Over the last few years, companies around the world have increasingly been switching to a hybrid way of working, as the ability to free people from the dreaded commute became more important than ever.
Now, with the help of IWG, millions of people are being empowered to work more effectively, efficiently and happily, by splitting their working hours between their company headquarters, a local flexible workspace, and their home.
But it isn’t just employees who can benefit from this people-centric way of working. The latest research from IWG has revealed how hybrid working can help companies mitigate some of the effects of the global economic downturn, offering a way to cut costs at a time of financial uncertainty.
In a survey of 250 leading CFOs, IWG found that more than nine out of ten believe an economic crisis is inevitable, and as a result, nearly all have started implementing, or plan to implement, cost-cutting measures. Two-thirds said they are targeting a reduction of more than 10% on facility spend, and more than four-fifths (82%) regard hybrid working as a way to achieve their cost-cutting targets.
By its very nature, hybrid working enables the switch to a smaller real estate footprint, as fewer desks are required in a central office. Companies can therefore eschew expensive leases in favour of more flexible arrangements, which give them the ability to scale up or down as needed, as well as focus resources on growth.
“The benefits of hybrid working are now well established,” says Mark Dixon, Founder and CEO of IWG, which helps more than eight million customers around the world work the hybrid way with its portfolio of ten unique brands, including Regus, Spaces, Signature and HQ. “Not only does it support the work-life balance and wellbeing of employees, but it provides a meaningful boost to a company’s bottom line, both through productivity gains and also through real estate economies.”
Independent research by Global Workplace Analytics shows that on average, hybrid working can save organisations more than 230,000 ZAR per employee per year through reduced facility spend including rent, bills and support staff.
There’s also a significant financial benefit for employees who spend some of their time working from local flexspaces and home. In the IWG study, more than half of CFOs said they believe their workforce prefer a hybrid model, and 87% agreed that it is more affordable for employees at a time when the cost of living is rising.
IWG locations enable people to work where they need to, whether that’s near to their homes in the suburbs and beyond, or in city centre hubs. There are currently more than 68 centres to choose from in 18 cities, operated by brands including Regus, Spaces and HQ. Central locations include Regus Pretoria Central – a vibrant business hub in downtown Pretoria, where modern high-rise buildings stand alongside colonial-era architecture – and in Cape Town, Spaces V&A Waterfront occupies an impressive renovated dockside building, complete with breathtaking views of the iconic Table Mountain.
In the suburbs, Regus Durban Country Club is set in one of the region’s most picturesque golfing venues, enabling members to combine work and leisure with ease, while in the Johannesburg suburb of Northriding, a new HQ flexible workspace at Northlands Corner is helping to meet demand from locals seeking a high-quality, professional place to work close to home.
Businesses of any kind or size can choose from a range of IWG membership options, whether they’re a multinational company with thousands of employees (IWG already works with 83% of the Fortune 500) or a SME. Coworking desks, meeting rooms and private offices can be booked for any number of hours, days or months via the handy Regus or Spaces apps. What’s more, members can make use of IWG’s global network, with access to 3,500 locations across more than 120 countries.