According to an EY report, 40% of the companies surveyed already use or plan to use a four-day workweek.
70% of the employers surveyed have chosen a hybrid strategy.
58 percent of the executives surveyed intend to increase or diversify their holdings in commercial real estate.
According to a recent report from Ernst and Young, executive demand for expanded office presence and increased flexibility for office workers has not been significantly affected by the slowing economy, rising mortgage rates, or mass layoffs.
The consulting company’s second annual EY Future Workplace Index, which was released on Wednesday, revealed a growing demand for hybrid work as well as an increase in the use of flexible working arrangements and the presence of a four-day workweek.
According to a press release from EY, 40% of the companies surveyed have already implemented or are planning to implement a four-day workweek, a strategy that has gained popularity overseas but has been slow to catch on in the United States.
According to the survey, there has been a noticeable increase in hybrid work since 2021, with 70% of employers using this strategy, which involves having employees work from home two to three days per week.
The four-day workweek and the rise of a hybrid workforce are two examples of the changing real estate management environment for corporate leaders, according to EY. According to EY partner Mark Grinis, “the economic downturn will force leaders to make critical decisions about their real estate portfolios, from investments to space optimization to workforce models.”
According to EY, executives continue to make investments in raising employee quality of life. 46 percent of the employers surveyed intend to implement in-office baristas. One-third of the executives polled said they intended to expand or implement their childcare options. These adjustments were made following the Covid-19 pandemic, which left workers wounded and increased resignations across all industries. According to the EY survey, businesses have started making investments in office amenities to increase employee satisfaction and return rates.
The EY report comes at a time of widespread layoffs across all industries, but particularly in tech, where skilled workers had access to lavish benefits and facilities at work.
However, only a third of the executives polled by EY said they intended to cut back on their investment in commercial real estate. More than half of respondents intend to upgrade or expand their current portfolios.
On the other hand, Elon Musk doesn’t appear to be taking the advice of the business leaders EY surveyed. The new Twitter CEO has discontinued free lunches and ordered staff to report back to the office after criticising Twitter’s catering costs, which he claimed were $13 million annually in San Francisco alone.