Talent Retention and the Future of Work
Review of Owl Labs’ State of Remote Work Report and How Workers are Embracing it.
This year’s 6th annual State of Remote Work Report by Owl Labs, in collaboration with Global Workplace Analytics, provided some key data findings, particularly around workers remote and hybrid expectations.
The Future of Work is not just about the workplace but about retaining and attracting talent
One standout of the survey is how much benefit workers put on being able to work remote or hybrid. While this is not a new finding, the data also shows that flexibility in the workplace has real monetary value to workers, and if taken away, the expect additional compensation or they will look elsewhere.
It's not just perceived monetary value either, hybrid workers say that they save almost $20 a day when working from home, accounting for costs such as transportation, food and coffee.
“If the ability to work from home was taken away, two-thirds (66%) of workers would immediately start looking for a job that offered flexibility, and 39% would simply quit.”
Smaller companies are taking longer to adapt
As companies return to the office post-COVID, it’s the smaller companies that are requiring their workers to be in the office more than larger companies.
This could be a result of several factors, including the limited resources smaller companies have to understand worker preferences, a fear of change that a dynamic work model presents, or the assumption (or hope) that the workplace was simply going to snap back to its pre-pandemic norm.
Whatever the size of your company, the Future of Work is here to stay, and the longer it takes to embrace this change, the higher your risk of losing out on talent.