Hybrid work arrangements are now a potent resource that firms use to attract and retain the best. Nevertheless, a recent survey by IWG, which included over 250 American full-time CFOs, found that hybrid work’s benefits extend beyond talent management. The CFOs understand that the cost savings are also a game changer.
The report indicates that approximately 81% of the CFOs believe that hybrid work is a way of saving on costs and 87% intend to utilize this model for five years to come. The research shows that CFOs and business leaders are opting for hybrid working for several reasons. It assists in maintaining a positive work-life balance and well-being. These findings make 64% of the respondents cut back on the amount of space used in their offices while doing hybrid work. Additionally, 74% are already in transition into shared office space or flexible workplaces.
It is just one of the measures that companies use to manoeuvre through the financial difficulties experienced in their organisations as they transition into hybrid working. About 90 per cent of the CFOs that were surveyed confirmed that their organizations had faced financial implications as a result of these uncertainties and the menace of inflation during the past one year. However, 66 per cent of the respondents believe that the country is undergoing a recession already.
To tackle these economic challenges head-on, CFOs have been implementing various measures like reducing new hires, and transitioning to short-term lease agreements for office spaces and this shift provides greater flexibility in adapting to changing financial landscapes. Layoffs are a last resort but are being utilized to cut costs and weather economic instability. Companies are also choosing to leave vacant positions unfilled as a cost-saving measure.
These responses highlight the widespread impact of layoffs in major organizations, as they grapple with financial uncertainty and strive to streamline their operations in a challenging economic landscape.
