Remote work has been an ongoing trend for businesses large and small since the COVID-19 pandemic. As they decide how to move forward, many businesses are weighing the benefits and drawbacks of operating remotely or in the office. But there is another option businesses should consider: a hybrid workforce.
A hybrid business model allows employees to work in the office part-time and at home part-time. Some employees may be fully remote while others work traditionally. While the overall hybrid structure will depend on the type of business you run, the benefits are largely the same across the board.
1. Lower overhead
Cost is a huge consideration small businesses should factor into their decision to use a hybrid work model. New and existing businesses alike can benefit from the cost savings associated with going hybrid.
Hybrid models bring fewer employees in the office per day. This means that businesses have the opportunity to scale down their spaces. The difference in rent or real estate prices for an in-person team of five instead of 10 really adds up!
There are other potential cost savings, as well. Some companies have adopted “shared” spaces, where employees use the same office desks and equipment on opposite days. This may reduce both initial and ongoing costs to furnish and equip your business with supplies. Additionally, utility costs may end up being lower, since fewer people are using water and electricity in the building every day.
2. Happier employees
In today’s world, employees expect flexibility. A recent study showed that 47% of employees said they’d look for another job if their employer didn’t offer at least some work-from-home options.
Working from home has also shown notable improvements in employee mental health, work/life balance and family flexibility, among others. It shows that businesses care about their team members and are willing to invest in their wellbeing. Allowing your staff to work from home a few days a week gives them more options and ultimately makes them happier and more loyal to your business.
3. Broader talent pool
Some small businesses use a hybrid model where some employees are fully remote. If your business allows for this type of structure, you have more options when it comes to hiring!
Recruiting remote workers allows you to branch out from your local talent pool and find more skilled workers from every corner of the nation. This may help reduce recruiting costs and minimize turnover if unskilled employees don’t pan out.
4. Best of both worlds
There are pros and cons to both the traditional office and work-from-home models. Remote work gives employees flexibility and has even been shown to improve productivity by as much as 50%. However, in-office work allows for greater collaboration and team building.
By implementing a hybrid work model, you and your staff get to enjoy the benefits of both! Employees get more options and the space to focus hard, while you get to meet with workers face-to-face and build a strong internal culture.
Whether you’re launching a new startup or making changes to your current business, consider whether a hybrid office model would work for you. If you decide to take the leap, carefully plan a budget that accommodates this shift. You’ll want to invest in the right space upfront, in addition to technology that accommodates remote work.
Tenet Financial Group is here to support new and existing small business owners with their funding needs. Using capital injections from ROBS, SBA loans or an unsecured line of credit, we’ll position your business for optimal cash flow and financial stability. Contact us today to learn more.