Overwhelmed by relocation logistics? Can’t find the perfect space? Worried about what an office move will cost? Staying put may seem like the easier choice, but doing so can cost businesses far more in the long run.
- Outdated office space increases the risk for talent turnover.
An up-to-date workplace is the top driver of employee satisfaction, ranking above popular amenities like onsite food and fitness centers. Updated workspace unlocks success– and outdated workspace hinders productivity and hurts morale. One in 3 employees under 45 would consider leaving an employer because of an outdated workplace. Nearly 9 in 10 (87.3%) employees think that their employer has a responsibility to provide a workplace that is up-to-date. Staying put in an outdated workspace that doesn’t align with employee needs hurts talent retention and stifles engagement.
- The $550 billion employee engagement problem.
Don’t underestimate the hidden cost of unhappy employees. Staying put in an office that doesn’t support company culture – or worse, sends the wrong message about your employer brand – hurts productivity. Disengaged employees cost companies up to $550 billion in lost productivity each year. Companies that invest in company culture flip this equation in their favor. Engaged employees perform 20% better than disengaged ones. This impact is amplified on a company level: engaged companies outperform the by 202%. Your workplace is a physical manifestation of your company’s culture and lays the foundation for happier, more engaged employees.
- Lack of space constrains business growth.
Over-committing to office space and taking on more square footage than the bottom line can support is a common concern for companies. In reality, the opposite problem is often true: companies end up losing money because they have to turn down business due to insufficient space to support their expansion. They may be in a building that is full or the space that is available can’t be customized quickly enough to meet their needs. It’s easy to focus on expansion costs and fail to consider the lost opportunity costs associated with opting for a smaller space.
When the stakes are this high, businesses can’t afford to wait six months to a year to select a new office space and relocate. But that’s how long the process has usually taken.
Until now. Backed by industry-leading workplace innovation, Flex Workspace+ is the only flexible workplace solution that comes with access to Irvine Company’s 150+ workplace communities, offering a variety of offices to meet your every business need. Seamless, five-star service simplifies office build out, delivering a fully activated office that’s move-in ready in as soon as 30 days.