This image, created using the AI tool Dream by WOMBO, depicts a concept of modern office work.
As the leading global provider of flexible workspaces, IWG, known for brands like Regus and Spaces, has identified ten significant workplace trends anticipated to influence global work dynamics in 2024. The company predicts the continuation of hybrid work models, citing ongoing research by institutions like Stanford University that suggests a significant portion of white-collar workers will maintain this approach.
The Rise of Chief Hybrid Officers
The widespread shift to hybrid work has prompted the creation of a new leadership position: the Chief Hybrid Officer (CHO). Companies like Meta, Doist, and GitLab have already filled this role, and more are expected to follow suit in 2024. CHOs are tasked with optimizing the hybrid work experience by addressing the needs of both in-office and remote employees, ensuring productivity remains high, and effectively managing logistical considerations.
Another emerging role is the Office Synchroniser, who focuses on maximizing the use of office space and facilitating efficient collaboration.
Cultivating a Strong Culture in a Hybrid Environment
In the context of hybrid work, companies face the challenge of providing flexibility while ensuring sufficient opportunities for team collaboration. This requires creating a cohesive environment that transcends physical work settings, promotes open dialogue, and fosters a shared commitment to the company’s goals. Embracing hybrid work not only offers flexibility but also nurtures a dynamic and inclusive culture, encouraging diverse perspectives, innovation, and employee satisfaction.
Evolving Employee Expectations
Innovative benefits packages will become increasingly standard in 2024 as companies compete for talent. Benefits such as fertility assistance, pet care, and time off for caregiving may become more common as employers adopt a broader view of their hybrid workforce’s needs.
Employees will also have higher expectations for companies to provide comprehensive benefits and policies that prioritize employee well-being. This includes expanded parental leave, progressive childcare options, and addressing burnout with appropriate mental health resources. To retain top talent, companies must be responsive to these evolving needs.
The Company’s Responsibility in Childcare
As hybrid work gains traction, increased employer support for families will be crucial, particularly for working parents seeking a better work-life balance.
Businesses must recognize the importance of providing childcare support to attract and retain a diverse and skilled workforce. Research by IWG highlights how increased flexibility allows employees to dedicate more time to family and personal interests, with a significant portion of hybrid workers using time saved from commuting for these activities.
Reviving the Lunch Break
With a growing emphasis on a healthy work-life balance, 2024 is expected to see a resurgence of in-person lunch breaks.
The flexibility of hybrid work will empower employees to reclaim their lunch hours for socializing with colleagues and clients, fostering stronger workplace relationships, promoting creativity, and building camaraderie within hybrid teams.
Prioritizing Neurodiversity
Accommodating neurodivergent team members will be a key aspect of employer DE&I (diversity, equity, and inclusion) strategies. This shift is evident in evolving office designs that address the specific needs of neurodivergent individuals, including considerations for noise levels and lighting, recognizing their impact on well-being. As companies strive for greater inclusivity, proactive inclusive design will ensure comfortable and supportive workspaces for all employees, ultimately boosting productivity.
The Rise of Unretirement
Hybrid work has particularly benefited older generations by enabling them to remain in or return to the workforce after retirement. Bain and Company projects a significant increase in global jobs held by individuals aged 55 and over by 2030. This trend will accelerate in 2024 as more experienced professionals embrace hybrid work, leading to more diverse and intergenerational workforces.
Environmentally Responsible Work
Robust hybrid work policies are instrumental in reducing carbon emissions. Research by IWG and Arup suggests that hybrid work can significantly decrease emissions by minimizing commutes.
With sustainability as a top priority, businesses are actively seeking innovative ways to reduce their environmental impact. Green leases, focused on reducing carbon footprints, are becoming increasingly popular. In 2024, these leases will extend beyond energy efficiency to encompass water conservation, waste management, and indoor air quality.
Hybrid Work: The Preferred Employee Benefit
The financial advantages of hybrid work for businesses are evident, with significant savings achievable through its adoption. Stanford University Professor Nicholas Bloom highlights the mutually beneficial nature of hybrid work, referring to it as a “no-brainer” for increased profits. Data supports this view, with a majority of CFOs surveyed by IWG seeing hybrid work as cost-effective and anticipating its continued use.
Moreover, hybrid work is becoming a highly sought-after employee benefit, influencing companies’ ability to attract and retain talent. IWG’s research indicates that a significant portion of workers prioritize flexible work arrangements when considering job offers.
The Growing Impact of AI
2024 will witness a notable increase in the adoption and utilization of AI in daily life. Companies that invest in educating their employees on the benefits of AI in a hybrid work setting stand to gain significant advantages. Prioritizing employee training for emerging roles and technologies will be essential, emphasizing how AI can streamline administrative tasks, freeing up time for more strategic thinking and collaboration.
Mark Dixon, Founder and CEO of IWG, states that “the migration to hybrid is one of the most significant global shifts occurring today as employees increasingly embrace local work opportunities, benefiting local economies and promoting a better work-life balance. Hybrid work is revolutionizing our approach to work. Businesses that embrace it will attract top talent, maximize workforce potential, and reduce operational costs. This transformative trend will persist in 2024 as more employees and businesses recognize the clear financial, cultural, and sustainability advantages of flexible work models.”
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To delve deeper into this topic, you can access the white paper here: https://assets.iwgplc.com/image/upload/v1702983436/IWG/MediaCentre/IWG_White_Paper_Future_of_Work_Trends_Forecast_2024.pdf (PDF)
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