As companies contemplate their post-pandemic working arrangements, the future of commercial space is in flux.
For months, coronavirus restrictions limited the size of in-person gatherings and forced CEOs to close their offices. Now, these leaders are faced with a choice of how to return to the office — if at all.
Many offices have opted to downsize as a result of the pandemic. And because of that, some companies are looking at smaller office spaces, while others are considering making remote work permanent. With pros and cons to both options, CEOs should consider what’s best for their employees and the financial health of their businesses.
For CEOs who are thinking about transitioning into a smaller office space, there are a few factors to evaluate. First, it will be important to consider how a smaller office could impact employee health and well-being, especially until a COVID-19 vaccine is widely distributed. Likewise, brick-and-mortar stores should consider not only the impact on their customers, but also their comfort with visiting a smaller storefront during this time.
Stricter cleaning procedures, an enhanced ventilation system, and attention to social distancing are all steps to consider so employees feel safe coming back to work, especially in a smaller space. Likewise, you also need to think about how the physical environment will impact productivity and your company’s bottom line.
If you’ve noticed that creativity, collaboration and the quality of your employees’ work has decreased during remote work, it may benefit your company to bring back an office environment. However, if your business is healthy and your employees seem productive and happy — 80% of employees report enjoying working from home — then you might consider giving up your office space permanently.
Besides the obvious financial benefit of eliminating your company’s rent, there are more nuanced considerations to make before downsizing your office space or taking your workforce remote. Do you have the digital tools for your team members to effectively collaborate? How will working remotely impact employee morale? These are just some of the questions you should answer before making this decision.
Whether you move to a smaller space or stop using your office once and for all, weigh your options before deciding what makes the most sense moving forward for your company, employees, and customers.
For more tips on hiring and managing employees in a remote world, explore the Winter 2021 issue of Commercial Insights Magazine.
