81% of U.S. CFOs see hybrid work as cost-cutter
WASHINGTON D.C., UNITED STATES — In a recent survey by workspace provider IWG plc, 81% of Chief Financial Officers (CFOs) from the United States (U.S.) identify hybrid work arrangements as a significant avenue for cost reduction.
Conducted among more than 250 CFOs, the study underscores the influence of ongoing economic instability, with 78% of CFOs actively cutting costs and many pinpointing hybrid work as a main solution.
IWG CEO Mark Dixon emphasized, “Hybrid working helps businesses stay competitive and resilient, especially in times of economic uncertainty.”
“The research shows that CFOs and business leaders are adopting hybrid working for many reasons. Not only does it support employee work-life balance and wellbeing, but it also provides a meaningful boost to a company’s bottom line,” he added.
Meanwhile, 92% of CFOs said their companies felt the financial strain due to uncertainties and inflation, while two-thirds believe the U.S. economy is in a recession.
Further, 67% are looking to maintain a long-term hybrid arrangement for their organizations.
Space management also came into focus, with 74% of CFOs contemplating or already transitioning to shared workspaces. Sixty-four percent have trimmed their office footprint to facilitate hybrid work models.
Aside from rethinking office spaces, companies are adopting additional measures to save costs. More than half are cutting back on new hires, 48% are opting for short-term lease agreements, and layoffs are a consideration for 42%.
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