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The recently released IWG Hybrid Working Productivity Report analyzed the potential impact of hybrid work on the business performance and economic growth of white-collar workers who spend time in offices and workspaces in the heart of local communities. The findings of the report were clear: organizations that enable employees to work in local, flexible spaces can boost productivity by 11% over the next five years.
Additionally, the report found that enabling hybrid work could significantly boost the U.S. economy. The study estimates that hybrid working could generate $219 billion in GVA annually by 2030 to the U.S. and $566 billion by 2045 – the equivalent to the GVA of Austin, Texas, through increased productivity, reduced turnover, replacement costs and portfolio costs.
Employees who work in flexible spaces were found to be much more productive than those who work from home. According to the study, the potential 11% productivity boost is driven by lower commutes, with employees benefiting from increased focus time and fewer distractions, ultimately spending up to 40% of time saved from travelling on additional work.
The study found that the rate of employees who reported their productivity levels as ‘excellent’ was 67% higher amongst those working in flexible spaces, compared to those working from home. This more productive use of time has the potential to make a significant impact on businesses and the economy.
According to the study, if workers spent half their time in local, flexible workspaces or offices – gaining improved focus and saving time on commutes – it could unlock 170 extra productive hours per worker, each year.
“Our latest study with Arup builds on the growing body of academic research showing the compelling productivity gains of hybrid working,” said Mark Dixon, CEO and Founder of International Workplace Group. “When businesses give employees the freedom to work closer to home in well-equipped spaces without the need for longer daily commutes the results are clear: better focus, fewer distractions and improved work-life balance, all of which translate into meaningful productivity gains. These benefits, when scaled, have the potential to deliver billions in value to economies around the world.”
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