1851

<ul><li>Nearly three-in-four (72%) Canadian business leaders (which includes owners, founders, and executives) are planning to cut costs amid rising inflation and recession concerns</li><li>80% of business owners and executives believe we’re either in a recession or one is on the horizon, with 31% looking to cut costs by 10% or more per annum as fears for the economy heighten&nbsp;</li><li>More than half (55%) of business owners and executives agree that a hybrid or remote workforce is more affordable to operate than a fully in-office workforce&nbsp;&nbsp;</li></ul>TORONTO (November 21, 2022): New data from&nbsp;<a href="https://www.iwgplc.com/en-gb?utm_source=1851franchise.com&utm_medium=article&utm_campaign=research-reveals-canadian-business-owners-are-prioritizing-cost-cutting-as-recession-fears-loom-2722418" target="_blank" rel="nofollow">IWG</a>, the world’s largest flexible workspace operator, reveals that the majority (80%) of business leaders (which includes owners, founders, and executives) believe that Canada is either currently in a recession or is entering one. In preparation for this economic uncertainty, nearly three-in-four (72%) business leaders have started implementing, or are planning to implement, cost-cutting measures.&nbsp;The study found that 80 per cent of Canadian business leaders who plan to cut costs are targeting an annual cost reduction of 5 per cent or more, while 31 per cent are targeting a reduction of&nbsp;at least 10 per cent.&nbsp;While delaying (32%) or reducing (30%) new hires is one of the top ways business leaders are reducing costs, almost a quarter (23%) are currently or are planning to downsize or reduce office space/costs. Research shows that hybrid working can save organizations an average of $13,000 annually per employee (Source:&nbsp;<a href="https://globalworkplaceanalytics.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=research-reveals-canadian-business-owners-are-prioritizing-cost-cutting-as-recession-fears-loom-2722418" target="_blank" rel="nofollow">Global Workplace Analytics</a>), which explains why hybrid working is viewed as a critical way of achieving cost-cutting targets. Fifty-five per cent of business leaders agree that a hybrid workforce is more affordable to operate than a fully in-office workforce and 50 per cent said giving staff the option to work in a hybrid way would save their company money.&nbsp;“In economic uncertain times, companies should be assessing cost-cutting strategies – and hybrid working is one measure that can help businesses stay competitive and resilient,” said Wayne Berger, CEO, IWG Americas. “Adopting a hybrid work model achieves two powerful outcomes: meaningful cost savings for the company and a better work-life balance for employees. It’s rare to see a single strategy have such a positive impact across the board, but flexible workplace policies can improve the bottom line while simultaneously supporting the well-being of employees.”With regard to the impact that hybrid work has on the finances and well-being of employees, Canadian business leaders expressed the following:&nbsp;<ul><li>70 per cent believe giving staff the option to work in a hybrid way will help them save money&nbsp;</li><li>69 per cent believe giving staff the option to work in a hybrid way will help them work around personal commitments</li><li>62 per cent believe giving staff the option to work in a hybrid way will boost morale</li></ul>IWG’s latest usage data shows that office usage across Canada rose by almost half (49%) since the start of the year, with firms such as Royal Bank of Canada and Apple asking employees to come back into the office for at least a couple of days a week.&nbsp;IWG has committed to doubling its Canadian network, with plans to open 250 new locations coast-to-coast in the next three years to cater to the increasing demand for hybrid working. The majority of the new locations are set to open in rural and suburban locations, reflecting the rise of interest for&nbsp; flexible workspaces outside of city centres.&nbsp;<h4>About this Study</h4>These are the findings of a study conducted by IWG from September 27-28, 2022 among n=210 Canadian executives and business owners/founders who are members of the online Angus Reid Forum. For comparison purposes only, a sample of this size would yield a margin of error of +/- 6.8 percentage points at a 95% confidence level. The survey was offered in both English and French.<h4>About IWG PLC&nbsp;</h4>IWG is leading the workspace revolution. Our companies help millions of people and their businesses to work more productively. We do so by providing a choice of professional, inspiring and collaborative workspaces, communities and services.Digitalization and new technologies are transforming the world of work. People want the personal productivity benefits of living and working how and where they want. Businesses want the financial and strategic benefits. Our customers are start-ups, small and medium-sized enterprises, and large multinationals. With unique business goals, people and aspirations. They want workspaces and communities to match their needs. They want choice.Through our companies we provide that choice, and serve the whole world of work: Regus, Spaces, No18, Basepoint, Open Office and Signature. We create personal, financial, and strategic value for businesses of every size. From some of the most exciting companies and well-known organizations on the planet, to individuals and the next generation of industry leaders. All of them harness the power of flexible working to increase their productivity, efficiency, agility, and market proximity.Join us at<a href="http://www.iwgplc.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=research-reveals-canadian-business-owners-are-prioritizing-cost-cutting-as-recession-fears-loom-2722418" target="_blank" rel="nofollow">&nbsp;www.iwgplc.com</a> &nbsp;

