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Wednesday, May 15, 2024

Embracing the Evolution: The Future of Hybrid Work

The winds of change recently swept through the professional landscape following the pandemic, ushering in an era where flexibility and adaptability reign supreme. What started as the largest remote workplace experiment in history, and proved that productivity could thrive beyond the physical confines of a traditional workspace, has now evolved into a new paradigm of hybrid work – the symbiosis of remote and in-office collaboration.

EY has noted this shift in a recent US survey, in which respondents who reported nearly full-time remote work (0 or 1 day in office per week) has plummeted from 34% in 2022 down to 1% by end of 2023. In the same report, EY noted that 80% of companies report their employees’ productivity was “somewhat or much higher” during the past 24 months.

As we consider the future of work, the importance of hybrid environments becomes increasingly apparent. It is not only leading to higher productivity in the workplace, but also driving where employees choose to work.

Robert Half, a prominent recruiting firm, recently released a survey revealing that 85% of employees express a preference for a hybrid, or fully remote work model, citing improved work-life balance and increased productivity as primary motivators.

This new paradigm is poised to redefine the very essence of what the new generation of talent will consider “the office” and how they will define their corporate culture. But as businesses begin to incorporate more in-person work in their hybrid routines, and as they double-down on rebuilding workplace culture, how does the in-office component of hybrid fit into this new paradigm?

From a recruitment and retention perspective, it seems attracting talent will require a more compelling hybrid workplace offering—something that coworking providers are uniquely positioned to offer. If companies would like employees to choose to come into the office more often, they will need to provide inspiring workspaces, events and benefits that create an office environment worth coming into.

In particular, companies report struggling to foster a vibrant company culture within their traditional office spaces. Today, organizations are gravitating towards fully-serviced coworking offices, drawn by the allure of flexibility, community, partner discounts, and curated event programming tailored to support and accelerate the rebuilding of their company culture and team cohesion.

Furthermore, the allure of cost savings cannot be understated. A rise in commercial subleases indicates companies are reevaluating their real estate footprints. Many are ditching their traditional office entirely in exchange for the cost savings, and flexibility that coworking, and on-demand office spaces provide to meet their team’s dynamic workplace needs.

There will be a number of workplace solutions that fit the different demands of modern businesses. Here at Pavilion Cowork, we believe we have created a bespoke offering that is uniquely relevant to the current challenges businesses face.

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