Irish CEO's are increasingly turning to hybrid working as a way of reducing costs as fears increase of over the volatility of the global economy.

In fact, nine out of ten CEO's admitted to being worried about the current level of instability as rumblings of a trade war between the US and Europe grow.

According to a survey carried out by hybrid working firm International Workplace Group they are allowing staff "to work from a combination of locations as a strategy to safeguard their businesses, reduce costs, and enhance operational resilience."

The survey found that 86% are implementing proactive financial measures to protect their companies.

Four in five (83%) said hybrid work plays a crucial role in their cost-saving strategies, helping to mitigate the current economic turbulence.

Executives said hybrid working helps them to significantly reduce overhead costs, such as office space, utilities, and expenses (77%),

It also freed up resources for reinvestment in other areas of the business or creating a buffer against unpredictable costs and future market fluctuations.

Nearly three-quarters, 74% of CEOs and CFOs, also say the model has enabled them to explore new business locations, offering greater flexibility and potential for growth, while 83% report a noticeable boost in employee productivity.

The multiple benefits mean 79% are exploring additional flexible workspaces to help manage economic uncertainty.

But more than two-thirds (67%) are scaling back or planning to reduce operating costs amid economic instability.

CEOs also noted that productivity (37%), employee wellbeing (23%) and strengthening long-term talent retention (17%) are essential during challenging economic times.

As part of this focus on talent, 88% of business leaders say hybrid working boosts employee satisfaction, making it a selling point for future recruitment.

Mark Dixon, CEO and Founder of International Workplace Group, said: “In times of economic volatility, CEOs are carefully evaluating how to navigate uncertainty while driving efficiency and growth for their business.

"They recognise that flexibility is not only crucial when it comes to safeguarding their operations, but also enhancing the productivity of their teams.

“By empowering their teams to work closer to home in local workspaces and offices, companies operating in the hybrid model are able to significantly reduce their costs and improve the work-life balance of their people.”