Flexible working could contribute USD 376 billion annually to the Indian economy by 2030 as shared office space helps corporates to save cost and boost employee productivity, says a study.
The study, commissioned by global workspace provider Regus, that tracked flexible working in 16 nations noted that around 8 to 13 per cent of all employment will be associated with flexible workspaces in most developed economies by 2030.
Flexible working could save more than 3.5 billion hours of commuting time across the 16 economies by 2030.
“A predicted boom in flexible working could contribute USD 10.04 trillion to the global economy by 2030,” Regus said in a statement.
China and India are projected to see the greatest gross value add (GVA) increase from flexible workspace.
“The proportion of people working flexibly in China will remain relatively small, but it will see the greatest associated gain in economic output – as much as 193 per cent in 2030 compared to 2017. This could equate to a huge overall GVA of USD 1.4 trillion.
“India could see the next greatest benefit, with an estimated annual GVA increase of as much as 141 per cent. “By 2030, that could be worth almost USD 376 billion extra annually to the Indian economy,” the report said.
While the US has a slightly lower value-add on in terms of percentage to its economy from flexible working at 109 per cent, it would see the highest gross value add at USD 4.5 trillion.
The study, conducted by independent economists, analysed the socio-economic impact of flexible working in 16 countries — Australia, Austria, Canada, China, France, Germany, Hong Kong, India, Japan, Netherlands, New Zealand, Poland, Singapore, Switzerland, United Kingdom and the US.
Greater levels of flexible working will save businesses money, reduce operating costs and boost productivity – ultimately causing a ripple effect across the economy from core businesses through to supply chains.
The specific benefits include higher business and personal productivity, lower overheads for office space for companies using flexible workspace, and millions of hours saved commuting. All of these factors contribute to flexible working’s gross value add to the economy.
Ian Hallett, Group MD for Regus, said: “Flexible working is a powerful tool that has the power to benefit not just businesses, but societies and whole economies. This has become possible due to the accelerating adoption of flexible working as a standard business practise for millions across the globe.”
Steve Lucas of Development Economics, and report author, said that 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.
Source: Press Trust of India