Traditional work structures are facing a dramatic overhaul. Earlier this year, the results from the world’s largest experiment with a four-day workweek were unveiled. The UK-based trial received a resounding thumbs up from both businesses and employees, with 56 out of 61 participating companies continuing the revised work schedule beyond the testing period.
The trial's success reinforces what IWG research has emphasised for years – that newer, flexible work models can significantly boost people's wellbeing, profit margins, and our planet's health.
The four-day week trial: why it worked
The trial, which was coordinated by the not-for-profit organisation 4 Day Week Global in collaboration with the think tank Autonomy, ran between June and December 2022. Businesses from an array of different sectors took part and remarkable improvements were reported by many of the 2,900 participants.
Around 40% of employees reported reduced work-related stress, while 71% said they experienced lower levels of burnout. Another 40% of employees experienced an improved mental health state, and almost the same number noticed a boost in their physical health.
Employees weren't the only ones to benefit; the companies involved saw their revenue increase by 1% on average. And while that might seem modest, when combined with a reduction in employee turnover and absenteeism, the cumulative impact becomes significant.
Embracing the shift towards flexibility
The success of the four-day workweek trial suggests a need to reassess traditional work structures. The experiment shows how a more flexible work model can have tangible benefits, making a real difference to both employees and businesses. And that’s where hybrid comes in.
IWG research shows that a model where workers balance their time between local flexspaces, their company's main office, and home, delivers many of the same benefits as the four-day week trial. Both of these models prioritise the quality of output and employee wellbeing over clock-watching. And the hybrid model, in particular, presents far-reaching advantages for people, profit, and the planet.
The hybrid advantage
For evidence of how hybrid is a game-changer for employees, look no further than IWG's Hybrid & Healthy study. It shows that, because they spend less time commuting, hybrid workers are now clocking in an average of 4.7 hours of exercise each week, up from 3.4 hours pre-pandemic. They're also gaining an extra three days' worth of sleep a year, and eating healthier too – 70% of hybrid workers now have time to make a nutritious breakfast every day, and over half dedicating more hours to cooking wholesome meals during the week.
Hybrid working is also a key consideration for talent retention and recruitment. Half the respondents to a 2021 IWG survey revealed they would quit their job if forced to return to a traditional five-day office routine.
But the benefits don't stop there – there’s also a measurable impact on the bottom line. Stanford University Economics Professor Nicholas Bloom tells us hybrid workers are 3-4% more productive, which can make a big difference to those balance sheets over time. And as companies rely on a network of flexspaces over a large, central office, they're able to shrink their property overheads; Cisco was able to save $500m in five years after switching to hybrid.
Lastly, adopting the flexible model can also help businesses achieve their sustainability targets. Hybrid working significantly reduces office and commuting emissions. Our study with Arup indicates that hybrid working could cut urban carbon emissions by up to 70% in the UK and 87% in the US.
The future is flexible
The UK's four-day workweek trial is a strong indication that the work landscape is shifting significantly. It's a loud reminder that we need to rethink traditional work methods and embrace flexibility. The experiment reinforces what IWG's research has been demonstrating for years: prioritising outcomes over hours spent at a desk benefits people, profit, and the planet.
Adopting a hybrid work model is a practical way to reap these benefits. By making use of a network of local flexspaces, your team members can work closer to home, reducing commute times and improving their work-life balance. And with Regus' vast global network of over 4,000 locations, we're perfectly positioned to help you make the most of flexible working, wherever your team members are located.
Find out more about how hybrid workplaces can support your business by contacting Regus here.