How Hybrid Work Can Help–Or Hurt–Your Bottom Line
This is Part Three in our four-part series on hybrid work. So far, we’ve talked about:
It’s clear that employees desire the flexibility that hybrid work offers, but many leaders remain unconvinced it’s the best thing for their organization.
But what if a hybrid work model could actually boost your bottom line, saving money and growing revenue?
Hybrid work has the power to solve many of today’s workplace challenges, like burnout, employee engagement, and agility in an uncertain economy. (We’ll cover that in Part 4 next week: the major challenges a thoughtful, intentional hybrid model can address.)
But first, let’s look at some hard numbers: even if the ‘Great Resignation’ has slowed, highly skilled employees have made it clear that they will leave an organization if they don’t have the flexibility they need. That inflexibility leads to burnout, ‘Quiet Quitting,’ and ultimately high turnover–all of which have a real impact on your organization’s bottom line.
Conservative estimates tell us that it can cost 6-9 months of an employee’s salary to replace them once they quit; data from SHRM and other sources suggest that number could be much higher. Let’s look at what that means for an average employee’s salary ($60,000) and a manager-level salary (up to $250,000).
Burnout alone can cost your organization over $20,000 a year per employee; if inflexible workplace policies drive out some of your top talent, you’re looking at close to a $200,000 hit to your balance sheet. Multiply those numbers by the number of employees who have left your organization in the past few years, and it’s clear that unclear, poorly executed, or inequitable work policies and norms are hurting your bottom line.
Can your organization afford to lose top talent because of unclear expectations over hybrid work?
In an uncertain economy where costs are rising and exceptional client service matters more than ever, hybrid work isn’t a liability for organizations–it is the key to attracting and retaining the talent that will fuel your organization’s success.
If these numbers intrigue you (or are keeping you up at night), MatchPace offers Hybrid Work Plan consulting that helps your organization figure out the right way for your team to be working to maximize productivity, engagement, and satisfaction. Reach out to Elizabeth at elizabeth@matchpace.net or sign up for the upcoming free 3-Day Hybrid Challenge to get actionable insights for hybrid work delivered straight to your inbox. And don’t forget to follow along on LinkedIn as we share insight from what we’ve learned over the past three years of helping organizations do hybrid right. Join us!