Hybrid working is now an inescapable part of mainstream business as workers prefer the flexibility of a blend of remote and home-based working. Workers claim reduced commuting time allied to communication and collaboration technology advances are enabling them to be more productive and employers that offer and support hybrid working find it easier to retain and attract workers. This is especially true for Generation Y workers who specifically look for employers that offer attractive hybrid working opportunities.
The headlines share stories of happier employees, reduced real estate costs and streamlined technology bills but there are a series of hidden costs that the unoptimized hybrid workplace adds to the balance sheet. Property firm CBRE has published research indicating that 80% of current office occupiers have adopted and will sustain hybrid work policies and that hybrid work commonly offers space optimisation opportunities that can yield between 10% and 50% space savings. Achieving these benefits relies on creating appealing office experiences that optimise real estate while supporting worker preferences.
Reconfiguration, design and hardware and software costs associated with this are significant and should not be overlooked but companies are saving money on technology and real estate costs by adopting the hybrid working model.
Hidden Hybrid Costs
These savings are not achieved without substantial investment in new technologies and services to support appealing employee experiences. To be productive and enjoy their work, employees need to be equipped with the devices, software and systems to enable an agile and collaborative hybrid workspace. That involves robust internet connectivity, video and audio equipment and tools and adoption of cloud technologies.
Research from real estate firm JLL has revealed that 85% of employers say that most of their office space is allocated to personal working spaces. The JLL research uncovered that 81% of employers have already or plan to redesign workspaces in the next 24 months and this will help address sub-optimal hybrid working – albeit in exchange for hefty investment. Such spending has become a requirement with 90% of employers in the Americas, 94% in Asia Pacific and 85% in European countries reporting that collaboration-driven workspace enhancements are highly or moderately effective at attracting and retaining top talent. With losing a valued employee potentially costing US$10,000-30,000 and recruiting and training a new hire costs thousands, the importance of providing appealing experiences has been highlighted.
Hybrid meeting inefficiency is also a significant issue that affects productivity and result in substantial costs through downtime associated with poor connections, inadequate AV and clunky technology. Technology infrastructure and integration is therefore a major area of concern as old spaces are transformed and new systems are adopted. The JLL study uncovered that, among employers who find meeting rooms ineffective in boosting in-office productivity, the main reason is insufficient audio and video endpoints, with 41% in the Americas, 52% in Asia Pacific and 42% around Europe citing these shortfalls.
Tata Communications is supporting global customers with its complete collaboration tech portfolio to enable hybrid, remote and mobile capabilities. With Tata Communications GlobalRapide, organisations can reinvent their workspaces and reap the benefits of effective hybrid working while eliminating the hidden costs of unoptimized hybrid spaces, technologies and services. By providing the right technology solutions as global offerings, hybrid working becomes an attractive, level playing field for optimising productivity and maximising employee retention and recruitment.
