Canadians embrace hybrid work amid economic uncertainties – Aviva Canada report
Canadians embrace hybrid work amid economic uncertainties – Aviva Canada report | Insurance Business Canada
Insurance News
Canadians embrace hybrid work amid economic uncertainties – Aviva Canada report
Inflation worries also bucking ‘great resignation’ trend
Insurance News
By
Mika Pangilinan
Canadians are increasingly embracing hybrid work models for how they offer collaborative office interactions and economic stability, according to a new report by Aviva Canada.
Aviva Canada’s latest How We Live report found that the popularity of hybrid work has risen, with 29% of Canadians now working a few days each week in the office, up from 25% in the previous year.
By comparison, fewer Canadians are working remotely on a permanent basis versus a year ago.
In 2022, 27% of respondents said they were working from home full time. This went down to 19% in the 2023 report.
The report, which surveyed 2,500 individuals, also enumerated the reasons that Canadians cited for why they’re enjoying their time at the office:
25% said they like the collaborative environment of the office
21% said they favour having the social atmosphere provided by office interactions
15% said they were able to better manage their work-home priorities due to enhanced flexibility
Canadians cutting back on transportation costs
Another advantage to hybrid work models is how it helps employees cut back on transportation costs, said Susan Penwarden, managing director, personal lines at Aviva Canada.
“It’s great to see the social benefits of hybrid work bringing enthusiasm back to office days, but it’s still very much a world of contradiction as people try to embrace the social benefits while managing commuting frustrations and their growing concern over the impact of the current economic outlook,” she said.
According to the report, 59% of respondents are worried about inflation’s impact on gas prices, while 42% are concerned about the cost of unexpected vehicle repairs over the next year.
Amid these concerns, more Canadians have begun considering telematics as a way to cut back on auto insurance costs. In particular, 39% of respondents said they are aware of these programs and are willing to use them for lower premiums, compared to 32% last year.
“Although things could become steadier in coming months, the costs of purchasing and owning a vehicle, determined by multiple factors, will continue to have a direct impact on Canadians,” said Penwarden. “During these challenging times, one simple way drivers can save is through usage-based insurance programs to help them save on monthly premiums”
Economic concerns buck ‘great resignation’ trend
Aviva Canada also offered insights into how economic factors are influencing Canadians’ career decisions.
In the report, 18% of Canadians revealed they are anxious about inflation and a potential recession. Meanwhile, 13% have expressed concern over job layoffs and economic conditions.
Moreover, 13% said they are worried about how an economic downturn will impact their pay raises or promotions. The same proportion of Canadians expressed concern about their prospects of finding new employment should they lose their current jobs.
“Cost of living and inflation worry is a sentiment widely expressed throughout this year’s report, reflecting how economic doubts have lingered post Covid, impacting Canadian decisions from housing to activities to leisure activities and even their decision to perhaps remain in their current roles,” said Penwarden.
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