There is a false dichotomy today that organizations have only two options: offer remote work or enact unpopular return-to-office requirements. The reality is that this black-and-white thinking misses what most people want: flexibility.
According to Gallup, 90% of workers in remote-capable positions prefer flexibility and hybrid options. Hybrid work arrangements can offer the benefits of in-person collaboration without sacrificing the option to work from home if that is needed.
It’s important to remember that these arrangements are not one size fits all. How to best structure your organization’s workplace policy depends on your business needs and goals. There is no better time than now to reexamine the role and function of your physical workspace in the context of your overall business strategy.
Why it’s important to align workspace with business strategy
Aligning as an organization on goals and business strategy is not a one-time exercise to check a box – it’s an ongoing process that can help your business run more efficiently and provide clarity of purpose.
Even if you think employees know this information, it’s important to set aside time regularly to get on the same page. One study found that while 82% of employees reported feeling company-wide strategic alignment, researchers measured actual alignment at an average of 23% – a disconnect that can create friction and barriers to achieving goals, collaborative work, and innovation. The larger the gap between actual and perceived alignment, the more issues the researchers found including skepticism about strategy and how well it’s implemented.
If leaders aren’t careful, these issues can snowball into larger issues within their organizations. As one example, consider how expensive the issue of employee engagement can be – Gallup estimates that low employee engagement costs the global economy $8.9 trillion each year.
Investing in employee engagement and satisfaction makes business sense too. Economist Alex Edmans studied 28 years of US stock market data and found that companies with high employee satisfaction outperformed peers in terms of returns by 2.3% to 3.8% annually.
Taking all of this into account, it’s not surprising that 42% of respondents in the Redefining the Workspace to Strategically Support Corporate Culture, Innovation, and Growth report cited improving company culture and engagement as a primary motivating factor for making workspace changes.
Because physical workspace can act as a central gathering point for collaboration and connection, ensuring alignment between your business strategy and workspace decision-making helps ensure the best possible outcomes.
How to align workspace with business strategy
1.) Review your business strategy, mission and goals
Some sample questions to ask that can help you identify areas of improvement:
- Does your business live up to its mission and values today?
- Has your strategy kept up with market and workforce changes?
- Does your team understand where the business is today and where you want it to go in the future?
- How do you plan to reach short and long term goals?
2.) Audit the current use of your workspace
Consider how your workspace is used today and how its current function supports your company’s goals and strategy. Open this conversation to employees by asking their thoughts or opinions on the workspace and how it contributes to progress on company goals and future plans. The full picture of what is working, what can be improved, and where your business is heading may reveal some natural places to start planning strategic adjustments.
3.) Create alignment with a team meeting
CIC New England GM Stacey Messier is a fan of facilitated whiteboard sessions to create alignment among her teams on vision and future strategy. These sessions serve a dual purpose of demonstrating the power of meeting in person and helping foster more discussion among team members, which can lead to a greater sense of community.
In-person collaboration and work can unlock discovery more efficiently. Recent research suggests that interactions with people outside of an employee’s department can lead to better knowledge sharing, more creative thinking, and new ideas.
4.) Make changes that adjust and activate your workspace
How does this work in practice? Take a company that values broad, teamwide collaboration as a central pillar of its strategy and vision for the future. A recent pulse survey indicated that employees may be feeling disengaged, resulting in leadership discussions about how to create an inclusive environment.
After reviewing the function of its office space, the company may realize that the current office setup makes interdepartmental collaboration challenging because teams are physically siloed.
One workspace adjustment that can remedy this issue is to create an area with comfortable chairs and tables, and encourage employees to interact with colleagues they may not work with day-to-day. Activating this common space may look like hosting a company book club, scheduling a lunch-and-learn session with a guest speaker, or breaking out a board game.
Download your copy of the full Redefining the Workspace to Strategically Support Corporate Culture, Innovation, and Growth to learn more about the workspace adjustments that can offer greater operational flexibility, improved collaboration, and reduced costs.
5.) Assess how planned changes support your long-term vision
It’s also important to factor in workspace decision-making related to your future plans, such as expansion or research and development goals. For London-based Venterra Group, CIC Providence offered a strategic, convenient location in an offshore wind innovation hub, allowing for greater collaboration and networking for companies in a growing industry.
If your company wants to expand into a new domestic or international market, it may be worth considering creating a satellite office as one avenue to carefully planned growth. Clinical-stage oncology innovator Akamis Bio selected CIC Cambridge to establish a presence in the United States because of the flexibility that a shared workspace in biotech hub Kendall Square offered.
How can externally managed, flexible shared workspace help?
In the era of hybrid work, employees are not the only ones who seek flexibility. Your space needs may change more rapidly than traditionally leased space allows. For companies of all sizes and growth stages, externally managed flexible shared workspace offers many advantages and benefits that can keep pace with your organization.
While your team focuses on innovative work, CIC handles office logistics and management that can eat up precious time and resources. In addition, CIC members benefit from access to state-of-the-art equipment and training that can accelerate important work in fields like cellular therapeutics and oncology. Thoughtful programming and community events offer chances to network, collaborate and connect with fellow innovators.
