Are WFH and Hybrid Models the Future of Work?
Starting in March 2020, the world was drastically affected by the COVID-19 pandemic. This event forced many companies to reassess their current work environments. With the goal to keep productivity up, many offices implemented a hybrid or remote work schedule. Work from home and hybrid work models are now par for the course. As we enter year three of this pandemic, new research suggests that changes to hybrid and work models may not be the solution to emerging trends.
Recent research by McKinsey suggests that as many as 40% of current workers are considering leaving their employment. That statistic isn’t much better, 35%, for healthcare and social services workers. Of those healthcare and social work employees who had already resigned, 42% did so without having another job secured. The toll on frontline health workers is very clear here.
This trend has become known as the ‘Great Resignation ‘or ‘Great Attrition’ and a great deal of focus has been placed on the remote and hybrid work models. However, the McKinsey report identifies several key factors that employees cite as reasons for their resignations: Compensation remains a critical issue but so does ‘work-life balance’ and physical health and wellbeing. It’s important to note that 54% don’t feel valued by their organizations or managers. Further, 52% don’t feel a sense of belonging (over half, 51% of these employees self-identified as non-White or multiracial). There are appropriate steps you can take to help employees who belong to marginalized communities.
Five Takeaways for Employers
Key takeaways from the study suggest employers may need to focus on four key areas of leadership:
- Does the organization shelter toxic leaders?
- Are the right people in the right places?
- Are employees looking for leaders who motivate, inspire and lead with compassion?
- Culture is very important; companies who had weak cultures before the pandemic will find employees have little patience for the status quo.
- Organizations should approach the problem of ‘The Great Resignation’ wholistically rather than using transactional (tactical) fixes.
A Brief Focus on Hybrid and Remote Work Models
Did you know? Workers prefer hybrid models 83% of the time; however, 74% of Gen Z employees prefer some face-to-face interactions. Younger employees find comfort with collaboration because they can ask questions, learn new things, and experience more aspects of the job. Consider talking with younger employees (for example, Gen Z is anyone born after 1996) about what they hope to get out of the job. If your top priority is collaboration, consider adding a hybrid schedule to keep face-to-face conversations flowing.
How Hybrid Work is Being Received
We know that 63% of companies have adopted a hybrid work model since the pandemic. Here are a few advantages based on research by Harvard University, Global Workplace Analytics, and Gallup:
Teleworkers are an average of 35-40% more productive than their office counterparts and have measured an output increase of at least 4.4%.
With stronger autonomy via location independence, workers produce results with 40% fewer quality defects.
Higher productivity and performance combine to create stronger engagement, or in other words, 41% lower absenteeism.
54% of employees say they would change jobs for one that offered them more flexibility, which results in an average of 12% turnover reduction after a remote work agreement is offered.
Organizations save an average of $11,000 per year per part-time telecommuter, or 21% higher profitability.
Professional Recruitment and Retainment
Linke Resources understands these challenges and can work with you to identify talent to navigate the changing work environment. Our job placement and executive search abilities are beneficial to companies that may not have the resources to hire outside of their communities. We’re dedicated to finding you the top hire for your company, increasing success in the long run. Our goal is to help you create an environment to hire and retain the best employees in these new work models. Are you curious about how to implement WFH or hybrid schedules in your office? Reach out to Linke Resources to learn more!