It can be challenging to determine the right working model for your enterprise. Read on to discover the salient features and decide which is right for you.
Executive Summary
The pandemic had a significant impact on the world order. It changed people's interaction with businesses and, more importantly, how businesses function. There has been a dramatic change in organizational working methods
Research from Accenture shows that more than 80% of people prefer the hybrid model. In contrast, remote job trends are also steeply rising. A study shows remote jobs now represent nearly 15% of high-paying jobs.
One thing is for sure, remote and hybrid working models are not going anywhere soon, even after the Covid-19 crisis has ended. However, each model has its benefits and drawbacks. You must compare all three models and align them to your company's growth, employee productivity, operations, and goals.
According to OECD, the employment rate was stable, but only in 2023 did US-based technology companies have laid off more than 20,000 employees. There are many reasons behind these numbers. Employees are more concerned about their mental well-being and comfort than adjusting to the company's existing culture.
A survey reveals that 97% of the workforce desire to work from home at some point in their career. The desire to work in a more comforting environment can be a reason for companies to lay off employees who do not want to work in the office.
Moreover, inflation is at an all-time high, and many businesses struggle to meet their expenses. As a result, they have to lay off employees. SMEs often face this challenge and have to reduce staff and relocate. Organizations can avoid layoffs by adopting hybrid and remote work.
Working from the office or onsite is the traditional way how companies operate. All the workforce is obliged to be in the office premises. It allows employers and employees to better understand the company's values and culture.
Employees have to work certain hours of the day. Usually, it is a 9 or 10 hours shift, and most companies ask their employees to come five days a week. They must use various tools and applications like visitor management systems and biometric scanners to track employees and visitors.
More in-person interaction allows employees to get clarity on tasks and projects. It also promotes team collaboration and communication. People who come to work in the office have access to organizational assets, facilities, and benefits like office gym, indoor sports, and other activities.
It also allows employees to focus and concentrate on work as there is no distraction from family. Moreover, all sensitive information is secured within the office, and there are fewer chances of cyberattacks. Lastly, a set routine increases discipline and productivity.
One of the most significant disadvantages for many employees is the daily commute and travel costs. It also increases stress levels in the workforce.
There are no family distractions when working in the office, but your coworkers can still interrupt and decrease productivity. Moreover, in shared spaces, there is less privacy.
The biggest challenge for employers in work from office model is financing space and equipment for the entire workforce. In economic hardships, small businesses cannot keep up with operational expenses. As a result, they have to lay off employees.
A hybrid work model provides employees flexibility and allows them to work from home or in the office. It is entirely up to the employees where they want to be productive. Team members can travel from one location to another or stay at home. There are various types of hybrid working model
You can offer a flexible hybrid work model, allowing employees to work wherever they want. Employees can work from a coffee shop or home as long as they maintain their productivity and keep up their KPIs.
Organizations may also set specific days for employees to come to the office. For example, employees can work from the office on Mondays and Fridays or spend two other working days there at their convenience.
`Hybrid work model allows employees to work on their preferred schedule and hours. It will enable people to focus on their professional and personal goals simultaneously. According to Glassdoor, insufficient time off, no-flexibility, and lack of work-life balance are one of the biggest reasons employees resign. When employees have a work-life balance are more physically and mentally healthy.
The hybrid working model allows employers to save operating costs. As few employees come to the workplace, the company will spend less on office supplies. This way, businesses will not have to lay off employees to meet expenses, and less commute means more savings for people.
Working from home or coming on certain days reduces interpersonal communication with coworkers and managers. In-person communication is necessary to build a healthy work environment.
In addition, reports also show that remote employees are working long hours, which can cause burnout and stress in remote employees. You must develop a hybrid work model strategy focusing on employee engagement and health.
Another major issue in the remote working model is the increased risk of cyberattacks. You don't know if the employees are using secure connections or if they are taking adequate security measures. According to reports, remote workers have caused security breaches in 20% of organizations.
Remote work is rapidly growing. The trend started during the pandemic, and since then, it has only increased. Reports show that remote employees can increase to 36.2 million by 2025.
Work from home or remote work is similar to the hybrid model, where employees can work from wherever they want. However, unlike the hybrid model, people can work in an office too. A remote working model can have oversea employees to people can be in different cities or states. There is only de digital communication and meetings instead of real-time interaction.
Remote work has benefits similar to the hybrid working model. Employees have more privacy and work-life balance, enabling them to be more productive.
In addition, remote employees have flexible timings, better mental and physical health, and higher productivity. For employers, a remote working model means less equipment and office space costs.
The business also hires remote employees overseas to save costs, as they can work for lower wages than office workers.
Remote employers are also vulnerable to cyberattacks. Moreover, there is nearly zero in-person interaction which can lead to difficulties for remote employees like being unable to understand the company vision and goal.
Employers can face difficulties tracking and monitoring remote workers as they can work on flexible hours. Sometimes, companies can face problems finding competent remote workers, but they can use staffing agencies to reach valuable remote workers.
Following are the above three working models that a business can choose. Each has pros and cons, but a company's ultimate decision depends on its goals, vision, and revenue. However, you can use the hybrid model to have in-house and remote work advantages. Companies working on a low budget can hire remote overseas workers because it will cost them less. Then again, the working model depends entirely on the organization itself.
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