How the hybrid work model could affect personal financial stress

Is the hybrid work model here to stay? Unclear right now.

One thing we do know though is that the hybrid work model may have a negative impact on personal financial stress. 

First, what is the hybrid work model?

Many organizations are offering the opportunity for employees to work two or three days a week in the office, while also offering the opportunity for employees to work completely remotely.

Working remotely has worked well for most organizations over the last year or so, so this seems like an easy transition. 

In fact, 55% of U.S. workers want a mix of home and office-based work. 

However, there are some implications that could lead to additional financial stress on both employees and organizations alike.

 

What are these financial stressors?

Pay inequity

Working remote has its benefits when it comes to transportation and other daily costs. Though many organizations have decided to rethink their compensation strategies. Because of these reduced costs, some organizations have also reduced compensation as employees have lowered transportation or housing costs now. 

While this may benefit the organization, how does this benefit the employee who has already budgeted and made financial arrangements based on their current compensation?

Time management

Many of your employees have children at home and your remote work coupled with remote schooling became a tricky endeavor this last year. While some schools are back in session, some are continuing with remote and/or a hybrid model this year. And trying to get your work done while helping your children with their work is no easy feat. 

A hybrid work model in theory makes this simpler, but some may not be able to find child care throughout the week on sporadic days. Maybe this is an employee benefit that could help offload this stress…

Home office

Okay, most organizations will provide any needs for a home office including: monitor, keyboard, and mouse. The basic necessities. But, what about the needs to make this office a comforting and creative space? A desk chair that supports. A desk that is the right height. A printer and paper. Any other items you would find in the office easily accessible.

Organization budgets will be redistributed if the office isn’t in full use; some office spaces will even decrease in size. Are there ways to make this transition less of a financial burden for at-home employees?

Stability

Many employees continue to feel disconnected from the workforce when they’re working from home. Nearly three-quarters (74%) of employees feel they’re missing out on company news and information when they are not in the office. And when employees feel disconnected, there is a higher chance they will seek out new employment opportunities. 

Think through ways to keep employees engaged and active while remote. This could be a centralized hub, instant messaging apps and rewards programs.

 

Future of work…

While there are many benefits to a hybrid work model, there will be some side effects that will take some finagling to get right.

One thing you can’t go wrong with is offering the right benefits to help offset any additional costs your employees may incur. 

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