More than three-quarters (77%) of small- and medium-sized organisations (SMEs) believe adopting flexible-working practices has made their business more profitable, according to research by hybrid-working firm IWG.
Its research also found that 74% of respondents said their workforces are happier and more satisfied with their work-life balance, while 63% agreed that employees are more productive as a result of their hybrid-working arrangement.
Just over four-fifths (83%) of respondents have reduced their office footprint as a result of adopting a hybrid-working arrangement, with 53% moving to workspaces outside of city centres. The resulting cost savings have enabled just under half (45%) to increase salaries for employees.
In addition, approximately two-thirds (64%) of respondents believe they would lose talent to competitors if they mandated staff attendance in the office five days a week, while 63% said their organisation has experienced a reduction in staff turnover since introducing hybrid working.
Mark Dixon, founder and chief executive officer (CEO) of IWG, said, “This research shows that hybrid working is a win/win situation. It saves small businesses money and helps them hire the best talent, while empowering their workforces to be more productive and enjoy a better work-life balance.”