The rise of hybrid working as a key job seeker demand
Hybrid working has become more and more ingrained as a benefit that many candidates will demand when seeking a new role. It has evolved into a coveted benefit for job seekers and in many cases, candidates will put a tangible value on this benefit by valuing it as much as, if not more than, a higher salary.
As the workforce landscape continues to adapt, employers are faced with the challenge of striking the right balance between remote and in-office work. Many employers are looking to increase the number of days their employees return to the office to build a culture, enhance team collaboration, or simply keep up with what’s going on through informal chats with colleagues.
To that end, what is the status of hybrid working/working from home almost four years on from the outbreak of Covid?
Big Tech’s response to hybrid working
In September 2023, Meta paid £149 million (€171 million) to break its lease on a major London development near Regent’s Park. This was reported as being due to increased levels of hybrid working as well as part of a cost-cutting exercise. The news is the latest sign of Big Tech’s determination to control costs by scaling back its office footprint as more staff work from home. The tech contraction has hit cities such as San Francisco that rely heavily on tech companies. Office tenants and European markets including Dublin and London have not been spared.
Indeed, there are other more specific examples of companies embracing Hybrid working models with open arms. For example, in a recent radio advertisement, one of the Big4 consultancy firms promotes a unique hybrid working benefit, allowing employees to work abroad for up to 20 days during the summer months. Conversely, certain Financial Services companies advocate for a more traditional approach, requiring employees to be present in the office for four or five days each week.
Hybrid working’s influence on recruitment and retention strategies
So, whether an organisation embraces or resists the evolving working environment, its ‘Working from Home’ policy significantly influences recruitment and retention strategies. Real-life examples gathered from our team of recruitment consultants shed light on the practical implications for companies seeking to attract and retain top talent in this dynamic landscape.