Will Hybrid Work cut down IT Industry’s workplace expenditure?
While the year is nearing an end, organizations have started preparations for the next year. With recession in line and talent crisis booming, employers are taking different steps to trim their budgets. Massive layoffs preceded by dynamic work models are among the critical trends 2022 has witnessed. Remote and Hybrid are now openly discussed during job application and interview sessions.
Being driven by employee-centric policies, employee benefits too have evolved dramatically in recent times. The work model has taken a front seat among the employee benefits and work culture across the world.
In fact, flexibility is at the top of the employee benefits list, while a professional applies or takes a job offer. As per a recent survey by McKinsey, a massive number – 58% of employed respondents – say they work remotely at least for sometime. . In addition, 87% of employees offered at least some flexible work options, took advantage of the opportunity, and spent an average of three days a week working remotely.
Employees, especially Indians, are more happy and productive working from the comforts of their homes. Remote work comes with various benefits like multitasking personal and professional chores, less direct monitoring, managing childcare, more of family time, achieving work-life balance, and above all saving food and travel cost and time. In case of migrants, remote work has given the advantage of working from their native towns or villages, cutting down the occasional transport and city life expenses.
Will 5G propel remote work?
With dynamic IT advancements, a well-functioning laptop and a stable wifi connection are the basic work-from-home requirements. With the unified launch of 5G by telecom companies, internet accessibility is not an issue anymore. Organizations like Jio and Airtel have already had a few successful trials in metropolitan cities. Airtel on the other hand has also had successful 5G trials in rural areas. They are also working on creating awareness of net usage and accessibility in rural areas. With government support, India is on its way to getting 5G ready.
Back to the office has stirred a disagreement between the employer and employees. It has highlighted topics like extra cuts in transport and food expenses. However, remote work seems to win the majority of the votes. IT companies, being at the heart of innovation, are working on building the future workplace for dynamic talents. Simultaneously, a revamp of workplaces based on employee- centric policies are underway.
IT Companies trimming their office size?
The Indian government has taken a few legal initiatives to recognize remote and hybrid work models – like the new Work from Home rules for Special Economic Zones – encouraging governments across the States to financially support and develop infrastructure that supports hybrid work.
A hybrid model, along with employees, also helps cut down business expenditures for employers. Expenses like transport allowances, free food, and office amenities are reduced in the hybrid work model. Cut in transport time has also resulted in increased employee productivity. If executed well, hybrid work models may be the new norm in 2023. This is also gradually pushing IT companies to cut down on their office sizes from centralized massive buildings to few brick-and-mortar offices, sprinkled across the state or country for ease of working
(Author: Alisha Fernandes is an inquisitive learner & content writer at TechDoQuest)