A predicted boom in flexible working could contribute US$10.04 trillion to the global economy by 2030, according to the first comprehensive socio-economic study of changing workplace practices. The analysis, commissioned by Regus and conducted by independent economists, studied 16 key countries to delve into the state of flexible working both now and through 2030.
Regus found that between 8% and 13% of all employment will be associated with flexible workspaces in most developed economies by 2030, including Hong Kong. Greater levels of flexible working will save businesses money, reduce operating costs and boost productivity – ultimately causing a ripple effect across the economy from core businesses through to supply chains.
The specific benefits include higher business and personal productivity, lower overheads for office space for companies using flexible workspace, and millions of hours saved commuting. All of these factors contribute to flexible working’s gross value add to the economy.
The study found that flexible working doesn’t just benefit economies – it also helps individuals. Remote workers are almost twice as likely to say they love their job as those in the same industry working in a traditional workspace.
A huge factor in this may be the time individuals save due to remote and flexible working. According to an accelerated growth model, which lays out a scenario for the uptake of flexible working at a higher-than-current rate, cutting out the commute by working remotely could save 3.53 billion hours globally by 2030. That is equivalent to the time spent at work every year by 2.01 million people.
The Regus study analyzed the socio-economic impact of flexible working in 16 countries: Australia, Austria, Canada, China, France, Germany, Hong Kong, India, Japan, Netherlands, New Zealand, Poland, Singapore, Switzerland, United Kingdom, and the United States. The study found that:
A- Flexible working will contribute $10.04 trillion to the economies of the 16 countries by 2030 – more than the current GDP of Japan and Germany combined.
B- Flexible working could save more than 3.5 billion hours of commuting time across the 16 economies by 2030.
Source Credit: AMEInfo