Can Hybrid Work Model Use For Labor Retention?
In the global context, workforce has been changing for un- availability of skill people. Since workers are the key stakeholders of a particular business, it is needed to redefine the workforce retention strategy for current employees. Without a skilled and qualified workforce, it would be difficult to move forward collaboratively towards the strategic goals of the businesses.
Workforce trend
- An article by Dey M. (2023) under "workforce management" shows the workforce has drastically altered in recent years, resulting in a dynamic workforce trend.
- According to a Gallup poll conducted in 2021, employee engagement levels worldwide remain relatively low, and its results show a US employee engagement trend.
Source: Gallup: employee engagement drops
What is a hybrid work model?
Onsite working coupled with remote working is the hybrid model, which helps both the business and employees with flexibility and control over their work schedules.
Companies prefer hybrid work model
Dicit R, (2023) shows key takeaways as; giants like Meta, Apple, Google, Microsoft, etc. invest in the metaverse workplace and plan to implement a permanent hybrid work model.
Source: startup Talky: List of companies opting for hybrid work
Furthermore, a report by McCain (2023) shows 74% of US companies are executing a permanent hybrid work model, and it is trending toward the hybrid model in the future.
Employee benefits
The report from Zippia (2023) further says that according to a survey by Bloomberg, 84% of employees benefit from working remotely due to not having a commute and cost savings. In addition, 26% of employees say they don't want to be away from family members or pets.
Source: Zippier: hybrid work statistic
According to Armstrong (2012), talent management is essential to ensuring that talented people are in the business to achieve strategic goals, and HR needs to practice retention planning for skilled employees.
In this hybrid work model, employees have the flexibility to work from home. This can lead to not only saving companies or each business money, but also enabling employees to save financially and to stay in the same position with job satisfaction, improved work-life balance, and increased productivity through labor retention.
In conclusion, as the skilled workforce is changing, retention of skilled employees can be done through a hybrid work model since it helps increase job satisfaction while keeping employees stable financially.
Reference
Dicit, R. (2023) Future of human resource management, SelectHub.[Online]. Available from: https://www.selecthub.com/hris/hr-trends/ [Accessed 27 February, 2023].
Dey, M.(2023) Future of workforce trends in 2023, Selecthub.[Online]. Available from: https://www.selecthub.com/hris/workforce-management/workforce-management-trends/ [Accessed 27 February, 2023].
Gratton, L., Hailey, V.H., Stilles, P., and Truss, C. (1999) Strategic Human Resource Management: Corporate Rhetoric and Human Reality, Oxford University press.[Online]. Available from: https://doi.org/10.1093/acprof:oso/9780198782049.001.0001 [Accessed 27 February, 2023].
Armstrong, M. (2012) Human Resource Management Practice, 10th edition, Kogan Page, London, and Philadelphia.
Purcell, J. and Boxall, P. (2022) Strategy and Human Resource Management, London: Palgrave.
Zippia. (2023) 30 Essential Hybrid Work Statistics [2023]: The Future Of Work, Zippia.com.[Online]. Available from: https://www.zippia.com/advice/hybrid-work-statistics/ [Accessed 27 February, 2023].
Well explained
ReplyDeleteNice article, giving more information and detailed research with a clear understanding of hybrid work model.
ReplyDeletePros on the hybrid model help both the organisation and the employee
DeleteNice article which Clear information is available, and hybrid work models, which assist boost job satisfaction and provide financial stability, are hopefully the way of the future.
ReplyDeleteHRM works for each employees's healthy work life to win win
DeleteIn the competitive environment hybrid model is very usefull to any kind of organization..If the company apply the hybrid model employee can maintain a healthy work-life balance..because of that their productivity and job satisfaction increase..And for the corporate they can access to a global workforce..You have clearly mentioned lot of facts regarding on this..Very useful article..Highly appreciated your effort..!!
ReplyDeleteEnsure employee's job satisfaction to have organisation's productivity
DeleteYou have explained everything well...good effort👍
ReplyDeleteAccording to Alison R.(2022) Nearly all (95%) of HR leaders believe that a hybrid model can be used as an effective recruitment tool, according to IWG’s HR Leaders & Hybrid Working Report , more than half (60%) believe that hybrid work increases retention, and 80% say that it increases employee satisfaction. Your article also has given more details and research on the title to prove the same .Well done Anushka.
ReplyDeleteTalent management is essential to ensuring that talented people are in the business to achieve strategic goals, and HR needs to practice retention planning for skilled employees Armstrong (2012)
DeleteAmazing write -up and clearly describe the topic in a unique point of view
ReplyDeleteAs the skilled workforce is changing, retention of skilled employees can be done through a hybrid work model since it helps increase job satisfaction while keeping employees stable financially.
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ReplyDeleteThis comment has been removed by the author.
ReplyDeleteYes, a hybrid work model can be used for labour retention. Good job.
ReplyDeleteVery useful article..Highly appreciated your effort..!!
ReplyDeleteThe hybrid work model offers many benefits for both employers and employees, including increased job satisfaction, better work-life balance, and greater flexibility. These benefits can lead to increased labour retention and help companies retain their top talent.
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