Is this the best way to survive our cost of living crisis? The Easy Work Trick That Saves Aussies a Huge $10k Year
- Research has shown that employees who work from home save an average of $216 per week
- The global study surveyed 28,000 full-time workers, including 1,042 Australians
- Technology firm Cisco said results showed hybrid work ‘stays here’
The cost of living crisis is here, but a new study has found that working from home alone can save Australians as much as $10,000 a year.
In a global survey conducted by tech giant Cisco, four in five employees saved money while working from home.
The survey of 28,000 full-time workers, including 1,042 Australians, found that a work-from-home worker saved an average of $216 per week.
A study has found that workers who work from home are happier, healthier and wealthier – saving the average Australian $10,000 a year
Employees have increased their savings by 15.5 percent after removing commuting, food, gas and entertainment costs from their weekly expenses.
As workers struggle with the rising cost of living and slow wage growth, nearly three-quarters of workers surveyed said they would consider the financial benefits of working from home when looking for new jobs.
Ben Dawson, vice president of Cisco Australia and New Zealand, said work-from-home policies are becoming increasingly important for employees.
“If it’s going to cost you $10,000 to join an organization that expects you to be in the office five days a week, that’s a real factor.” [in deciding where to work]said Mr Dawson to the… Australian Financial Review†
mr. Dawson said hybrid work is a “here to stay” because it not only saves money for employees, but also makes them happier and healthier.
Two-thirds of respondents reported improved physical fitness and said they had more time to exercise.
“Hybrid labor is great for employees, it’s great for employers because employees think they are more productive and as a result, it’s here to stay,” Dawson said.
“If people feel happier, healthier and financially better, they will expect it and it will be a source of competitive differentiation when we start recruiting. I think flexibility has turned from a unique aspect of some employers into a table game.”
Covid-19 has forced most of the world to work from home for the past two years, but many companies and bosses are increasingly demanding that staff return to the office.
Cisco’s report states that companies must recognize the workplace shift and invest in “culture, communications, technology, workplace policies and infrastructure to thrive in the new hybrid work future.”
Ben Dawson, vice president of Cisco Australia and New Zealand (pictured) said companies need to recognize that “hybrid work is here to stay” and invest in culture, communications, technology and infrastructure to be successful in the future
Nearly half of respondents believed the shift to a home office had led to an increase in micromanagement, although two-thirds felt their productivity and quality of work had improved while working from home.
Employees were also concerned about the impact working completely remotely could have on receiving a promotion, with 57 percent admitting that working from home made it challenging to interact with colleagues and the company.
“I think the fear of being out of sight, out of mind, is well founded,” Dawson said.
Dawson said employees don’t have to worry about missing out on a promotion, as companies have a responsibility to make sure people are recognized based on their achievements, not their visibility.
In the past 12 months, Cisco has promoted a third of its global workforce.