The world was changed by the Covid-19 epidemic. The way we work was one such thing. The outbreak opened the floodgate for the hybridisation of the workplace because streets were empty and businesses were not open. 9 to 6 jobs were changed into remote work models. Work from home was being adopted by companies. Now that businesses are getting back on track after the Pandemic, it is known that there will still be people in the area.
The real estate consultants servicing on a Pan- India basis said in their latest research note that the Pandemic has brought in many changes. There was a huge change in how we work. We used a remote work model in the world of the Pandemic. The concept of hybridisation of workplace emerged after it forced most of us to go through a period of uncertainty about the viability of remote work.
The hybrid work culture allows employees to combine their off-site and on-site work as they please. A wide range of hybrid arrangements have emerged that allow employees flexibility that was not available before.
The Pandemic dispelled some myths about reduced productivity and quality of work when done from home.
Many employees feel their productivity has remained the same or even increased since they have been able to work from home according to a study. The teams reported similar or even better results than the pre-pandemic years. Work From Home options have been announced by large corporations.
Even though it is becoming an acceptable mode of working, the downside of this are lack of organization culture, team building activities, collaboration, interactions and motivation leading to employee burnout, loneliness and mental health issues. New models for hybrid and collaborative working environment that strikes the right balance between working place and time as well as fosters healthy relationship between employee and employer have been explored.
There is a new work pattern being explored. It’s called ‘work near home’.
Work Near Home is turning into reality as the paradigm of remote and hybrid work for employees and employers are being explored.
The IT and ITeS sectors have created a robust policy framework to support workforce after experimenting with hybrid models a decade ago. The newer hybrid models are slowly being adopted by other sectors.
For most organizations, hybrid work will be the way forward as it drives many direct and indirect benefits. There is no best fit for the models due to their evolving capabilities and needs. It’s not easy to figure out how to do this. Most players use place and time. Ensuring optimal output and efficiency is important.
Indian companies are still evolving the hybrid model as a way of working at the policy level. Communication infrastructure grounded to technology is one of the keys to the hybrid model. In order to create a sustainable eco-system for workforce in the country, it needs the government’s support. Flexible working arrangements can increase productivity and employee satisfaction.
There is an increased demand for functional, flexible spaces that accommodate workspace conveniently located in the urban centre for easy access of employees working remotely as a result of the reality of the World Federation of Hospitals.
The hybrid work option has the potential to create demand for commercial office space in smaller cities in the future according to the note. Residential real estate is going to get a boost in the coming years as offices shift to more affordable locations.
The note concluded that developers and corporates have to work together to address the needs of hybrid work culture. Customers and investors are choosing smaller cities for their investments. In Tier II and Tier III cities there is a lot of potential for infrastructure development and real estate.
CIRIL noted that the future of real estate was all about flexibility.