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The rise in flexible working is set to contribute 148bn to the UK economy. Through a comprehensive socio-economic study of changing workplace practices, by Regus, it revealed the many positives of this new age of working.
Studies show that the growth in flexible working could potentially contribute £148 billion to the UK economy by 2030, this is 16 times the cost of the London 2012 Olympics.
According to the first comprehensive socio-economic study of changing workplace practices, these studies discovered that the rise in flexible working could succeed in saving companies money. With workspace solutions that are specialised for flexible working are 75% less expensive than other options. In addition to this, it is said to boost productivity and reduce operating costs.
In addition to this, this study shows that this new age of working isn’t only beneficial for business economies, but can also help employees.
Richard Morris the CEO of Regus UK who initiated this study said: “Flexible working is a powerful tool that has the power to benefit not just businesses, but societies and whole economies. This has become possible due to the accelerating adoption of flexible working as a standard business practice for millions across the UK.”
One of the major ways in which flexible working can benefit individuals is through travel. In the UK workers spend 115 million hours of commuting time per annum, by 2030. That is equal to 14 million days at work. This was calculated via an accelerated growth model, which lays out a scenario for the uptake of flexible working at a higher-than-current rate.
The report’s author, Steve Lucas of Development Economics, says, “As this study shows, flexible working offers significant contributions to society, from giving people more of their personal time back, to boosting the economy via job creation and improved productivity. These projections show flexible working is a strong economic force that businesses and people should embrace in the years to come.”
Regus also discovered that 11% of all employment today is connected with flexible workspaces in the UK, the highest proportion among all the 16 countries that were examined. Although studies show that the UK has reacted well to these flexible working changes, is one of the highest percentages to adopt this working style, studies also reveal that the UK may not grow as much in comparison to other markets, as this will be dependant on the overall economic outcome of Brexit.
There is more motivation behind flexible working, this is backed up by studies that show nine out of ten working professionals think they are more productive while working from a flexible workplace.
Richard Morris also went on to say “It’s hugely exciting to consider the ways our society could benefit as a result of increased flexible working – especially as the growth projections to 2030 show just how important it will be in the decades to come. Businesses must seize the opportunity to become part of this workspace revolution and continue bringing flexible workplace to employees across the globe.”
The specific benefits of flexible working include higher business and personal productivity, lower overheads for office space for companies using flexible workspace, and a substantial amount of time saved when not commuting. In addition to this, with gradually more people having access to flexible working, this can also have a positive impact on higher employee earnings. All of these factors contribute to flexible working’s gross value add (GVA) to the economy.