Why workplace flexibility is a top priority for enterprise companies
WeWork’s Riad Thoumas explores how flexible workspaces are providing enterprises with a real estate alternative that better suits their needs and gives employees more choice as the future of work evolves
Riad Thoumas is the General Manager of WeWork Middle East.
The Covid pandemic sparked a corporate real estate evolution that accelerated changes in the workplace that would have otherwise taken years to gain momentum. The pressure on the system to change forced businesses to re-evaluate their real estate portfolios and think creatively about how to inject flexibility into their commitments.
New workplace strategies must take into account the seismic shifts in the world of work and make employee wellbeing a priority – a top concern for many UAE firms.
When offices closed as a result of the pandemic, many employees in the UAE worked from home for the duration of 2020. While 80 percent of UAE workers surveyed by recruitment firm Robert Half want to retain the option to continue working from home going forward, it isn’t a long-term solution by itself. In a separate survey by Aetna International, 65 percent of respondents were eager to return to the office, highlighting that a hybrid working model is the new go-to solution for the majority of people.
Now that employees have experienced the benefits of working from home, the purpose of the workplace is being redefined. Gone are the days of the traditional HQ and a typical 9-5 workday. Employees now see their workplace as a hub for collaboration and focused productivity, a place to connect with colleagues and explore new and innovative ideas.
In a recent WeWork survey we found that for teams who collaborate frequently in close-knit environments, the ability to have spontaneous interactions while working from home dropped by an average of 25 percent. At the beginning of the pandemic, many were discussing the end of the era of the office, but the office is far from dead. Offices and workspaces where employees can come together will play an integral role in the future of work.
The office of tomorrow needs to be flexible in order to adapt to the changing needs of employees and workspaces must be equipped to meet their expectations and demands. Workers want access to a greater variety of spaces to meet with colleagues, spaces suited for specific work tasks like brainstorming and, above all else, a guarantee of health, safety and social distancing. These demands have evolved at a time where uncertainty is greater than ever, providing employers a unique opportunity to reflect on their workplace strategies and assess whether real estate assets reflect the needs of their employees.
The uncertainty borne out of Covid has caused business leaders to demand greater flexibility in their real estate portfolio, as well. Traditionally, businesses forecast their property needs in 10-year spans to align with the structure of leases with landlords, but how can this be realistic when headcount is typically forecasted on a significantly shorter basis and now impacted by a global pandemic? This predicament leaves businesses with either underutilised resources or an inability to scale their workforces effectively.
As companies find that they need shorter, more scalable commitments and employees demand more optionality on how and where they work, many are turning to flexible workspace providers for more cost-effective solutions than traditional alternatives. Leasing terms are as short as one month and there are options to adapt workspaces to suit specific priorities almost overnight, giving businesses scope to meet the ever-changing needs of the workplace.
At WeWork, the demand for our flexible workspaces has risen from companies of all sizes, but especially from large enterprises who now make up over half of our global members. In the second quarter of 2020, enterprise accounted for more than 50 percent of WeWork’s core revenue for the first time. We’re finding that enterprise companies in particular are looking to benefit from the scale of our portfolio, as employees can access over 850 buildings in 150 cities and 38 countries across the globe.
This demand reflects a greater shift to more global, remote workforces too, allowing businesses to tap into a larger talent pool and seamlessly spread their workforce across different regions and continents.
In international business hubs like the UAE, workers need access to workspace on an ad-hoc basis as they travel and the flexibility of such workspaces means they can reserve a dedicated desk for the day at short notice. New local initiatives such as the programme allowing overseas remote workers to live and work in Dubai further reinforce the need for access to flexible workspaces, recognising the importance of optionality and workers using different spaces for different purposes.
Flexible workspaces empower enterprise companies to align the global footprint of their workforce and the needs of their employees with the square meters of physical space in their portfolio. A shift to flexible real estate enables companies to adapt at speed without compromising the employee experience. Employers can bring people back to safe, inspiring and comfortable offices across the globe and save money at the same time.
Enterprises must use these once-in-a-lifetime circumstances as an opportunity. The pandemic has created a chance for companies to reset, to rethink their real estate needs and pivot their workspaces to give employees what they really want. Shifting towards a more human-centric approach not only maximises the potential of workforces, but also improves the company’s bottom line. The flexible future of work is here and it all starts with the workplace.
