A major rise in flexible workspaces in Canada is anticipated to contribute US$369 billion to the Canadian economy by 2030, according to research commissioned by Regus.
Locally at the trend internationally, the study also estimated that flexible workspaces will add US$10 trillion to the global economy, by boosting productivity, saving organizations money and reducing overall operating costs. As well, flexible workspaces save hours of commuting for workers, it noted, estimating 86.9 million hours will be saved by Canadians by 2030.
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“Flexible working has become one of the most innovative and influential solutions that has the power to benefit businesses, market economies and society,” said Wayne Berger, chief executive officer of IWG Canada and Latin America, Regus’ parent company, in a press release. “This has become possible due to the accelerating adoption of flexible working as a standard business practice for millions across the globe.”
Globally, the study projected a 59 per cent growth in the number of jobs associated with flexible workspaces, representing 11.7 per cent of all of Canada’s employment.
“It is exciting to consider the ways our society could benefit as a result of increased flexible working, especially as the growth projections to 2030 show how critical it will be in the decades to come,” said Berger. “Businesses must seize the opportunity to become part of this workspace revolution and continue bringing flexible workplace to employees across the globe.”
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In terms of gross value added, the study found flexible workspaces will bring about a 99.1 per cent increase to Canada’s economy, with other dramatic increases expected for other growing economies, such as China (193 per cent) and India (141 per cent). By sector, Canadian industries projected to grow the most due to the advantages of flexible workspaces are professional services (21.2 per cent), business support services (20.8 per cent), public administration (17.7 per cent) and information and communication (8.9 per cent).
“As this study shows, flexible working offers significant contributions to society, from giving people more of their personal time back to boosting the economy via job creation and improved productivity,” noted Steve Lucas, managing director of Britain-based Development Economics and the report’s author. “These projections show flexible working is a strong economic force that businesses and people should embrace in the years to come.”
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