The traditional 9-5 work model, a cornerstone of American work culture since the days of Henry Ford, is losing its stranglehold on the workforce. Companies are increasingly turning to the hybrid work model and embracing the new way of how we work.
A seismic shift occurred in the corporate world when the pandemic hit in 2020. No longer were employees confined to their desks, trying to finish their tasks while navigating the distractions of the hustle-and-bustle of office life. No. Now, they could complete the same tasks in less time while working remotely, cutting down on their commute, and having flexibility that made the work-life balance more satisfactory.
Three years later, some companies never changed and kept positions remotely. Others have been entrenched in a battle with employees to return to the office where employees have remained steadfast in their desire to not waste resources and value their newfound way of life where flexibility and happiness are much more important especially to millennials. Thus, the perfect compromise has occurred—hybrid work.
Employees working in the office full-time has decreased by 42% in the second quarter of this year which is down nearly 50% from the first quarter of 2023, according to The Flex Report. According to the report, 90% are requiring just two to three days of in-office work. Among the more famous companies using the hybrid approach are Google, Amazon, Citigroup, Target and Microsoft.
“There’s no one-size-fits-all solution given the variety of roles, work requirements, and business needs we have at Microsoft, but our hybrid model provides employees with that crucial balance between remote flexibility and in-person connection,” a Microsoft spokesperson said. “Time and time again, our external data has shown us that people want the best of both worlds: flexible work and connection.”
In a research paper published by the National Bureau of Economic Research, hybrid work reduces turnover by 35%. The financial benefits to companies do not end there. According to OfficeRnD, companies can save 40-50% in office space costs alone. An IWG survey, over 80% of CFOs said hybrid work saves their company money. Seeing that companies can get the same productivity and more at a cheaper cost, will always appeal to corporations.
The death knell for the 9-5 is ringing, and in its place, a dynamic and more adaptive approach to work is emerging, reshaping the very fabric of our professional lives.
