Flexible working to contribute $369B USD to Canadian economy by 2030

• Flexible working will save businesses money, reduce costs and boost productivity, causing a ripple effect across entire economies
• Canada could see a gross value add (GVA) increase of 99.1%
• A rise in flexible working also benefits individuals, set to save Canadians 86.9 million hours of commuting time by 2030

TORONTO, Oct. 30, 2018 /CNW/ - A predicted boom in flexible working could contribute $369B USD to the Canadian economy — and $10.04 trillion to the global economy — by 2030, according to the first comprehensive socio-economic study of changing workplace practices.

The analysis, commissioned by Regus and conducted by independent economists, studied 16 key countries to delve into the state of flexible working both now and through 2030.

ECONOMIC BENEFITS

Regus found that there will be a 59 per cent growth in the number of jobs associated with flexible workspaces by 2030 — which represents 11.7 per cent of all employment in Canada. 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.

Canada is predicted to see a gross value add (GVA) increase from flexible workspace, potentially seeing an increase of 99.1 per cent to its economy. China and India are predicted to see the greatest gross value add (GVA) increase from flexible workspace, potentially seeing an increase of GVA of 193 per cent and 141 per cent in their respective economies.

The industries in Canada projected to grow the most from flexible workspace by 2030 are professional services (21.2%), business support services (20.8%), public administration (17.7%), and information & communication (8.9%). 

PERSONAL BENEFITS

The study found that flexible working doesn't just benefit economies – it also helps individuals. Remote workers are almost twice as likely to say they love their job as those in the same industry working in a traditional workspace.

A huge factor in this may be the time individuals save due to remote and flexible working. According to an accelerated growth model, which lays out a scenario for uptake of flexible working at a higher-than-current rate, cutting out the commute by working remotely could save Canadians 86.9 million hours by 2030. When looking at the overall number of hours saved for the 16 countries surveyed, the number jumps to 3.53 billion hours by 2030. That is equivalent to the time spent at work every year by 2.01 million people.

Wayne Berger, CEO of IWG Canada and Latin America (which owns Regus), says: "Flexible working has become one of the most innovative and influential solutions that has the power to benefit businesses, market economies, and society. This has become possible due to the accelerating adoption of flexible working as a standard business practice for millions across the globe.

"It is exciting to consider the ways our society could benefit as a result of increased flexible working – especially as the growth projections to 2030 show how critical it will be in the decades to come. Businesses must seize the opportunity to become part of this workspace revolution and continue bringing flexible workplace to employees across the globe."

Steve Lucas of Development Economics, and report author, says, "As this study shows, 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. These projections show flexible working is a strong economic force that businesses and people should embrace in the years to come."

RELEASE NOTES

• The Regus study analyzed 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 United States. The study found that:
• Flexible working will contribute $10.04 trillion to the economies of the 16 countries by 2030 – more than the current GDP of Japan and Germany combined.
• By 2030, Canada could see an economic boost of as much as $369B USD from flexible working
• Flexible working could save more than 3.5 billion hours of commuting time across the 16 economies by 2030. In Canada, the number of hours saved from commuting could be as high as 86.9 million.
• The industries in Canada projected to grow the most from flexible workspace by 2030 are: professional services (21.2%), business support services (20.8%), public administration (17.7%), and information & communication (8.9%).

ABOUT REGUS

Regus is the leading global workspace provider. We have built an unparalleled network of office, co-working and meeting spaces for companies to use in every city in the world. It's a global infrastructure built for businesses to support every opportunity.

Our network of workspaces enables businesses to operate anywhere, without the need for set-up costs or capital investment. It provides our customers with immediate cost benefits and the opportunity to fully outsource their office portfolio. Designed to enhance productivity and connect 2.5 million like-minded professionals, it's an instant global community and a place to belong.

For more information please visit:
www.regus.com
www.facebook.com/RegusGlobal
www.linkedin.com/company/regus

SOURCE Regus

Media Contact: Linda North, NorthPR, Phone: [phone], Email: [email protected]