While the move to flexible and hybrid working is widely accepted by businesses, their preparedness to implement such a strategy is not yet fully realised. That is the key finding from this new report from Siemens subsidiaries Comfy and Enlighted. Commissioned by Siemens from analyst firm Verdantix, the study polled 75 corporate real estate (CRE) executives from global companies with annual revenues of over $1 billion on the strategic considerations of redefining workforce models due to the COVID-19 pandemic.
Almost every business across the globe has adjusted its operations because of COVID-19. One of the most obvious examples is the large-scale shift to homeworking. Initially seen as a temporary measure, many firms are now convinced of the merits of adopting more flexible working as a permanent structural change to their businesses. However, most are not prepared for the sudden change in working models and there is great uncertainty about implementing change management for hybrid working.
Our research shows that firms are turning to flexible or hybrid working models as the solution to balancing these competing business priorities. Executives agree that flexible working is vital to maximizing business productivity. As a result, most firms will be reducing office-based working, and redesigning their real estate portfolio for more activity-based workspaces to promote flexibility and collaboration. To support the transition to more flexible working, most firms will increase their spend on workplace technologies such as flexible workplace engagement tools or space monitoring technology.
As a result of the fundamental shift in the way of work, corporate real estate executives have seen their organizational and strategic influence grow significantly. These executives are being asked to consider factors such as productivity, sustainability, and space and real estate cost optimization as they redefine working patterns and corporate real estate strategies.