The majority, or 87%, of CFOs in Singapore agree that hybrid working will help them save money, according to research from IWG, a flexible workspace operator.

The research was conducted among 250 CFOs, and found that 91% believe an economic crisis is inevitable, with 36% of these predicting a recession this year. As a result, 97% have started implementing, or planning to implement, cost cutting measures. Facility spend is also a key target for businesses, with 65% of CFOs targeting a reduction of more than 10% per year.

Meanwhile, 80% of CFOs believe a hybrid working model will boost productivity and efficiency from staff.

IWG Founder and CEO Mark Dixon, said, “Hybrid working helps businesses stay competitive and resilient especially in times of economic uncertainty. With economic pressures mounting, research shows that CFOs and business leaders are adopting hybrid working for many reasons. Not only does it support the work-life balance and wellbeing of their teams, but it provides a meaningful boost to a company’s bottom line. Independent studies have shown that businesses can save more than SGD 13,000 (USD 8,983) per employee working in the hybrid model.”