Office rent is the second-highest fixed cost for most businesses out there. Does this make sense if you and your employees are no longer spending all your time there? No. In fact, finding the right workplace balance could reduce your spend by 25% and offer more flexibility and optionality.
These savings are becoming increasingly important as inflation continues to dominate the news and a recession looms. Investment bank, Goldman Sachs, recently forecasted that inflation could surpass 22% in the UK early next year, marking the highest peak for almost half a century.
This issue impacts business owners everywhere. So, allow us to tell you how and why Hubble can help your business not only survive, but thrive, through this period of financial turmoil.
You don’t have to commit to a long-term lease
With Hubble HQ, you can take a serviced office for as little as one month, whilst more traditional leases will run for around three years and beyond.
This is perhaps the main perk of implementing a hybrid working strategy with Hubble as we head for a recession, especially if you don’t have an enormous amount of money to throw at your monthly rental budget.
You don’t need to pay for a massive office
Today, 51% of employees have flexible working arrangements in their current role, with 37% of organisations seeing increased demand for such arrangements.
This eliminates the need for you to spend a large amount on an office that can hold everyone five days a week as a massive proportion of your employees won’t want to come in as often as that anyway.
This is an area where the Hubble Pass can help you. By prioritising relationship building when using the office and hosting solution-focused meetings, your employees will get more out of their days in the office and you’ll rarely need space for everyone.
Your employees’ salaries will stretch further
Commuting to and from the office five days a week is a costly affair, especially for those travelling long distances. Minimising travel expenses throughout the year acts somewhat as a tax-free salary increase, though, freeing up money for more joyous expenditures.
These savings will become increasingly important with the UK’s economic outlook set to worsen, perhaps to the point where people with very little flexibility in their roles seek new opportunities that can offer more.
Your employees will get more done, and so will you
According to the National Bureau of Economic Research, allowing your team to work remotely boosts productivity and engagement by 4.5%. Global Workplace Analytics has taken this further, suggesting that employers could save around £9,300 per employee each year by allowing them to work from home half of the time.
Why? Well, Spring HR claims that those who work remotely up to 80% of the time are optimally engaged, with the most motivated generating a 15% productivity boost for the company. On this basis, your company’s productivity, profitability and retention will be heightened, and this will ultimately save you money.
Don’t just survive, thrive with Hubble
The uncertainty we’re faced with right now is unsettling, but there are measures you can take to ensure you’re prepared for the worst.
Getting your hybrid working strategy in check is a great starting point. It cuts rental costs, it keeps employees happy, it boosts productivity, and it allows your to operate more flexibly in these uncertain times.
So, why not take a look at the wonderful full-time office spaces you can call home with Hubble HQ? Whether you’re a team of 5 or 500, our in-house experts are here to help.
And don’t forget, if you’d rather just have access to a global network of coworking space, private day offices, meeting rooms and event space, the Hubble Pass is ready and waiting.