CEOs now in love with hybrid working

New research has revealed that nine in 10 chief executives have adopted hybrid working (91 per cent), with three-quarters saying this led to an improvement in productivity (75 per cent).

A recent study by International Workplace Group that featured 500 chief executives as respondents found their fondness of a hybrid working schedule. Nine in 10 are working it themselves, and they strongly believe that it’s led to an improvement in both productivity (75 per cent) and staff retention (76 per cent).

The research highlights the range of benefits business leaders are experiencing due to hybrid working, particularly around company culture, which was often pointed to as something that may suffer as hybrid working arrangements increase. Three-quarters agreed that company culture had improved since its adoption.

The exact number explained in the study was that for every day a firm’s employee worked in a hybrid model, that firm’s productivity is around $19,000 (A$28,189) higher than those that don’t. The research also showed that hybrid working can save organisations an average of more than A$14,300 per employee.

Damien Sheehan, country head for Australia, International Workplace Group, said: “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.”

It’s no secret that hybrid working arrangements have been a key incentive when attracting talent to an organisation, as employees across Australia are prioritising flexibility more than ever. The study revealed that over seven in 10 CEOs (73 per cent) agreed that hybrid work has enabled them to attract and hire the best talent.

On the other side, while some employers are mandating employee presence in the workplace for at least five days a week, this study revealed that most leaders (74 per cent) said that returning to the office full-time is not a priority for their business moving forward, recognising that employee’s retention would be heavily affected by such policies.

In fact, nearly two-thirds (65 per cent) believe they would lose their talented workers if they insisted on their employees being present in a central office every day.

This is reinforced by more than half (56 per cent) of Australian hybrid workers stating that they would likely resign from their jobs in 2024 if they were forced to return to the office by way of a mandate.

“By embracing hybrid working, businesses are not only attracting top talent but also fostering greater employee engagement and collaboration. Investing in the hybrid model is also proving essential for companies aiming to secure a competitive edge and long-term success,” said Sheehan.