COVID-19: Your workplace may see reinvention after the pandemic, says report

It is not time to bid goodbye to your workplace yet. Though you might be working from home and preparing for another prolonged period of work from your residence, thanks to the second wave of COVID-19, global companies are going to reinvent the workplace beyond the pandemic, real estate consultancy major Knight Frank said in a report.

The survey of 400 global companies that, between themselves, employ 10 million people, revealed that the workplace is not dead by any yardstick and will be a significant took to “revitalise corporate brand culture after the pandemic”.

Brand image

As many of 65% of firms surveyed plan to grow, or stabilise, their office portfolio within three years and 46% plan to improve the amenities available to staff after the pandemic, said the report.

As many as 90% of the companies surveyed by Knight Frank said that real estate is a strategic device for their business and 49% of the firms named ‘corporate brand and image’ as a top strategic priority fulfilled by their real estate.

In India some of the industries such as information technology and education have switched almost completely to work from home models.

In fact, real estate consultancies have already found out that bigger residential units – 3, 4 BHK flats – are attracting more enquiries and buyers to accommodate a room for work from home.

Employee well-being

The report said that offices are being regarded as a vehicle for upgrading employee well-being. Offices are also being regarded as important for attracting and retaining talent.

Around 67% of the Indian respondents felt that the pandemic will influence the direction of the real estate strategy in the next three years.

As many as 75% of the Indian respondents said that real estate cost reduction targets have been taken up since the onset of the pandemic. However, 71% of the Indian respondents expect to see an increase in their real estate portfolio in three years.

Beyond the pandemic

In India, the respondents felt real estate is an asset that reinforce a company’s corporate brand and image. The second and third objectives that real estate serve in this country are believed to be ‘talent attraction & retention’ and ‘operational transformation & restructuring’.

“Global firms are looking beyond the pandemic and are focused on how their workplaces can enhance corporate culture and re-engage employees in a new age of agile working….Firms want to give employees the best of both worlds, allowing them to work flexibly, but making their offices the best possible experience, which means delivering higher quality and more engaging workplaces,” said William Beardmore-Gray, global head of occupier services and commercial agency, Knight Frank.

Collateral impact

The work from home culture has had a detrimental impact on a whole lot of workers.

The first sector to be hit was the transport sector. With millions of workers staying away from office, there has been a sharp drop in passengers.

A lot of unorganised sector workers in eateries and other tiny service sector units that flourish in the commercial/downtown areas in big cities have been severely hit.

With big office buildings virtually closed for business, it has meant fewer employment opportunities for low-skilled and semi-skilled workers from maintenance to canteens.

They are all looking forward to the work-from-home curse to end.