Most chief executives think the five-day office week will return in the next three years, and five in six are thinking about linking promotions, pay or other benefits to office attendance, according to a major survey conducted by professional services giant KMPG.
The annual KPMG CEO survey of 1,300 CEOs found that 64% of bosses globally, or 63% in the UK, expect that office working will see a “full return” by 2026.
That could be sped along by the fact that the vast majority are considering incentives for those who come in. 87% of CEOs globally, and 83% in the UK, are “likely” to link financial rewards and promotion opportunities to a return to in-office working practices.
KPMG UK CEO Jon Holt said: “This isn’t a one-size fits all approach. And issuing an “all hands on deck” edict is a simple response to a complex issue – it won’t work for all businesses. Some sort of hybrid working is likely to remain a useful way to attract and retain the good people the CEOs know their business needs.
“Having the right employee value proposition to attract and retain talent is near the top of the priority list for CEOs in our survey.
“The wellbeing of younger colleagues is a particular issue here. They’re a generation whose early work experience has been defined by Covid and the cost-of-living squeeze. As leaders, we have a duty to nurture and support their careers and wellbeing. And spending at least some of their time in the office is likely to be good for those younger colleagues.”
Last month, London travel data revealed that millions of rail journeys a month that were made in and out of the capital before the pandemic are no longer occurring on weekdays. Meanwhile, a number of top City firms have taken a tough stance in their efforts to get employees back in on a regular basis.
The survey also found that confidence in the global economy generally ticked up, but among UK bosses, it was down. Meanwhile, 84% of UK bosses say rising interest rates and tightening monetary policies could risk or prolong the threat of a global recession.
70% of bosses said they are investing in generative AI, but only around 50% said they expect those investments to deliver a return in the next three-to-five years.
