How space delivers value
As businesses change so do their requirements, and the requirements on how space delivers value changes. Communication channels and tasks from several years ago may have evolved significantly, and spaces may not be equipped with the tools needed for the business today. Rapid changes in technology are particularly driving the need to prioritise and invest in space as part of the core business model.
Space that is ignored cannot deliver value. In their report for the NHS, consultants EC Harris estimated that functionally unsuitable space adds up to three times the size of Hyde Park. So, are the activities in your business well-supported by the environment? By understanding the behaviours of the people in the business, we can gain deeper insights into how the functionality of the space is aiding or inhibiting employees to deliver value. Space as a strategic business model tool should be pro-active, not re-active.
Space empowers people to achieve goals. In their 2016 Workplace study, Gensler reported that 67 per cent of the workforce feel drained due to their office environment at the end of each working day. Key identifiers for productivity include a range of aspects such as natural light, natural air, plants or outside space and colours, and even sound and acoustics. It’s more than just giving people a desk and a laptop; people want to feel a sense of place and purpose. It’s about making the space work for people.
The NHS’ functionally unsuitable space is estimated at 3 times the size of Hyde Park.
Space is critical in strategic people management. Attracting talent is becoming more and more competitive. Space has the power to attract and retain employees, as well as add to the reputation of your business. It is also the frame for a company’s culture, something increasingly important particularly to new generations joining the workforce. In a new study by the Plank Center for Leadership in Public Relations and the Institute for Public Relations, two thirds of millennials surveyed said job decisions were driven most by reputation (68.1%), culture (67.2%), and location (67.4%), among nine drivers. Strategic consideration of space is key to these benchmarks being used by potential employees to evaluate your business.
The case for space is compelling: ignored space will cease to be functional, impact employees’ productivity, wellbeing and ultimately hurt revenues. Any business model outlays the key resources and activities that are used to deliver value – space should be one of these. The workplace is strategic to enabling you to deliver on promises both to your clients and employees. In an increasingly competitive and challenging environment, businesses can utilise space to drive people to deliver value and create revenue.