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Calling all leaders and teams! How to make the most of what’s next for the workplace!
“When asked whether they would prefer autonomy over where they worked or higher pay, 72% of office workers said they’d rather have the option to continue working remotely than extra cash.”
Accenture Research
Covid-19 is still among us but on the wane, and businesses all across America and the world are opening up, carefully and cautiously. After being home bound or in lockdown for so long, you would think the opportunity to go back to the office would be welcomed. Many think otherwise. The pandemic clearly has had an impact on employee priorities and, namely, the preference for remote work (or a hybrid of working remotely and in the office) over an increase in pay.
The right tools, right now
Thanks to all things digital, the tools that office workers have relied on in the past are easy to procure, secure and provide access to intricate office systems from the comfort of our homes or other remote locations. No wonder, younger workers are especially comfortable with and prefer more flexible and hybrid workplace options than having to report to work in offices.
What that means for the talent pool
There are some solid statistics and definite trends among workers between the ages of 25-35 indicating that up to two-thirds would not even consider applying for a job if flexible, hybrid options were not available. It’s no surprise that this age-group also represents new talent and recent college graduates who stand to bring fresh skills and modern techniques to companies. To attract top talent from this pool of individuals, companies will need to be strategic and flexible about workplace settings not only to attract new talent, but to hang onto proven, skilled workers as well.
The future of the workplace is now. Hiring and keeping the brightest and best talent will require offering a way of working that is built on trust, individual responsibility and accountability, and outcomes – no longer a way of work based on who shows up physically in the office. As such, the companies, leaders and teams that embrace hybrid working will find it easier to hang onto their best people. And in the process, they will be offering them the added benefits of better work/life balance, reclaiming wasted time spent on commutes, and honoring self-care. In other words, the employers that provide flexible and remote workplace options will directly or indirectly be nurturing their employees’ mental, emotional and physical well-being and will likely be the employers that individuals will want to work for.
What this means for productivity
Where employers were reluctant to grant remote working and flextime arrangements pre-pandemic, productivity results during the pandemic where most office workers were working remotely did not show a decrease in productivity. Instead, this distributed working model showed that productivity was not impacted by working remotely and also introduced an atmosphere where innovation and time management could flourish. An Accenture research study showed that 63% of firms with high-growth characteristics have enabled ‘productivity anywhere’ policies. Conversely, 69% of firms with negative or no growth characteristics also are more fixated on having people come to the office than the work they are performing.
What this mean for leaders and teams
Nurturing the employee workplace has become a vital benefit to employees and employee prospects of every ilk. As a leader, are you providing individuals and teams a path to nurture their productivity and growth, whether inside or outside an office? The two should ultimately be a seamless, personal choice. And as with any job, regardless of location, a system of key performance indicators and measurements plus checks and balances should continue to be in place to ensure productivity.
The pros outweigh the cons here. Providing workplace options will give your employees better work/life balance and low-to-no commute time, which translates to better health (less stress) and greater wealth (savings in commute/car costs). Further, reducing your employees’ commutes is also contributing to your company’s carbon footprint, which will become increasingly important in the months and years ahead.
What this means for employees – greater independence
Another key benefit of hybrid working, especially for knowledge workers, is greater independence: the freedom to schedule focused work time and on-site meetings around lifestyle empowers them to be more in control of their time, using it in ways that are genuinely productive. This can also lead to greater job satisfaction. For businesses, hybrid working can help an employee explore and reinforce greater opportunities for self-motivation and can help employers avoid the temptation to micromanage. Building strong feelings of trust with employees and teams is an invaluable attribute of hybrid working – paying a high return on productivity and employee happiness.
Where do we go from here
Accommodating is key. Leaders and teams will have to embrace the flexibility and logistics of hybrid work situations and be adaptable to engage employees in either or both scenarios of remote + office simultaneously. Make workplace a personal, yet accountable, choice.
Tech giants like Google and global firms like BP are embracing the future of hybrid work. Not doing so may result in your company facing a ‘great resignation.’ This phenomenon is causing concern among business leaders. The phrase (coined by Anthony Klotz, professor of management at Texas A&M University) refers to the extremely high numbers of employee resignations seen in 2021 combined with ‘intent to quit’ numbers.
According to a summary from the US Bureau of Labor Statistics, the biggest spike in resignations on record occurred in April 2021: more than four million American workers resigned. And Microsoft’s Work Trend Index survey of more than 31,000 of their workers around the world confirmed 41% of people – almost half their global workforce – are considering quitting their jobs in 2021. In a Stanford University study, workers who felt unsure about their jobs before Covid-19 may have been pushed to the quitting point by poor management during the crisis. That’s why now, more than ever before, it is vital for
employers to avoid inadvertently inspiring people to resign by mishandling their return to-work policy. Ideally, leaders should consult with employees before defining policy on how and where to work post pandemic. That in itself will foster an atmosphere of camaraderie.
And then there’s the bottom line … a study by EY estimates that companies can save nearly $11,000 for each employee who works in a hybrid manner, thanks in part to potential savings on real estate – further proof that a hybrid workplace model can improve the bottom line.
So what do you say? Are you in or are you out of the office … or both? Are you ready to make the workplace work for all? It’s really not magic at all. Just remember the maxim – Happy employees are productive employees – regardless of location.
