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3 Steps to recession- proof your business with a Lean hybrid workspace strategy

As the world moves to an economic slowdown, businesses should implement a cost effective and employee friendly workspace strategy to sustain.

By George Stan

July 2022

Workspace cost is the second highest cost for most businesses. Amidst the rising rent and services costs, the energy costs are soaring with an increase of over 54% due to the geopolitical situation. In countries like the UK, the business rates are directly linked to the rented area and are a huge additional cost to the businesses. They typically equate to about 50% of the annual rent.

3 Steps to recession- proof your business with a Lean hybrid workspace strategy

As the world moves to an economic slowdown, businesses should implement a cost effective and employee friendly workspace strategy to sustain.

By George Stan

July 2022

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.

On-demand workspace platforms such as Hopspace provide an additional layer of flexibility with a pay-as-you-go solution for your workspace needs.

3.Respect people

A Lean business focuses on creating environments that allow everyone to do their best work. Without this principle, the others are irrelevant. Some tasks are best done in quietness and some need collaboration. Leave people to choose where they work best and enable them with the required tools.

Implementing a lean hybrid workspace strategy is easy and can be a win-win to both the business and its people.

Hopspace is an Enterprise Hybrid Workplace Platform connecting businesses and their people to a network of about 250,000 on-demand workspaces in coworking spaces, cafes, hotels and other unique venues globally, all within the simplicity of one invoice and one contract.

With this, businesses and their employees can significantly cut work commute related carbon emissions, travel time and real estate costs whilst improving their wellbeing and satisfaction.

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