The International Workplace Group study among more than 1,000 graduates found that half wouldn’t consider applying to jobs that required them to spend considerable time commuting to the office every day and a further 18% would need to seriously consider it - meaning companies that do not offer flexible working arrangements will miss out on more than two thirds (68%) of the graduate talent pool.

The research, undertaken by International Workplace Group, the world’s leading supplier of hybrid working solutions with brands including Regus and Spaces, comes as corporate graduate schemes begin to open, and highlights the importance of hybrid working to companies looking to attract and retain the best emerging talent.

The time and money spent commuting was the biggest deterrent (83%) to graduates when considering jobs that required a long daily journey into an office. In fact, graduates felt that hybrid working was equivalent to a 13% boost in salary.

This is supported by recent economic analysis by International Workplace Group and Development Economics which found that a 24-year-old Gen Z worker living in a popular commuter town such as Red Bank, New Jersey or Cambridge, UK could expect to save up to $388,320/ £323,458 splitting time between a central office and working locally.

While a competitive salary (74%) remains the number one priority for most graduates, more than half (54%) ranked hybrid working and salary as being of equal importance. Hybrid working (62%) was ranked ahead of a range of other key benefits including a desirable office location (56%), workplace culture (53%), access to health insurance (25%) and a good pension scheme (21%).

While younger workers are clear in their preference for hybrid working, they value collaborative time in the office as part of the model. 63% believe time in the office is necessary to work collaboratively and learn from more senior colleagues. Almost all (96%) said balancing time in a central office with local workspaces closer to where they live would be an attractive benefit for future job prospects, helping them to achieve their desired work-life balance.

Mark Dixon, CEO of International Workplace Group, said: “Businesses that do not offer hybrid working risk missing out on the best young talent. For many, flexibility is not a perk, but a necessity, and they will not consider jobs that require a long commute five days a week.

Flexible working offers further benefits to businesses beyond employee retention. The hybrid model is proven to boost workforce productivity and job satisfaction while also cutting costs significantly. It’s no surprise therefore that more and more businesses continue to embrace hybrid working for the long term”.

IWG