Spaces: Collingwood, Melbourne
· 70% of Australian hybrid workers say hybrid working has helped them to navigate cost of living pressures
· 56% of workers are likely to quit their job in 2024 if they need to commute long distances daily
· 76% of workers have lower stress levels and 78% are happier under the hybrid working model
· 66% of workers say having a long daily commute would negatively impact their financial wellbeing, and 61% have gone so far as to say they can’t afford to give up hybrid working
A study by IWG, the world’s largest provider of hybrid working solutions with brands including Spaces and Regus, has revealed how hybrid working is helping Australians navigate cost of living pressures with 70% of employees working in the model recognising the considerable benefits it offers and 61% of Australian hybrid workers going as far as saying that they wouldn’t be able to afford to give up working in the hybrid way.
According to new findings from IWG’s Australian Hybrid Workers Survey, adopting hybrid working practices is helping Aussies save money (75%), decrease their stress levels (76%), and increase their happiness (78%). In fact, 77% of Australian hybrid workers see a strong correlation between their wellbeing and their ability to work flexibly.
Today, Australian workers value the hybrid work model more than ever, carefully assessing companies’ hybrid workplace policies before joining. This is especially pertinent when it comes to commuting to the workplace. For example, more than half (56%) of Australian hybrid workers surveyed agree that they are likely to resign from their job in 2024 if they have a long commute into the office 5 days a week.
Similarly, majority of Australians surveyed agree that having a long commute into the office 5 days a week would negatively impact their mental health (72%), financial wellbeing (66%), productivity levels (71%), relationship with their employer (59%), and relationship with family and friends (69%).
IWG Country Head for Australia, Damien Sheehan commented: “With cost-of-living pressures, a tight labour market and economic uncertainty continuing into 2024, retaining valued employees is more critical than ever. This latest research reaffirms the importance of prioritising your team’s physical, mental, and emotional wellbeing and the significance of supporting employee benefits and training.
Hybrid working is a win/win for employees and their employers and has radically redefined how we work. Businesses that embrace this evolution will not only draw in top talent but also maximise the potential of their teams, all while streamlining their own bottom line. This momentum is set to prevail in 2024, as a growing number of businesses and employees grasp the evident advantages – financial, cultural, and sustainable – that flexible working models can offer.”
Additional findings from IWG’s Australian Hybrid Workers Survey include:
- 78% of Australian hybrid workers agree that hybrid working policies should be part of their company’s ESG plans
- Australian hybrid workers feel less stressed and more productive while hybrid working, compared to a traditional 9 to 5 routine
- 82% say they are happy in adopting hybrid working practices compared to having a traditional 9 to 5 routine
- 72% of workers are more productive when hybrid working
- In addition to feeling more productive, hybrid workers say hybrid has:
- Improved their work-life balance (79%)
- Decreased their stress levels (76%)
- Made them a happier person (76%)
- Helped them save money (75%)
- Helped their professional development (61%)
- Boosted the trajectory of their career growth (57%)
- More than half (57%) of Australian hybrid working parents agree that hybrid working is a major benefit to helping manage their childcare arrangements, and 35% of working parents say that lacking the ability to work flexibly has led them to consider leaving the workforce
Hybrid working is a win-win for employers and employees. From a business standpoint, they benefit from increased workforce productivity, employee attraction and retention, and cost savings adding up to an average of $14,300 per employee[1]. For employees, ditching lengthy and costly daily commutes enables more quality time with friends and family, closer to where they live.
IWG recently reported its highest ever quarterly figures with revenue jumping to GBP830 million for Q3 2023 with network growth, pricing strength and ancillary services driving the company’s strong momentum.
In Australia, IWG signed several partnerships for new centres in the past year, including Spaces Mawson Lakes in South Australia, Spaces Nedlands in Western Australia, and Regus Burwood in Victoria. These new centres contribute to a key milestone for IWG, adding over 600 new partnership locations within the first three quarters of 2023 as the network grows at a rapid pace.
Most of IWG’s new locations are planned in the heart of local communities, providing a workplace close to home, reducing the need for long commutes, and giving employees a better work-life balance and time to spend with their friends and families.
About IWG PLC
IWG is the global leader in hybrid work solutions and workspace brands. We create personal, financial, and strategic value for businesses of every size. From some of the most exciting companies and well-known organisations on the planet, to individuals and the next generation of industry leaders. All of them harness the power of IWG’s hybrid working platform to increase their productivity, efficiency, agility, and market proximity.
IWG’s unrivalled network coverage includes approximately 4,000 locations across more than 120 countries and 83% of Fortune 500 companies are amongst our growing customer base.
Through our brands including Regus, Spaces, HQ and Signature, we help millions of people and their businesses to work more productively. We do so by providing the world’s leading hybrid work platform with professional, inspiring and collaborative workspaces and digital services all available via the IWG app.
For more information
Visit www.iwgplc.com and for more information on partnering with IWG, see: https://www.iwgplc.com/
