Public companies that adopted fully flexible work arrangements between 2020 and 2022 significantly outperformed their less flexible peers, as evidenced by a 16 percentage point lead in revenue growth on an industry-adjusted basis, the Q4 2023 Scoop Flex Report found.

Even excluding tech companies, 97 percent of which provided some work location flexibility, fully flexible firms still led by 13 percentage points. These numbers serve as evidence that embracing a flexible work model provides economic benefits, as consultant and author Gleb Tsipursky explained in Fast Company.

More companies are offering work location flexibility. As of the end of 2023, 62 percent of U.S. companies now provide some form of work location flexibility, up from 51 percent at the beginning of the year.  

The proportion of companies insisting on full-time office work has dropped to 38 percent from 49 percent since the start of 2023. Newer companies are also adapting; 93 percent of companies founded since 2010 offer some degree of work location flexibility.

Extrapolating from the data, “the future will be dominated by flexible work models, with expectations that full-time office work will shrink to 15 percent or less of U.S. companies in the coming years,” Tsipursky wrote.

After tech, the most flexible industries, defined as those that offer work location flexibility, are media and entertainment (92 percent); insurance (91 percent); professional services (87 percent); and financial services (87 percent), according to the Flex Index. The least flexible are: restaurants and food services (70 percent; hospitality (56 percent); retail and apparel (49 percent); and manufacturing and logistics (48 percent).

New York was found to be sixth most flexible state, with 86 percent of its companies offering some work location flexibility. The report named Massachusetts as the most flexible state (89 percent) and Tennessee as the least flexible (27 percent).

Real estate and investment management firm JLL predicted in early September 2023 that office attendance would climb to between 55 percent and 65 percent by the fourth quarter of 2023. After the summer of 2023 ended, office attendance had increased from 47 percent to just over 50 percent. But since then, Fast Company reported, it has decreased, averaging 50 percent or lower.

Writing that “[t]he future of work will likely not be anchored in the traditional office setting as it once was and the unfulfilled promise of office returns isn’t just a trend,” Tsipursky  interviewed some technology leaders about how their companies are supporting flexible work.

Frank Weishaupt, CEO of Owl Labs, said that his company focuses on making hybrid meetings feel as natural and inclusive as in-person interactions by using 360-degree videoconferencing technology, making  remote participants feel active and equal in meetings.

Nancy Knowlton, CEO of Nureva, said that her company employs intelligent audio systems and artificial intelligence (AI)-powered smart cameras for hybrid meetings to ensure full room coverage and active engagement of remote participants.

John Selldorff, president and CEO of Legrand, a specialist in electrical and digital building infrastructures, said that Legrand has partnered with Microsoft to integrate its products into Microsoft’s Signature Teams Rooms. Elements include high-quality audio and video equipment, attention to room acoustics, and large, high-resolution screens, all of which aim to create inclusive and effective hybrid meeting spaces.

Vahagn Sargsyan, founder of WebWork, offers a time-tracking and workflow management software, allowing remote and hybrid companies to enhance productivity through data-driven decisions.

“These technological innovations and leadership insights are driving the flexible work revolution,” Tsipursky wrote in conclusion. “They are not only addressing the challenges posed by remote and hybrid work models but are also unlocking new potentials for collaboration, efficiency, and global inclusivity.”