Hybrid Working - A Cost-Saving Opportunity for Businesses

Hybrid working is no longer just an employee perk - for many organisations, it's becoming a vital tool to cut costs and remain competitive. According to recent insights from HR Grapevine, a significant number of business leaders are turning to hybrid models to save on office space, utilities, and associated overheads.

The Cost Benefits of Hybrid Working

Businesses that adopt hybrid working models often report:

💼 Reduced office space requirements.

💡 Lower utility bills (electricity, heating, water).

🚗 Decreased employee commuting costs.

💻 Opportunities to streamline operations with digital tools.

Reports state that many organisations in the UK have decided to downsize their office space due to embracing a remote working model. In recent years, HSBC announced plans to cut to it's global office space by 40%, and Meta reportedly paid £149m to end lease of one of their London offices early due to their hybrid model.

The Wider Impact

Beyond the financial benefits, hybrid working can also:

✔ Improve employee wellbeing by reducing commuting stress.

✔ Enhance work-life balance, boosting engagement and retention.

✔ Support diversity and inclusion by offering more flexibility.

✔ Lower the company's carbon footprint, due to reduced commuting. ✔ Enable employers access to a wider talent pool by hiring from a broader geographical area.

Points to Consider

While hybrid working offers savings, it's not without challenges.

• Communication gaps: Replicating in-person teamwork can prove to be a challenge and extra effort is required to connect and collaborate, it's important for employers to ensure that structured communication tools are in place such as Slack, Microsoft Teams or Zoom. Without this, employers run the risk of a disengaged workforce.

• Team cohesion: It may be difficult for employees to replicate the spontaneity of in-person interactions and therefore businesses should consider regular in-person collaboration days.

• Technology dependence: Hybrid working models cannot be successful without employees having the tools required to seamlessly work away from the office. Employers looking to introduce this model should ensure that their hardware and systems allow remote connections, that their IT team is prepared to support employees from home. Employees should be provided with clear guidance on remote set-ups including suggested internet speeds.

Conclusion

Hybrid working, when implemented well, can be a strategic cost-saving measure and an employee engagement tool. Successfully navigating the model requires careful planning, a solid wellbeing plan and investment in the right technology. Reviewing your policies, technology, and office footprint could unlock significant savings.

Looking to launch a new way of working but not too sure where to start? Dodds Consultancy Group supports employers through organisational change whilst maintaining an engaged workforce. Contact us today for your free 15-minute consultation!