Higher standard of living with reduced commuter costs
Having an office closer to home would also result in a higher disposable income for most workers. According to Total Jobs, UK workers will spend over £135,000 on commuting costs by the time they retire, with Londoners spending an average of £305 per month to travel to and from work.
This is further reinforced by a recent global study of 120 countries which found that 40% of people want to work closer to home. It also showed that 70% of London commuters want to reduce their commute time and only 8% of Brits are now willing to travel more than an hour to work.
In short, people want to claw back their personal time, to either spend on themselves or to get a head start on the day.
Improved personal and professional wellbeing
While working from home does have its benefits, introducing this longer term as a full time measure will have limitations – particularly when it comes to employees’ mental health and professional development. This is why having a flexible office environment in closer-to-home commuter belts, such as those provided by Needspace?, is appealing. We understand small businesses and our flexible office space was born out of a desire to support them while meeting the needs of their workforce.
The reduced overhead cost of not having an office at all is also a short-sighted benefit for businesses, according to the National Bureau of Economic Research. Although workers tend to work longer days at home, send more emails, and attend more but shorter meetings, this increased productivity for businesses is a short term positive.
Downsides include increased stress levels, reduced motivation and engagement and increased likelihood of employee burnout; all factors which contribute to a long-term detrimental impact on a business. Employees value face-to-face interaction with colleagues, an inspiring work environment and a change of scenery. With an office closer to home, staff can enjoy perks such as popping home for lunch, more time for exercise and outdoor pursuits and fewer outgoings.