How workplace strategy can help with a Stay vs Go decision

To stay put or relocate to a new office space is not always straightforward.  

The "Stay vs. Go" decision can be influenced by various factors, including growth projections, operational needs, employee experience, talent hubs, local amenities, and financial implications. Conducting a comprehensive workplace strategy exercise can provide invaluable insights into this "stay vs. go" dilemma. We wanted to share some information on how the process can be facilitated using a data and evidence-led process to make an informed decision. 

Understanding Workplace Strategy 

A workplace strategy exercise can be light touch or extensive depending on the needs of the organisation. It involves analysing how the existing office space is being used, understanding employee needs and preferences, and mapping out future requirements. By leveraging data and analytics combined with insight gathered through stakeholder engagement, businesses can make informed decisions about their office space that support their long-term objectives. 

The Benefits of a Workplace Strategy Exercise 

Informed Decision-Making 

One of the primary benefits of a workplace strategy exercise is the ability to make informed decisions. It provides a detailed analysis of how effectively the current space is used, identifies areas for improvement, and evaluates the potential benefits and drawbacks of relocating. This exercise offers insights into operational efficiencies, employee satisfaction, and financial implications, ensuring that the decision to stay or go is based on robust data. 

Cost Optimisation 

Real estate typically represents a significant portion of a company's expenses. A workplace strategy exercise can reveal opportunities for cost savings, whether by renegotiating the current lease, consolidating space to reduce square footage, or identifying a new location that offers better value for money. Understanding these financial dynamics is crucial for optimising operational costs and reallocating resources to areas that drive growth. 

Enhancing Employee Experience 

Employee experience is a critical component of workplace strategy. A workplace strategy process evaluates how the physical work environment supports or hinders productivity, collaboration, and wellbeing. As well as identifying the purpose of the workplace for the organisation and the people that work for it. For businesses considering a move, it offers an opportunity to design a space that reflects the company's culture, enhances employee engagement, and attracts top talent. If the decision is to stay, it identifies modifications that can transform the existing space into a more conducive and inspiring work environment. 

Deciding on a Prime Location 

Evaluating the impact on your employee’s commute of moving office and analysing new talent pools for your future strategy is key to identifying the right location for your future workplace. A workplace strategy process can also identify the right building within that location to ensure it supports you for the duration of your lease, this can include sustainability credentials, amenities in and around the building as well as accessibility and inclusivity of your building. A comparison of your current building compared to a potential future building will support your decision for your future location.  

Aligning with Business Objectives 

A well-executed workplace strategy exercise ensures that the office space aligns with the company's strategic goals. Whether it's accommodating growth, fostering innovation, or enhancing operational efficiency, the insights gained from this exercise support strategic planning and decision-making. It ensures that the physical environment evolves in tandem with the business, supporting your trajectory and adapting to future challenges. 

Working Towards your Sustainability Targets 

Assessing your current building’s carbon footprint and comparing it to a future location will allow you to align your space to your future goals. The workplace strategy process will highlight the type of energy sources of the buildings, operational carbon usage and allow you to consider Green certifications such as LEED, BREEAM or SKA. The process can guide you through the complexities of deciding a location that suits your targets as a business.  

Risk Mitigation 

Relocating or redesigning an office space involves significant risk, from financial commitments to potential disruptions in operations. A workplace strategy exercise helps identify and mitigate these risks by providing a clear roadmap for the transition. It allows businesses to plan for contingencies, minimise downtime, and ensure a smooth changeover, whether they choose to stay or go. 

The decision to stay in the current office space or relocate is complex, requiring careful consideration of financial, operational, and cultural factors. A workplace strategy exercise offers a structured approach to this decision-making process, providing businesses with the data and insights needed to make a choice that supports their long-term success. By evaluating the benefits of staying versus going, companies can ensure their office space effectively supports their objectives, enhances employee experience, and optimises operational costs. In the ever-changing business landscape, embracing a strategic approach to workplace planning can really pay dividends. 

 

Navigate the "stay vs. go" dilemma with confidence. Contact us to learn how a workplace strategy exercise can empower your decision-making.