What’s going on:
Companies that have adopted flexible work arrangements, either hybrid or fully remote, are growing their staff at a rate significantly faster than companies that mandate full-time in-office work, according to Business Insider. The data stems from a study of over 4,500 companies which revealed that offering even a single day of remote work significantly impacted hiring rates.
Companies that are entirely remote showed more than double the headcount growth rates of those with in-office requirements, according to Insider. Despite these findings, several major corporations like JPMorgan and Goldman Sachs have asked their employees to return to the office full time.
Why it matters:
The ability to attract and retain talent is essential for the growth and success of companies in the post pandemic economy. The findings from this study underline the importance of flexibility in the workplace — not just as a perk, but as a competitive advantage in the hiring market. As the unemployment rate drops, attracting top talent is expected to become more challenging. Companies that don’t adjust to these trends risk losing out on a vast pool of talent to their more adaptable competitors.
How it’ll impact the future:
As remote and hybrid work models prove their value among a growing number of businesses, it’s likely that more will adjust their policies to accommodate such arrangements. This trend is also impacting commercial real estate trends, technology adoption, and even daily commuter patterns. Companies will probably need to provide more flexibility options while maintaining collaboration, productivity, and a company culture that is not compromised.