While the businesses are spending a huge chunk of the revenues maintaining the workspace, most offices are still running under 40% utilization in spite of the bosses actively pursuing staff to get back to the office.

Surveys show over 73% of employees demand flexibility and don’t prefer travelling to work every day. This is quite apparent with the low office utilization figures and the high attrition rates when such flexibility is not provided.

With the World Bank warning of a global economic slowdown, it’s time that the Facilities, operations and Finance teams adapt and implement a lean workspace strategy to safeguard the business.

So, how do you plan and implement a lean workspace strategy?

1.Optimize and eliminate

Revisit your space needs. This includes evaluating how your teams perform their tasks and how they interact with space. Conduct surveys, ask your teams and the business leaders and arrive at the most suitable strategy for your business. While most businesses have adapted to hybrid working, some may prefer full remote or full office. For hybrid working, determine what would be an acceptable blend, is it 1,2 or 3 days in office.

Based on inputs from the above, create an optimized space requirement plan.Most businesses adapting hybrid strategy are able to reduce 40-50% of their existing space and achieve direct cost reductions.

2. Defer commitment

Embedding flexibility in everything we do is something Covid has taught us dearly. Seriously consider having flexibility in contracts. All serviced offices offer flexible monthly to yearly contracts and traditional landlords are now agreeing to shorter break clauses.