Strategic Transitioning - Tenant Tips for Workplace Change
Savvy managers and companies recognize that real estate is a worthwhile commitment that can be leveraged as a tool to increase productivity, recruit and maintain talented employees, and engage with team members and customers. In order to maximize efforts, firms often move to large markets near their competitors and/or clients, commit to building out modern workspace configurations and implement change management strategies that drive culture and collaboration. The results can impact the workforce in a manner that enables continued evolution and adaptation.
When engaging in this process, there are a few key insights to take into consideration:
1. Due Diligence
- Data drives decision making. Create an options analysis that allows you to understand the advantages and disadvantages on deciding how to commit to change. Your decision can impact a number of possibilities, such as whether you stay in place and retrofit your workspace or if you should relocate to a new building installation.
- Poll your workforce and obtain input from key stakeholders. Learning their perspective can identify important factors before making a decision. This also offers everyone a chance to participate in the process.
- Consulting industry and market experts can provide insight into trends and benchmarks adopted by other companies and can help you understand the benefits and restrictions of a particular submarket.
- Relocating to new property will result in changes. Commutation patterns may alter. Building and area amenities will shift. Consider ways to introduce and inform your workforce about the change prior to it occurring.
- Workplace redesigns may decrease the number of offices by opening the working environment. For those who feel they’re losing their privacy, integrating access to break-out rooms, phone booths and conference spaces can provide similar comforts as employees transition to the new floorplan.
- Working from home on occasion could provide an added benefit if coordinated properly with operations, human resources and IT
3. Communication and Collaboration
- Provide feedback and ask questions. Encourage others to do the same in order keep a project timeline on schedule and on budget.
- Demonstrate a clear understanding on why your firm is transitioning, the intention behind the decision-making and how everyone will be affected by the process put in place.
- Present the changes that excite and inspire your team using visuals and data that outline the positive direction the firm is taking. This can help validate your company’s commitment to the project.
Change can be frustrating for a firm. Be certain to select a trusted commercial real estate advisor to implement a proper action plan, mitigate potential risks and obtain the positive results you desire.