Firms underestimate the role of their office spaces on bottom line finances
Businesses are underestimating the role that the office environment can have on their bottom line finances, new research has revealed.
A study from office designers Peldon Rose found that many key figures overlook the impact of a workspace on productivity and wellbeing.
Employees also suggest that it is not deemed a major priority by senior management, which means it continued to go disregarded.
Some 91% of UK workers said they believe their work environment has a direct impact on their productivity, while 43% suggest it enhances their output.
Two thirds of workers said they are more productive when in their office than in any other location, meaning those in senior management could enhance overall output by focusing on office spaces.
The study also found that just 32% of workers believed their office environment supports their wellbeing and 59% suggested their firm could do more to create a healthier office.
Despite these reported impacts on productivity and staff wellbeing, more than four in five workers said that improving the workplace is not a priority for senior management.
Around 70% of staff said that involving them in decisions would help to enhance the business environment, although less than a third believe their opinion is valued.
A key for senior staff is to recognise where improvements could be made to the office space to boost productivity and wellbeing, one of which revolves around how space is used.
Improving these aspects also helps increase staff retention and maintain staff happiness – a vital consideration given that replacing staff costs UK businesses in the region of £4 billion annually.
Measures that provide potential cost savings, reduce operational outlays and increase efficiency will all influence bottom line finances, helping to give a business a stronger base to work from.
Not only does this reduce the risk of requiring insolvency or recovery procedures, but it also allows a business to offer a better environment for its staff.
Undertaking an independent business review may also identify areas of potential savings or reveal aspects of a company that are underperforming.
Using such an option enables a business to deliver practical approaches in the short and long term, potentially driving further savings in the process.
By Phil Smith
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