The COVID-19 pandemic has led to a realisation that offices will never be the same again. Most of the companies and their employees have recognised the benefits of working remotely during the pandemic. While it is surreal to think that traditional offices will completely disappear, the reality is that the hybrid work model is likely to dominate in the future. As we navigate the COVID-19 pandemic, the future of work has been widely debated and speculated. While the camaraderie of the office is indeed missed, increased time spent indoors is expected to enable the transition to flexible spaces, that will provide the businesses and employees the required agility to continue operations seamlessly.
Implementing a hybrid work model is complex and varies as per the sector and the role. Some sectors such as ITITeS, e-commerce, professional services, and captives are better suited to follow the hybrid work model. On the other hand, sectors such as healthcare and pharmaceutical, medical and telecom are less likely to implement remote working, owing to their strong dependence on the physical infrastructure and presence. Coworking spaces emerge to be the most preferred option to adopt the hybrid model compared to the other options of changing the office layout or following a hub and spoke model. The concept of shared workspaces has gained significant momentum in the last 6 years in India. Although, the global markets are well braced with the concept of remote working, the Indian workplaces were the late adopters. However, the market has grown rapidly in the last 5 years and is dominated by large players who account for nearly 71% of the total stock of flexible places in the country. Based on the expansion plans and the rapidly evolving market, it is estimated that the market size is likely to double in the next 5 years, growing at a 15% CAGR.
Due to smaller homes and larger family sizes in India, a hybrid work model appears to be most popular, as evident
from the responses of 54% of the respondents who prefer the same. The report also showcases a cost benefit analysis to the employer and employees across the major cities. The savings are significant and this is likely to provoke thoughts in favour of the hybrid work model. Hope you find the report insightful and informative.