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As executives push for greater office participation, Australian workers have reported that hybrid working arrangements have been instrumental in helping them weather the financial stressors of the past year.
According to the Australian Hybrid Workers Survey conducted by flexspace provider IWG, 70 per cent of Australian hybrid workers say that model of working has helped them to navigate cost-of-living pressures.
In line with those findings, 66 per cent reported that having to transition to a long commute into the office five days a week would negatively impact their financial wellbeing. In fact, 61 per cent of Australian hybrid workers reported that they wouldn’t be able to afford to give up working in the hybrid way.
More than half, or 56 per cent, said that they would be likely to quit if asked to return to the office five days a week.
Beyond monetary concerns, the survey showed a clear correlation between the ability to work from home several days a week and employees’ overall job satisfaction. IWG reported that 72 per cent of respondents said that a five-day commute would have a negative impact on their mental health, while 69 per cent said it would take a toll on their relationships with family and friends.
Though many executives have signalled their desire to have employees back in offices with more frequency, as IWG country head for Australia, Damien Sheehan, noted, retention might come down to those add-ons such as work-from-home benefits – and keeping good staff is also a high priority in 2024.
“With cost-of-living pressures, a tight labour market and economic uncertainty continuing into 2024, retaining valued employees is more critical than ever,” Mr Sheehan said.
“This latest research reaffirms the importance of prioritising your team’s physical, mental and emotional wellbeing, and the significance of supporting employee benefits and training,” he added.
The firm determined from the results of its study that Australian workers value the hybrid model more than ever. In fact, 76 per cent of respondents said that hybrid working has lowered their stress levels, while 78 per cent describe themselves as generally happier under hybrid working models.
After a recent study showed that retaining staff will be one of real estate’s biggest challenges in 2024, with agencies reporting an average turnover rate of 25 per cent, it’s clear that industry leaders may want to tread carefully with any reforms to their work from home policies.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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