Time to transform your business for the better? A hybrid working model is the key to success
By Eric Shoup, CEO, Peerspace
February 9 2023 - To return to the office or not to return? Where is the best place for my team to work most effectively? These are the questions employers across many industries are asking themselves. My advice to every business: leave the old office paradigm behind. Hybrid work is here to stay. A survey by the Office of National Statistics found that more than three-quarters (78%) of those who worked from home in some capacity said it improved their work-life balance - a crucial factor for a happy, productive workforce.
I've seen the same trend with my own team. When we made the switch to remote work, Peerspace employees reported large gains in productivity because there were fewer distractions and interruptions. The team could be more deliberate about their meetings and collaborative time, and more easily designate time for deep work. Almost half of our team (47%) also reported an improvement in their wellbeing. With indicators like this, why wouldn't businesses look to leave the old ways of working behind and look to a more permanent hybrid working model?
Deciding to ditch the traditional 'office' space can be daunting, and we're seeing many companies walk back their remote or hybrid work policies. We have no plans - and no desire - to walk back our commitment to giving our team more flexibility in choosing when and how they work. Team members can better balance the demands of work and family life, remove the time and aggravation of commuting, and better focus on doing impactful work and delivering results.
Creating a healthy company culture where people are excited about what they're building and are energized by their colleagues' knowledge goes a long way toward employee satisfaction.
Moreover, 43% of hybrid businesses saw a reduction in overhead costs, which can be put toward further improving employee wellbeing and increasing benefits. This is something we have done successfully at Peerspace, which has resulted in us being named one of the 100 Best Small Workplaces by Fortune. A happy workforce helps build a successful business, and since ditching our San Francisco-based HQ, our business continues to grow and we have nearly 100 employees around the world.
With a new way of working comes a new wave of talent
Adopting this way of working has a significant impact on hiring talent and retention, too. Employers adopting this 'work from anywhere' mentality, are realising they have the ability to hire the best talent regardless of location, tapping into a deeper pool of skilled staff worldwide. Businesses aren't tied to the same geographical restrictions as before, and recruiters know that being "remote-first" is not only a big draw for new candidates, but a huge plus for encouraging employees to stay on, reducing headcount turnover.
Committing to the process
Of course, moving to a remote first or hybrid model can be a major change and requires adjustments to be successful. First, for some companies or teams, it will require more documentation across the business. Processes from all areas of the business need to be captured clearly and communicated effectively. Remote working can also introduce challenges for onboarding new employees, so having thoroughly documented procedures will help. We introduced short all-company meetings three times a week to ensure everyone is in the loop without adding a lot of lengthy meetings. Having a system for team-level Zoom calls, and using tools such as Slack, Asana and Notion for messaging and information sharing can also help ensure employees have the information they need to do their jobs effectively.
A key success factor for this working model is to ensure that employees have a viable working environment at home. It's worth considering new employee benefits, such as home office allowances or reimbursement for mobile phone and internet fees. For employees who may not be able to work at home, consider options like coworking space to help support them.
Our experience in going completely remote and abandoning our HQ/office model has been so overwhelmingly positive that we want to help others do the same. We use our own hourly rental spaces to plan company-wide off-sites and gatherings in cities where multiple employees are co-located, so our team can periodically get together. Meeting in new, creative environments can provide alternative ways to operate that are both creative and cost-effective. Why not embrace this possibility?
Peerspace is the leading marketplace for hourly venue rentals for meetings, productions, and events. The company opens doors to the most inspiring spaces around the world, from lofts and mansions to storefronts and studios. Peerspace welcomes guests to over 30,000 spaces where they can bring their creative ideas to life, and empowers hosts to earn additional income simply by opening their doors. Peerspace was founded in San Francisco in 2014, and the company's investors include Google Ventures, Foundation Capital, Structure Capital, Carthona Capital, and 31VENTURES. Discover the best places to meet, create, and celebrate at Peerspace.com/uk.