‘Hybrid work could boost Europe’s economy by €113bn’

European businesses continue to miss out on the full potential of hybrid work, according to workplace technology integrator Ricoh Europe.

In research carried out for the company by Opinium and analysed by CEBR, business leaders said that workers are on average 4% more productive in a hybrid work setting.

This is equivalent to adding an extra €113bn to the European economy compared with pre-pandemic ways of working.

According to this analysis of the views of 6,000 workers and 1,500 decision makers across the continent, this potential growth, has not been realised as only half (53%) of businesses have workers in a hybrid system.

If busineses that intend to shift towards hybrid work accelerated their plans, it could add €9 billion to Europe’s economy, according to CEBR, with the increased productivity associated with improved employee satisfaction and reduced commuting time.

Companies run the risk of hampering future growth if they ignore the potential productivity uplift associated with hybrid work, says Ricoh Europe. Furthermore, the ability to work flexibly and better manage personal and professional commitments has clear benefits for worker wellbeing and satisfaction. Academic research suggests this positively impacts talent retention and attraction, with a reduction in attrition of 35% for those able to work from home two days a week.

Yet, over half (52%) of decision-makers would like to mandate a full-time return to the office, despite the majority of employees (76%) saying they would prefer some form of hybrid working set-up to a fully remote or office-based alternative. Organisations risk harming their competitiveness as an employer by ignoring workplace friction points that many workers still experience.

Ricoh argues that for the long-term success of hybrid work, organisations must equip workspaces for a seamless experience, implementing the tools and technology necessary to facilitate efficient communication between office-based and remote colleagues. Without a fully-formed strategy to deliver on hybrid work, organisations will miss out on the associated productivity and financial benefits.

Nicola Downing, CEO of Ricoh Europe, said: “Supporting people to work flexibly will help businesses unlock significant financial gains, while creating a happier and more fulfilled workforce. However, a hybrid work policy is futile without implementing the technology required to facilitate collaboration between colleagues and customers, wherever they are.

“The office remains an essential environment for social collaboration and building a strong workplace culture. But spaces must be designed with idea sharing and creativity in mind, with digital functions essential to ensure easy communication with those working remotely, too. In a tight employment market, ignoring employee frustrations in the workplace is simply not an option.”

The research took place in the UK, Ireland, France, Germany, Italy, Spain and the Netherlands.

For more information visit www.ricoh-europe.com/insights.