’Hybrid work could boost Europe’s economy by €113bn’

According to Ricoh Europe, a workplace technology integrator, European businesses continue to miss out on the full potential of hybrid working.

In research conducted for Opinium and analyzed by CEBR, business leaders reported that workers in a hybrid work setting are on average 4% more productive.

This is equivalent to adding an extra €113bn to the European economy compared to pre-pandemic working patterns.

According to this analysis of the views of 6,000 workers and 1,500 decision-makers across the continent, this potential growth is not being realized as only half (53%) of businesses have hybrid workforces.

CEBR says that if businesses moving towards hybrid work accelerate their plans, it could add €9 billion to Europe’s economy, with increased productivity associated with improved employee satisfaction and reduced travel times.

By ignoring the potential productivity improvements associated with hybrid work, companies run the risk of stifling future growth. Furthermore, the ability to work flexibly and better manage personal and professional responsibilities has clear benefits for worker well-being and satisfaction. Academic research suggests that those who can work from home two days a week have a 35% reduction in attrition, and it positively impacts talent retention and attraction.

Still, more than half of decision makers (52%) want to force a full-time return to the office, even though the majority of employees (76%) said they prefer some form of hybrid work arrangement for full remoteness. Or an office-based alternative. Companies can harm their competitiveness as an employer by ignoring workplace friction points that many workers still experience.

Ricoh argues that for the long-term success of hybrid work, organizations need to equip workplaces for a seamless experience by implementing the tools and technology needed for efficient communication between office-based and remote colleagues. Without a holistic strategy for delivering hybrid work, companies can lose the productivity and financial benefits associated with it.

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Nicola Downing, CEO of Ricoh Europe, said: „Supporting people to work flexibly can help businesses unlock significant financial gains, while creating happier and more fulfilled employees. However, a hybrid work policy is ineffective without enabling the necessary technology to facilitate collaboration between colleagues and customers wherever they are.

„The office is an essential environment for social collaboration and building a strong workplace culture. But spaces must be designed with idea sharing and creativity in mind, as digital functionality is essential to ensure easy communication with remote workers. In a tight job market, ignoring employee frustration in the workplace is simply not an option.”

The research took place in England, Ireland, France, Germany, Italy, Spain and the Netherlands.

Visit for more information www.ricoh-europe.com/insights.

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