A survey from hiring software company Greenhouse has found that three in four (75%) of British workers want hybrid work to cope with the cost of living crisis. As inflation surges to a record 9.4%, employees want their employers to offer flexible and hybrid working as a way to combat rising costs. Adding to this, a landmark study from Theta Global Advisors shows that over half (57%) of Brits say they do not want the ‘normal’ way of working in a traditional office environment with 9-5 hours. By offering flexible working, employees will be able to save on costs – most notably transport – which could be vital in a time when they face rising interest rates and inflation. However, decision-makers are hesitant to offer the option due to a fear of lowered productivity according to Chris Biggs, CEO and founder of accounting and consultancy firm, Theta Global Advisors.
Biggs argues that flexible working is a factor which must be seriously considered by business leaders as the working world continues to evolve. Following the pandemic, employees are now even prioritising these options over and above career progression. Despite this, businesses around the UK still hold a desire for their employees to attend the office more frequently, but are facing obstacles when trying to do so. This issue was highlighted inrecent research from infinitSpace, which found that 61% of UK business leaders are struggling to get employees back into the office as often as they would like.
This comes amidst the world’s largest trial of a four-day work week in the UK, involving 3,300 workers across 70 UK companies and is based on the 100:80:100 model – 100% of the pay for 80% of the time, in exchange for a commitment to maintain 100% of the productivity. Although the trial still has around four months left to run, a number of companies involved have already publicly reported that productivity has increased and the mental health of their employees has improved – however, some are reporting higher levels of stress.
The four-day week is particularly relevant in the current job market, with vacancies recently having reached an all-time high, meaning there is a critical need for companies to retain staff. One key way of achieving this is by offering flexible and forward-thinking working arrangements, with Theta Global Advisors’ research showing that 40% of Brits believe working traditional hours in an office environment would hinder their performance. There are a myriad of obstacles facing companies when trying to establish a new working pattern, and they must evolve alongside employees’ needs.
Chris Biggs, CEO and founder of consultancy and accounting disruptor Theta Global Advisors comments:
“It’s great to see people realising how integral they are to their company and are calling for benefits which they rightfully deserve. The option of having a flexible work schedule has become fundamental for post-pandemic workers. But some companies still seem reluctant to offer these benefits to their employees because of the fear of decreased productivity and therefore a loss of profits.
“At Theta Global Advisors we realise the importance of a reasonable work-life balance and how important flexibility is for workers. We find that this can increase productivity and provide workers with a working environment which they are happy with. The big companies are in a dangerous position where they need to change or could face a mass exodus of talent.
“The decision to trial the four-day week marks the biggest shift we’ve ever seen in the efforts towards achieving a better work-life balance across the country. It will be incredibly interesting to see what the results of the pilot are – but it seems from early reports that they will be positive. However, it’s important to note that this may not work for everyone.
“On a practical level, I think it could be really difficult for some companies to implement. If the workforce can be 100% productive – equivalent to their five-day week – then that’s fine, but if productivity drops, then from the company’s perspective you’re getting four days work for a salary intended for five days. I also think we have to raise another potential issue which may come as a surprise, but that’s burnout. If people are being asked to consistently squeeze five days of work into four, then it may actually end up having the total opposite effect that it was designed to have.
“One positive aspect of this trial is that as conversation spreads around the scheme, it will also put pressure on employers to go further in their flexible working offerings. The spotlight is already on this topic with companies now facing real issues in terms of recruiting and retaining staff as a result of there being so many vacancies in the market amidst a talent shortage.”
