The survey of 546 UK small businesses found that, of the companies that reported laying off employees in 2023, only 16% were fully-remote businesses. This is significantly lower than the 38% layoff rate among fully in-office firms.
Hybrid firms, where employees come into the office for two or three days a week, also showed an improvement on fully in-office counterparts with a layoff rate of 30%.
Mass redundancies dominated last year’s headlines as major employers like Meta, Google, and X (formerly Twitter) sought ways to save money in the current economy.
Now, Startups.co.uk’s findings suggest that introducing a work-from-home policy is the most cost-effective measure for businesses. By reducing or losing office space, companies can save on rent, utilities, and other related expenses to weather economic downturns while maintaining a stable workforce.
The findings are particularly relevant to employers because the survey also found that 80% of respondents are actively seeking to increase their staff over the next year.
As job security becomes a top priority for many professionals, research suggests that remote-first companies will be in a strong position to attract and retain top talent in the coming months.
2024 Startups 100 Companies Innovating Employee Support
Given Small and Medium-sized Enterprises (SMEs) hiring plans, employee benefits and perks – including remote or hybrid work arrangements – will be a crucial factor in business success in 2024, as demonstrated by this year’s Startups 100 list.
The Startups 100, now in its 16th year, is the UK’s longest-running list of new businesses to watch. This year’s list has identified employee support as a business trend for 2024.
Four startups in the top 100 for 2024 are innovating employee support, work-life balance, and learning & development. They’re paving the way for other companies to be more flexible towards staff needs. They include:
As the world of work continues to change, these four companies are demonstrating that it is possible to create a supportive and positive workplace away from the office, blazing a trail for other teams to follow.
Richard Parris, Editor of Startups.co.uk comments: “It’s cold, it’s grey, and it takes you an hour to get there each morning. But, there’s yet another reason to resent your office as we begin 2024: it could cost you your job. Our research found that businesses allowing employees to work fully remote roles or hybrid setups have less risk of laying off staff, compared to those with a fully in-office culture.
“If you’re on the lookout for a new role this January, the smart money is on applying for remote and hybrid positions. As well as the improved work-life balance and lower commuting costs, you may benefit from better job security, too.”
Original Article: HRnews
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