WeWork Survey: Office Is Crucial for Profitability & the Future Is Flex
The top worldwide provider of flexible space, WeWork, announced the results of a recent poll conducted among business executives in the U.K. and the U.S. in various industries. According to the survey, most organizations that operate in-office, hybrid or remote intend to expand their office space during the next two years, mostly by implementing flexible workspaces.
Businesses widely believe that the office is essential for increasing profitability, productivity and company culture. This emphasizes the need for flexible workspaces in the future. For instance, in the following five years, 86% of survey respondents anticipate that the office will play a bigger role in their organization’s culture and profitability. Additionally, just two-thirds of remote enterprises report that their workplace strategy has a favorable effect on employee productivity, as compared to 82% of entirely in-office and 76% of hybrid companies. What’s more, flexible workspaces are preferred over traditional offices by 59% of businesses (including almost three-quarters of remote businesses) that intend to expand their workspace within the next two years.
Notably, business executives are realizing that an organization’s workforce initiatives have a hefty influence on its financial performance. Indeed, a resounding 83% of executives questioned concur that the office has a greater influence on their profitability and bottom line nowadays than it did five years ago. More significantly, 86% of them think this will increase in the next five years.
Other noteworthy findings from the study confirm that the office has become a location where teams deliberately get together to collaborate, rather than just a place to work. In fact, businesses with higher employee time in the office are inclined to express benefits in company culture. Moreover, in contrast to 74% of hybrid and 67% of remote businesses, 81% of in-office businesses report improvements in hiring, employee retention and organizational culture.
The poll also indicates that 72% of businesses intend to increase their workspace during the next five years with 59% deciding to do so by opening coworking or flexible office spaces. More precisely, the research indicates that flexible workspaces are drawing businesses of all sizes and sectors, whereas remote work is losing traction. This translates to 95% of remote businesses intending to expand their workspace, including almost three-quarters heading toward flexible offices and coworking spaces in the next two years.
“With pandemic-era policies phasing out, chief operating officers and chief financial officers are now defining their workplace strategies with a focus on agile costs and bespoke, turnkey solutions to improve their bottom line,” said WeWork CEO, John Santora. “This, coupled with an emphasis on quality over quantity of office space, is propelling a flight toward flexible workspaces for their location, design and amenities. As companies look to the future, flexible workspaces are best-positioned to provide adaptable solutions that meet their priorities — maximizing space utilization, enhancing productivity and encouraging employee engagement.”
