the status quo and fight off anything that’s a threat to the industry norm. But hybrid work is the new normal. Fighting it is futile. Trying to hold on to the traditional workweek is like Taxi companies condemning Uber or video stores fighting the rise of Netflix.
It had its time. Now it’s over.
Hello, new world.