CHROs: Hybrid work is here to stay, and employees are in the driver’s seat
High-growth startups have made massive adaptations to keep and attract people—but in ways that could threaten prized ingredients of success: culture and product development.
The survey also shows that for CHROs and other executives, this state of affairs sets up a challenge that’s likely to dominate their lives for years to come. Hybrid work is believed to have its advantages, such as increased productivity and leaner costs. But survey respondents also said hybrid work may negatively affect two critical ingredients that often determine success at venture-backed startups and help companies differentiate from each other: culture and product development.
CEOs and other leaders will need to find creative ways to head off these downsides. The strategies survey respondents say they are already implementing are a good starting point. They include over-communication, increased transparency, developing writing-oriented cultures that document what was previously shared only verbally, and a stepped-up reliance on digital collaboration tools. Perhaps the clearest sign that none of these can replace face-to-face interactions is that 4 out of 5 of those polled say they plan on hosting more off-sites to get people together in person.
The survey, which included participation from 53 companies, surfaced other insights which we highlight below. But the overriding theme is clear: The balance of power has shifted significantly from employers to employees, and companies that want to succeed are being forced to adapt. Here are the five key trends that emerged:
Companies offering hybrid work environment
Companies who say they need to offer hybrid work to remain competitive
Globally, 62% of companies say they have “no set expectation” on how many days people spend in the office
The business impacts of hybrid
Upsides from hybrid
Downsides of hybrid
What companies find most helpful when it comes to recruiting talent
What companies find most helpful when it comes to retaining talent
Key challenges for companies at different stages of growth
- Series B & C
- Series D & E
- IPO/Later growth