Riad Thoumas is the general manager of WeWork Middle East
Follow us on
For all the latest business news from the UAE and Gulf countries, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
by Staff Writer
More of this topic
Why workplace flexibility is a top priority for enterprise companies
WeWork’s Riad Thoumas explores how flexible workspaces are providing enterprises with a real estate alternative that better suits their needs and gives employees more choice as the future of work evolves
Riad Thoumas is the General Manager of WeWork Middle East.
The Covid pandemic sparked a corporate real estate evolution that accelerated changes in the workplace that would have otherwise taken years to gain momentum. The pressure on the system to change forced businesses to re-evaluate their real estate portfolios and think creatively about how to inject flexibility into their commitments.
New workplace strategies must take into account the seismic shifts in the world of work and make employee wellbeing a priority – a top concern for many UAE firms.
When offices closed as a result of the pandemic, many employees in the UAE worked from home for the duration of 2020. While 80 percent of UAE workers surveyed by recruitment firm Robert Half want to retain the option to continue working from home going forward, it isn’t a long-term solution by itself. In a separate survey by Aetna International, 65 percent of respondents were eager to return to the office, highlighting that a hybrid working model is the new go-to solution for the majority of people.
Now that employees have experienced the benefits of working from home, the purpose of the workplace is being redefined. Gone are the days of the traditional HQ and a typical 9-5 workday. Employees now see their workplace as a hub for collaboration and focused productivity, a place to connect with colleagues and explore new and innovative ideas.
In a recent WeWork survey we found that for teams who collaborate frequently in close-knit environments, the ability to have spontaneous interactions while working from home dropped by an average of 25 percent. At the beginning of the pandemic, many were discussing the end of the era of the office, but the office is far from dead. Offices and workspaces where employees can come together will play an integral role in the future of work.
The office of tomorrow needs to be flexible in order to adapt to the changing needs of employees and workspaces must be equipped to meet their expectations and demands. Workers want access to a greater variety of spaces to meet with colleagues, spaces suited for specific work tasks like brainstorming and, above all else, a guarantee of health, safety and social distancing. These demands have evolved at a time where uncertainty is greater than ever, providing employers a unique opportunity to reflect on their workplace strategies and assess whether real estate assets reflect the needs of their employees.
The uncertainty borne out of Covid has caused business leaders to demand greater flexibility in their real estate portfolio, as well. Traditionally, businesses forecast their property needs in 10-year spans to align with the structure of leases with landlords, but how can this be realistic when headcount is typically forecasted on a significantly shorter basis and now impacted by a global pandemic? This predicament leaves businesses with either underutilised resources or an inability to scale their workforces effectively.
As companies find that they need shorter, more scalable commitments and employees demand more optionality on how and where they work, many are turning to flexible workspace providers for more cost-effective solutions than traditional alternatives. Leasing terms are as short as one month and there are options to adapt workspaces to suit specific priorities almost overnight, giving businesses scope to meet the ever-changing needs of the workplace.
At WeWork, the demand for our flexible workspaces has risen from companies of all sizes, but especially from large enterprises who now make up over half of our global members. In the second quarter of 2020, enterprise accounted for more than 50 percent of WeWork’s core revenue for the first time. We’re finding that enterprise companies in particular are looking to benefit from the scale of our portfolio, as employees can access over 850 buildings in 150 cities and 38 countries across the globe.
This demand reflects a greater shift to more global, remote workforces too, allowing businesses to tap into a larger talent pool and seamlessly spread their workforce across different regions and continents.
In international business hubs like the UAE, workers need access to workspace on an ad-hoc basis as they travel and the flexibility of such workspaces means they can reserve a dedicated desk for the day at short notice. New local initiatives such as the programme allowing overseas remote workers to live and work in Dubai further reinforce the need for access to flexible workspaces, recognising the importance of optionality and workers using different spaces for different purposes.
Flexible workspaces empower enterprise companies to align the global footprint of their workforce and the needs of their employees with the square meters of physical space in their portfolio. A shift to flexible real estate enables companies to adapt at speed without compromising the employee experience. Employers can bring people back to safe, inspiring and comfortable offices across the globe and save money at the same time.
Enterprises must use these once-in-a-lifetime circumstances as an opportunity. The pandemic has created a chance for companies to reset, to rethink their real estate needs and pivot their workspaces to give employees what they really want. Shifting towards a more human-centric approach not only maximises the potential of workforces, but also improves the company’s bottom line. The flexible future of work is here and it all starts with the workplace.
Riad Thoumas is the general manager of WeWork Middle East
Follow us on
Latest News