The Future of Work
Matt Newstrom
Principal, ConsultingMatt leverages more than 25 years of senior management and consulting experience in corporate real estate, workplace strategy, and business development to help guide Hyphn's vision, strategy, and execution.
We expect more from our workplaces than ever before—it’s time to adapt our approach to real estate occupancy.
Coming out of the worst of the pandemic, it’s clear to see how it rapidly accelerated the evolution of the workplace and the concept of distributed work. There’s a spotlight on the new and wide variety of needs and functions we require the office to serve, and a majority of companies are still refining their work strategy, be it in-person, remote or a hybrid of both. It is more important than ever to create an authentic place that is a well-honed tool for the organization’s goals and a magnet to draw in and keep employees engaged.
In the recent past, there was a myopic focus on the bricks-and-mortar economics of the office, with less attention paid to the overall impacts on the organization until irreversible decisions were made. Rather than being driven by an outdated model—finding a space and then developing a strategy to wedge less-than-ideal solutions into it—it’s key to engage an Integrated Workplace Strategy (IWS) team to help define and build a workplace that fully supports your company’s goals and the broad range of the needs and preferences of your employees. From the start of a project, Hyphn’s IWS team brings together a variety of experts, including brokers, architects, interior designers, workplace consultants and technology experts, to create a holistic solution that addresses the physical, technological and cultural aspects of the workplace.
Where to start? Here are some questions to ask before making decisions about physical changes to your workplace, whether it’s a new lease, a renewal or a rightsizing effort:
How do I build a complete picture of our ROI? Real estate is about 1/10th the cost of employees on a square foot basis, so financial analysis of only real estate and the basic economics of a lease is deficient. You must factor in the costs and benefits from a strategy that accounts for engagement, productivity and reduction in turnover.
How can I get qualitative and quantitative data that informs the amount of space my organization really needs? Pre-pandemic, it was estimated that only 60% of real estate was truly occupied, but space utilization tracking tools are now widely available and provide real metrics.
What do our employees need to be supported for today’s way of working, and how can the workplace be an attractor? Pre-pandemic, leases were considered a necessary burden because we needed a place to sit—we were missing the greater purpose. Now leaders see the power of the office but don’t know how to get their people back. While it may be less crucial to have a traditional office space today, it is more important than ever that the space you have is calibrated specifically for your organization’s range of workstyles, in an environment where employees want to be.
How is integrated technology best deployed throughout our office, and what does it cost to do it right? With new technologies continuing to flood the market, decisions on investments in workplace tools like hybrid meeting platforms, AV systems and sound privacy solutions will continue to get more complex and mission-critical. Strategic deployment of these technologies—backed by active usage metrics—optimizes workflow and creates a frictionless, equitable experience for users.
A people-focused, holistic approach to your workplace strategy will enhance your bottom line and cultivate an environment where employees flourish, innovation thrives and success is inevitable. Hyphn is here to help you navigate the complex terrain of the modern workplace.
