Is now the time to consider the benefits of flexible workspace?

Let’s talk flexible workspace…

The current lockdown presents an opportunity for many businesses to reflect upon their office costs versus their future needs and requirements.

Workspace constitutes one of the most significant overheads for a lot of businesses yet it can often be overlooked when considering how to reduce operating costs.

Indeed, the true cost of the workspace is often more than you think: rent; rates; service charge; insurance; utilities; broadband; cleaning; repairs and maintenance obligations and then dilapidation claims at the end of the lease all add up to significant annual overheads. There is no denying that space is expensive and your business needs to be able to justify the cost, particularly now with most businesses temporarily forced to close their doors and employees working from home.

For some, working from home improves productivity and provides a welcome break from the rigour of the normal routine yet others miss the social interaction of the workplace and experience a decline in efficiency levels. Whilst the full effects of this current pandemic on our work lives remains to be seen, it will act as a catalyst towards more flexible working arrangements for many. The important question is whether it will result in lower occupational costs for employers?

Regardless of what sector you operate in, the present circumstances we are all facing highlight the fragile nature of our global economies and illustrate the benefits of flexible business arrangements. With the uncertainty that lies ahead the thought of committing to a new five or ten year lease is not very appealing and will require a lot of deliberation, and rightly so.

The upshot is that flexible workspace may offer valuable solutions to some of the dilemmas faced by organisations as and when we emerge from the Covid-19 pandemic.

With the minimum duration for flexible contracts usually 12 months, businesses are provided the luxury of continually reviewing their space requirements and afforded the ability to react when their circumstances change; either scaling up or shrinking down.

One other benefit that cannot be overlooked is the ‘all-inclusive’ nature of flexible workspace packages and the transparency that comes with it; being able to plan future cash flows and budget your occupational costs with certainty allows many businesses to navigate an otherwise vague area.

Flexible workspace won’t be the answer for every business but the benefits may well be hard to ignore for many.

If you’re interested in exploring flexible workspace for your business, contact jamie@urban-hq.co.uk for more information.