A new report by Virgin Media O2 Business and the Center for Economics and Business Research (CEBR) shows that hybrid working arrangements could bring nearly four million people into the workforce.
The study shows that 45% of those who have been barred from the workplace due to various factors, such as parental responsibilities or disabilities, could start working if they had remote options.
Not only could this help with ongoing labor shortages, this arrangement could add £48.3 billion to the UK economy each year.
According to the report, 49% of parents and 40% of those with disabilities are more inclined to work remotely. This means that around 3.8 million people could enter or reenter the workforce, including 1.5 million people with disabilities, 1.2 million parents, 600,000 that are unemployed, and 500,000 caretakers.
Even more, the study found that the opportunity for part-time employees to work more hours could add 1.27 billion hours worked each year. In fact, 43% of the UK’s 8.6 million part-time workers said they would increase their hours if they could do so remotely.
“By unlocking a deeper pool of talent and creating opportunities for more people, hybrid working offers businesses and society the opportunity to bounce back stronger,” said Jo Bertram, Managing Director of Business and Wholesale at Virgin Media O2. “Organizations that embrace it will sprint ahead by attracting the best people, boosting productivity and creating a more diverse and inclusive workforce.