Every crisis is an opportunity to observe changes, understand implications and adapting strategies. This has been true for every crisis, and COVID-19 is no different.

Businesses have always come out stronger.

Each crisis prepares us for the next and those who remember and implement the lessons, will have an advantage the next time around.

One lesson, this crisis has highlighted – “37 per cent of the current job profiles can be done from home”. So, this begs the question, what added advantage do high value, landmark offices provide? Would a King build a working palace if the ministers are working from home? Business have never been lauded for their grandiosity, they are lauded for efficiency and effectiveness. Their ability to mass produce while keeping the economics of it in check.

The purpose served by such offices was initially, intangible. They were used to attract the brightest students, give them a feeling that they are part of something bigger than themselves and the real estate was a part of that vision. Prime locations also looked good on business cards. It would confirm to clients about the quality of services and justify premium prices. But we saw the disassociation of ‘Brand’ and ‘Quality’ post the 2008 crisis, where we saw the biggest ‘Brands’ of the finance business fail. Does the present crisis point in the same direction? Will expenditures that do not break-even be justified any further?

Allocated funds on these fronts can be redirected to departments yielding quantitative results – strategizing innovative marketing move, setting up a new facility or hiring more personnel. A better use for the expensive lease rentals, could be to spend on the #workplace which gives of a soothing vibe, moderating temperament of employees, impacting productivity enhancing employee satisfaction – happy clients and thus – more revenue. Inclusion of popular employee perks can go a long way for retaining the best ones. Expansion can be a great idea as the market will be flooded with quality assets and businesses available at great prices. Restructuring finance for these activities must be a top priority as soon as the crisis soothes over.

These savings can be generated in three possible ways:

Consolidate Offices: If you have multiple office locations, you can let go of some and try and bring all department to the few key offices. Identify key locations which can act as the epicenter.
Cut Down Space: Talk to your leasing company, reanalyze the space your employees are using, reorganize the #workplace and let go of wasteful space.
Relocate your Office: if you are feeling your expensive lease rentals are not worth it anymore, you are probably right. Relocate your office to an affordable location where your space requirements are met without draining your pockets. This is the hardest suggestion of all, as this one might affect you psychologically, but remember it is for a higher purpose – PROFITS.

So, what is your next #workplace move?