Flexibility and convenience are now paramount in order to not only attract but also retain the employees of tomorrow. Working from home has become the unofficial corporate zeitgeist of 2021, with more and more companies funneling their time and resources into people-centric decision making. Figuring out the optimal ratio for productivity, efficiency, and the demand for remote-flexible working has now become a task of utmost urgency for businesses when hiring new talent amidst a recovering COVID-19 landscape.
The effect of COVID-19 gave new impetus to the priorities that workers now seek. No longer necessarily swayed entirely by financial gain, bonuses and titles, the talents of tomorrow are now prioritising a healthy work-life balance alongside flexibility and convenience before signing the dotted line.
When conducting research into their employee sentiments and demand for flexibility, Standard Chartered Bank discovered through their Future of Workplace Now program that over 75% of employees wanted flexibility by having the option of 2-3 days at the home office and 2-3 days at the traditional office or a third space. “Despite some regional nuances, this finding was reasonably consistent across all regions.” said Sheridan Perkins, Standard Chartered Bank Future of Workplace Now Property Program Director, in an interview case study with The Executive Centre. In the same case study, a sentiment that arose was that organisations that do not provide the option to work flexibly will face an arduous task in retaining existing employees and may struggle to continue motivating them in the long term.
Utilising flex to attract top tier talent
There are numerous ways organisations can attract top talent without hurting their bottom line. One such option is the adoption of flexible workspaces. Flexible workspaces help aid companies to recruit from a wider international talent pool for specialist expertise due to their expansive networks of locations. Moreover, the workforce of the future is expecting flexibility. Either through working hours or tangible office locations. Therefore, having Flex as part of ones CRE portfolio gives businesses an insurmountable advantage in comparison to their competitors.
Organisations that have quicky adapted to practicing ‘Flexible Solutions’ amidst a tumultuous corporate landscape will enjoy the benefits associated with their new and improved CRE portfolios – specifically with regards to the influx of savings accrued from capital and operational expenditures. This substantial capital can be reinvested back into the company for a myriad of initiatives that will not only strengthen the company workforce but attract new and desirable talent. Initiatives include employment welfare, upskilling of employees, qualitative hiring processes and various retention programmes.
This expectation for the demand in flex is further highlighted in a recent JLL Report titled ‘Reimagining Human Experience’, which states that 66% of employees expect to be able to work from different locations post COVID-19. Therefore, for professional institutions, adopting flexibility in the workplace is no longer an option but a concrete requirement.
Empowering & retaining the workforce through the power of choice
Until the recent “global work-from-home experiment”, there have only been two mainstream work models: working from home or working at the office. However, these days there is much talk about the future of work being flexible as well as the introduction of a ‘third space’ that employees can visit to work from that is neither the home nor as far a commute as the head office. By providing employees with a Flexible Workspace solution such as a Coworking Pass or Serviced Office, employers enable their existing workforce with the luxury of choice. Thereby instantly empowering them with the freedom to choose where to work, when to work, how to work and with whom. This novelty of choice could be a key booster to morale and play an important part in retaining existing senior talent by providing them the resource and option to plan their work-life balance better.
By giving employees ample choice, organisations provide them with the freedom to choose where they work best. They not only grant them the resources and facilities to host meetings and events but to excel as the professional they aspire to be. Additionally, it emphasizes a mentality that their voices and opinions have been heard and matter.
Without providing flexibility in the workplace and running an organisation that seems to turn a blind eye to work-life balance, the workplace might not be as attractive in incentivising employees to stay on long-term or even join the organisation in the first place.