This article is to discuss the financial benefits of the hybrid approach to your company. It is aimed at finance managers and company owners, focusing on how small investments will bring long-term success.
Born out of necessity, the hybrid working model has been one of the hottest topics even post-pandemic. Many companies chose to maintain it as their permanent set-up, while others returned to the previous work arrangements but are contemplating this choice. If you fall into the brackets of the latter, treat this article as a sign to re-commit to hybrid. Of course, we aren’t going to make such a bald statement without an explanation. And this is essentially what this article is about.
While there are many benefits to the hybrid approach, let’s talk about one that resonates with any business, no matter the size or industry. This novelty working model saves money and greatly contributes to future success. But don’t just take our word on it. Instead, come take a deeper dive with us.
How Does Hybrid Working Save Money?
Hybrid working helps you save money in several ways. Some are instant, while others will take time to deliver visible results. Here are some areas in which the hybrid work model will slash costs:
-
Office space rent;
-
Utilities;
-
Travelling expenses;
-
On-site equipment.
These are some easy wins. While we will start with a bit of a more in-depth look into them, our main focus today will be exploring a few more intricate ways in which a hybrid model can save you a hefty chunk of your budget.
Cutting the Cost
Let’s begin with the quickest money-saving measures introduced by the hybrid approach. Namely, the areas where the cost cuts will be immediate and noticeable. It’s worth noting though that you should think outside the box when it comes to hybrid. It isn’t all fully workplace-bound only. But carry on reading to understand what we mean.
Office Expenses
Rent and utilities are expensive. Especially in today’s economy when we are facing a living expenses crisis. Naturally, having a physical office gathers these costs like no other. From spending a fortune on electricity to keep all the equipment running to more subtle costs like keeping a water cooler serviced, it can put a massive dent in your company’s budget. And as your team grows, all this will naturally be costing you even more.
The opposite is true too - the fewer people are in the office, the lesser will the cost be. The truth is you don’t need your entire team on-site at all times. That said, you can even start thinking of downsizing the premises so they accommodate exactly the maximum number of people you would have present at all times. Sure, some planning ahead will be required to make sure you’re not short on seats, but overall this can cut your costs dramatically. And if you choose to go the fully remote route, naturally, office expenses won’t even be a concern.
Moving Events Online
Another extremely costly affair is events. Naturally, when the pandemic was raging, they too were cancelled and moved to the virtual space. Similarly to offices, they would also take on the hybrid approach later. For example, the speaker would be presenting live online, and the audience could either listen in by logging into the event platform using their device or watch the presentation broadcast at the event venue.
Virtual event stalls work similarly. Visitors can either reach them virtually and speak to the staff online or visit the physical stall at the event. Even if the stall is fully online but part of a physical event, it’s still considered a hybrid. While it’s a bit more difficult to attract people this way due to no physical foot traffic, this is a great solution for those looking to save costs. Online space will cost less than the square meters of the venue. Not to mention, you won’t have to worry about setting up the stall, printing material and procuring swag. On the other hand, you should expect to invest in creating beautiful visuals and unique, immersive experiences.
Long Term ROI
Unlike the above-mentioned benefits, some ways in which hybrid saves you money take a little longer to manifest. However, the gains received from that are also longer-lasting and more impactful to your overall future as a business.
Right Tools for Efficiency
There is one aspect of the hybrid working module that will incur additional costs: the adoption of digital tools. As you are trying to blend your office-based and remote operations into equally contributing parts of day-to-day processes, SaaS technology is a necessity. Most tools aren’t one-off payments and instead run on a subscription level. Understandably, the more software you add to your digital toolbox, the bigger will your monthly or yearly expenses be. But this is an investment you shouldn’t be stingy on.
The selection of tools can make or break not just your efforts to run a hybrid office but also the overall success of your organisation. Simply put, the tools needed to support hybrid working have many uses, even outside of their direct purpose. Platforms that offer collaboration options between your teams normally also include automation features. They help you create smoother workflows, take over tedious manual tasks and in doing so improve the general efficiency.
Team Training
The market is always changing, and so you need to make sure your team keeps their knowledge polished at all times. Most people have negative connotations when hearing ‘team training’ as it normally entails awkward team-building activities, travelling and other expenses. Compared to the effort and hassle going into arranging, running and managing these sessions, the gain from them is often not worth the investment.
Hybrid team training is nowhere near as complicated. Most sessions are run online, using interactive virtual meeting platforms where the attendees can still interact with one another and the presenter, but can also choose to be a quiet observer. What’s more, the material is often later available to be accessed on demand, meaning your staff can revisit it or familiarise themselves with the content if they were not available on the day. While most of these training sessions still won’t be free, the cost cut accumulates a lump sum and more benefits.
Save Money with Hybrid
We believe the arguments presented so far have convinced you that the hybrid approach is very beneficial to your budget. And here is the final one: even though there is a cost to it, you choose how big it is.
Little Early Investments, Big Future Results
As we’ve already mentioned, the biggest investment in going hybrid will be in digital tools. However, it doesn’t mean you need to get them all at once. Nor that you have to rip the bandaid and go fully hybrid all at once. Unlike the pandemic times, you have the opportunity to take a more gradual and planned approach. Implementing changes one by one you will certainly deliver better results than trying to transform all at once.
Not to mention, it’s much friendlier to your budget too. While every change is bound to come at a cost, with strategic planning ahead you won’t be pressured into onboarding the next thing until you see the return on investment. While we don’t imply you should take that route of action, we also understand sometimes the stakeholders can be on the fence about the change, and the only way to prove its benefits is through numbers. The pace and extent to which you go hybrid depends on you and your company’s needs. There are no right or wrong answers, only long-term benefits.
Summary
Every business could do with an extra budget, no matter the size. And switching to a hybrid working model is one of the ways to achieve that. One of the biggest expenses every organisation has is securing space suitable for their day-to-day operations. With fewer people on site, you will naturally need a smaller office and spend less on utilities. The same logic applies to work-related events. It will cost you less to rent a virtual space than to have a huge in-person stall. So why not stick to a smaller stand and make most of the experiences online?
While there will be some investments, namely into tools and team training, they have the potential to generate a huge ROI. There is no need to rush with the implementation of a hybrid work model either. Do it at your own pace, without straining your company financially or otherwise. And we assure you, the difference those small changes make will inspire you to move forward.
Are you ready to start your journey? Timesheet Portal will guide you.
