The first global study of changing workplace practices has revealed that flexible working is set to contribute over $10 trillion to the world’s economy by 2030. The study, commissioned by leading flexible workspace provider Regus and conducted across 16 countries, shows that the growing demand will not only improve business growth and employee wellbeing, but significantly contribute to economic prosperity. Moreover, the report predicts that by 2030, between 8% and 13% of all employment in most developed economies will be linked to flexible workspace.
Greater levels of flexible working are set to save businesses money by reducing operating costs and boosting workplace productivity – but is it really that simple? The answer is yes. Take the Regus network: with a choice of 3,000 ready-to-use office, co-working and meeting spaces across the globe, companies can pay only for the space they need, scale up and down quickly, mitigate commercial and strategic risk and avoid capital investment.
Within a decade, China is predicted to see the greatest gross value added (GVA) to its national economy, with a potential increase of 193%. India is tipped to see the second-largest GVA at 141%. This could mean an additional $1.4 trillion for China and $375.8 billion for India each year. The US economy is also set to profit by an additional $4.5 trillion.
Commenting on the findings, Ian Hallett, Group Managing Director, Brands and Ventures for Regus, says: “Flexible working is a powerful tool that will increasingly benefit not just businesses, but families, societies and even whole economies. It’s hugely exciting to consider the ways our society could benefit as a result of flexible working. The hope is that businesses seize the opportunity to become part of this revolution and continue bringing flexible workspace to employees across the globe.”
The impact of technology and hyper-connectivity is also an important factor in the rise of flexible working, as mobile phones, high-speed Wi-Fi and cloud-based servers mean professionals are able to work on the move. Regus members can find, manage and book workspace in any country at the touch of a button, thanks to an easy-to-use app. And once at their desired workspace, they can connect to a secure, business-leading IT infrastructure with support and backup to hand.
The benefits of this growth can be enjoyed by both businesses and individuals, from lower overheads to literally millions of hours saved commuting. And under an accelerated scenario, the study findings show that collectively, people around the world could save 3.5 billion hours by 2030 due to reduced commuting times – that’s the equivalent to the time spent at work by over 2 million people every year! The biggest commuting changes are tipped to be enjoyed by professionals in China, the US, India and Japan.
Legislation is also ushering in a new way of thinking about how and where we work. Although it varies from country to country, employees in the UK, for example, have the legal right to request flexible working, provided they have worked for their employer for at least 26 weeks and ask on ‘reasonable grounds.’ Employers can then assess the advantages and disadvantages, and employees are entitled to appeal if their request is initially refused.
With global concerns growing about sustainability, the study also reveals the environmental benefits: an increase in flexible working will reduce global levels of carbon dioxide emitted into the atmosphere by 214 million tonnes per year by 2030. The US alone would save the most in annual carbon emissions due to the country’s reliance on car travel, and with 960 million hours of commuting time saved, Americans would remove 100 million tonnes of CO2 from the environment. Friends across the pond in the UK would also save 7.8 million tonnes of CO2 by 2030, based on commuters saving 115 million hours of travel time to work.
With evidence of increased employee satisfaction, environmental protection and positive economic benefits, it’s time for companies to take another look at how they can incorporate flexible working into their plans for 2019 – or risk getting left behind in an increasingly agile business landscape.
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