Research Reveals Canadian Business Owners are Prioritizing Cost-Cutting as Recession Fears Loom

1851 Franchise

Canadian business leaders who plan to cut costs are targeting an annual cost reduction of 5 per cent or more

research-reveals-canadian-business-owners-are-prioritizing-cost-cutting-as-recession-fears-loom

Atomic Wings

BizTimes: Atomic Wings To Open 15 Wisconsin Locations

biztimes-atomic-wings-to-open-15-wisconsin-locations

Griswold

What To Look Out for in Senior Loved Ones During the Holiday Season

what-to-look-out-for-in-senior-loved-ones-during-the-holiday-season

Footprints Floors

Footprints Floors - Steve and April Namio - National Adoption Awareness Month - 1851 Franchise

Footprints Floors Franchisees Steve and April Namio Celebrate the Joy of Adoption

footprints-floors-franchisees-steve-and-april-namio-celebrate-the-joy-of-adoption

BooXkeeping

How i9 Sports’ Partnership with BooXkeeping Has Streamlined Financial Operations for its Franchisees

how-i9-sports-partnership-with-booxkeeping-has-streamlined-financial-operations-for-its-franchisees

Filta Environmental Kitchen Solutions

Why Oklahoma City Is a Great Market To Open a Filta Environmental Kitchen Solutions Franchise

why-oklahoma-city-is-a-great-market-to-open-a-filta-environmental-kitchen-solutions-franchise

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Resources

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

Login

facebook

instagram

twitter

linkedin

youtube

Global Plastic Pollution Treaty Talks Stall, but Franchises Can Still Act

global-plastic-pollution-treaty-talks-stall-but-franchises-can-still-act

California Restaurant Minimum Wage Hike - 1851 Franchise News Agg

California Restaurants Struggle with $20 Minimum Wage Hike

california-restaurants-struggle-with-20-minimum-wage-hike

McDonald’s Launches New McValue Platform Nationwide in 2025

mcdonalds-launches-new-mcvalue-platform-nationwide-in-2025

Subway CEO John Chidsey Announces Retirement After Five-Year Tenure

subway-ceo-john-chidsey-announces-retirement-after-five-year-tenure

Black Friday Goes Digital: How Restaurant Franchisees Can Adapt

black-friday-goes-digital-how-restaurant-franchisees-can-adapt

Jeff Brazier Drives Kiddie Academy’s Growth with Strategic Leadership and Franchisee Support

jeff-brazier-drives-kiddie-academys-growth-with-strategic-leadership-and-franchisee-support

Franchise Deep Dive: Your Pie Franchise Costs, Fees, Profit and Data

franchise-deep-dive-your-pie-franchise-costs-fees-profit-and-data

How Benjamin Woodruff Is Leading WOOPS! Macarons & Gifting Through Innovation and Resilience

how-benjamin-woodruff-is-leading-woops-macarons-gifting-through-innovation-and-resilience

Michael Peterson Shares How P3 Cost Analysts Stands Out with a Scalable, Low-Investment Franchise Model

michael-peterson-shares-how-p3-cost-analysts-stands-out-with-a-scalable-low-investment-franchise-model

McDonald's Veterans Bring BIGGBY® COFFEE to Portage, Indiana, with a Drive-Thru-Only Experience

mcdonalds-veterans-bring-biggby-coffee-to-portage-indiana-with-a-drive-thru-only-experience

How to Get Your Kids Involved in Your Franchise Business - 1851 Franchise

How To Get Your Kids Involved in Your Franchise Business

how-to-get-your-kids-involved-in-your-franchise-business

Joe Caradonna - ProShred Arizona - How Franchising Helps You Spend More Time with Your Family

How Franchising Helps You Spend More Time With Your Family 

how-franchising-helps-you-spend-more-time-with-your-family

Chick-fil-A Emerges as the Leader in the U.S. Chicken Chain Industry

chick-fil-a-emerges-as-the-leader-in-the-us-chicken-chain-industry

Research Reveals Canadian Business Owners are Prioritizing Cost-Cutting as Recession Fears Loom

MORE STORIES LIKE THIS