Jobs Advertising Hybrid Work Availability Surge in Q3
Jobs featuring the key word ‘hybrid work’ saw listings increase by 464% in Q3 over Q2.
The office sector has seen a spate of downsizing moves among large tenants coast to coast over the last quarter, despite increasing occupancy across top US metros in the last few months.
Trepp recently reported that GlaxoSmithKline is prepping to slash its Philadelphia headquarters by 75%, while the company will reduce its real estate in Raleigh-Durham by 88%. In the latter market, the firm will go from 568,000 to 60,000 square feet, a huge reduction for the secondary city. DirecTv has also said it will sublease 500,000 square feet of its El Segundo, Calif., headquarters, while PwC recently announced that almost 40,000 of its employees in the US will be able to work remotely from anywhere.
The moves come as recent research from GlobalData suggests that advertising for hybrid work positions surged in the third quarter. The firm reports that jobs featuring the key word ‘remote work’ saw listings increase by 23% in Q3 over Q2, while ‘hybrid work’ saw a 464% increase in the same period.
And some experts suggest the trend may be here to stay. The hybrid model is being adopted in the healthcare, financial, consumer, and tech sectors, with notable employers including The New York Times, Harvard University Disability Resources (UDR), and Cisco Systems, which recently announced it would open an innovation office in Midtown Atlanta hiring 700 new workers.
“Remote and hybrid working models are the future of work as job seekers look for flexibility,” said Ajay Thalluri, Business Fundamentals Analyst at GlobalData. “These models are also beneficial to companies, removing spatial boundaries in terms of finding talent and potentially increasing the number of job applicants. Further, flexible working could be useful in countries where the impending threat of another wave of COVID-19 cannot be ruled out.”
Ernst & Young’s EY Future Workplace Index suggests the future of work is hybrid and found that 72% of office-based organizations are currently working in a hybrid environment. Another 75% of respondents anticipate they will not have any one dominant work location in the future.