Mumbai (Maharashtra) [India], July 27 (ANI/ATK): Global demand for hybrid working has led to a significant increase in flexible, multi-market workspace memberships, according to new data from IWG, the world's largest flexible workspace company.
IWG has seen strong growth in the Indian market with on-demand membership rising 51 per cent Y-o-Y and meeting room sales up by 95 per cent. Sales of IWG on-demand membership have increased by 93 per cent year-on-year globally, with the UK, Spain, Italy, and India among the markets driving global growth. The on-demand model gives workers access to over 3,500 flexspace locations globally, allowing them to take advantage of the greater flexibility offered by hybrid working.
Research shows that the adoption of hybrid working and utilisation of flexible office space can significantly improve a business' bottom line. Companies are now saving on traditionally fixed overhead costs including rent, heating, and support staff, adding up to an average of more than 9,000 pounds per employee.
A study by IWG found that three times the number of FTSE 250 companies are looking to use a hybrid office model compared to those looking to carry on in the same way as pre-pandemic. This has been reflected in some of the large enterprise deals IWG has signed in the past 18 months, including Nippon Telegraph and Telephone Corporation for its 300,000 employees to work from any of IWG's 3,500 workspaces globally, and a similar agreement with Standard Chartered for its 95,000 employees.
IWG's data shows that businesses around the world are shifting to a two- or three-day office week. IWG centres in India are witnessing a steady month-on-month increase of around 35% in footfall.
It is also becoming clear that the office is increasingly important for fostering in-person collaboration. IWG's meeting room sales are up 166 per cent year on year globally, as employees seek to make the most of being in the office together.
IWG CEO Mark Dixon said, "The significant growth of businesses adopting our on-demand model demonstrates that business leaders are well aware of the advantages of hybrid working. This fundamentally people-centric approach enables companies to attract and retain the best talent, which is absolutely key in today's competitive market."
He continues: "Ultimately, by adopting hybrid working, businesses save money, gain flexibility, and reduce their carbon footprint, while employees spend less time and money travelling without losing the social aspect of office life."
Speaking about this growth, Harsh Lambah, Country Manager India, Vice President- Sales, South Asia, IWG said, "We are witnessing growing demand from existing and new clients, seeking hybrid working solutions for their employees. Not only is India a strong performing region, but what is equally heartening is that both large and small enterprises are turning to us to enable and expand their hybrid work model and related policies. We remain bullish about our expansion plans, especially in tier 2 cities and are committed to growing our network at a fast pace through the franchise model."
In India, the IWG network is spread across 16 cities through 91 workspaces. Through a successful franchise model, IWG is focusing on expanding its network across tier 2 and 3 cities of India with a demonstrable return on capital and strong growth prospects. IWG recently signed its one of the largest franchise deals with Conjoinix for 18 centres to expand presence further in Delhi-NCR, Haryana, Uttar Pradesh, J-K, and Gujarat. This is also one of the largest deals by an individual franchisee in the brand's history.
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