New whitepaper reveals cost-reducing benefits of hybrid, flexible work
As more organisations across the world implement office-return policies, a new whitepaper has outlined the cost-reducing benefits of continuing to offer hybrid and flexible working (HyFlex) arrangements.
The paper, released by Strategic Pay, said HyFlex arrangements not only provide cost savings for employees, but also for the organisation.
"Both HyFlex options can significantly reduce costs by cutting the need for physical space and the associated overheads," the paper read.
"Whilst staff may not be required to be in the office every day, by implementing initiatives such as hot-desking, where employees share desks, companies can save on real estate costs."
Employee turnover, which can be a costly matter for organisations, can also be reduced by continuing to offer HyFlex arrangements, according to the paper.
"Offering HyFlex arrangements helps mitigate these costs by improving employee retention, thereby reducing the need for frequent recruitment and training," the paper read.
It further added that systems enabling staff to work outside the office and access organisational information, meetings, and training are also able to reduce costs for the company in the long-term.
These cost-saving benefits aren't limited to the organisation, according to the report, which also outlined the benefits of HyFlex arrangements to the workforce.
Cutting down on commuting expenses is the first one on the list, according to the report, as it could save employees on fuel, transportation, parking, and vehicle maintenance.
Reducing employees' commute time can also positively impact their mental and physical health: "Having more time allows employees to incorporate more personal tasks into their day such as physical activity, personal development, hobby's as well as reducing the parent's school run mental load.
HyFlex arrangements can also lead to lower spending for meals, work attire, and other costs associated with traditional office work, the paper added.
"These savings can help contribute to an overall improvement in the financial well-being of employees, making flexible working a win-win for both employers and employees," the paper read.
Find out more benefits from HyFlex arrangements in this whitepaper from Strategic Pay.
