Market Insights: Australia's Flexible Office Space Market Report - Q3 2024
The way we work has changed completely, and employees now expect a level of flexibility in how and where they work. Here are our best suggestions for attracting and retaining the best talent in a flexible world.
The standard 9-5 work day is fast becoming a thing of the past. Your needs as a business owner have changed, the needs of the customers have changed, and of course, your employees’ needs have also changed.
With millennials expected to make up three-quarters of the Australian workforce by 2025, the way employers manage a workplace is drastically different from what it was 20 years ago. As such, employers are competing in a tight market to attract and retain young talent. To maintain a flexible workplace, managers need to reflect the demand for flexible work policies and ditch the one-size-fits-all approach.
Deloitte Global Workforce Transformation Lead Partner, David Brown, said:
“Millennials and Gen Z are no longer the ‘future’ workforce, they are the present, making up more than 40 percent of Australia’s working population. Organisations that fail to change their leadership, business, people strategies, and practices do so at their peril."
As organisations around the world recognise and focus on their most vital asset - their people - they have transformed organisational strategies to reflect the concerns of Gen X and Y. Millennials have helped to advance the concept of an “ideal” work environment to an expectation of excellent workplace culture.
When employees feel valued and cared for, their motivation and job performance increase. If employers neglect the soft skills and only focus on the hard skills, it creates barriers in the relationship and risks tarnishing the morale of the company.
Recently, we've seen a huge growth in the demand for flexible office space. Businesses across all industries are seeking out the benefits of short-term leases, convenient locations, and terms that suit their needs. We've already seen teams adapt and enjoy working from home, and taking a flexible office gives employers the ability to find the happy medium of working near home instead. Opting for flexible office solutions such as coworking desks in various locations is another way to adapt to the flexible requests of employees.
Virtual meetings conducted via Zoom or Slack have been a highly beneficial means of communication by connecting teams whilst working from home. Not only are online meetings beneficial for remote working but are also a great way to conduct meetings across geographic locations and time zones. Take Rubberdesk as an example. We have employees in Canada, the Philippines, and the UK, meaning we only need desks for a small team in Sydney, so for us,
Taking flexible office space was a more practical, affordable solution!
Regular contact with your virtual employees is critical for organisational success, however, virtual leaders shouldn't micromanage - rather they should check in with members casually and on a regular basis. Utilising technology tools such as Google Hangouts, Slack, and Zoom enable managers to connect with team members quickly and easily to check in on progress.
The Rubberdesk team is always connected through Slack and organises virtual weekly meetings via Zoom to check in with our team and discuss the past week's events and future plans.
As technology continues to advance, it presents more opportunities for remote and flexible working, making it fair to say that the traditional 9-5 workday is quickly becoming a thing of the past. Organisations that are the most forward-thinking will be those who implement simple and cost-effective tools that support their employees and help them achieve a work-life balance.
Not only can simple technology be useful in helping to create a positive culture for the existing workforce, but also provides a foundation to attract future employees and remain a step ahead of the competition.
Coworking and Serviced offices are flexible in more ways than one. As part of establishing the why, when, and how of the office, managers must rethink how space can play a crucial role. Flexible office space caters to this need exceptionally well, with beautifully designed office spaces in convenient locations. Benefits include break-out spaces, collaboration zones, private meeting rooms, fully-furnished offices, and vibrant coworking spaces. Many spaces are even open around the clock. The leasing terms are flexible, too — you can scale up or down whenever you need to. According to Microsoft,
Organizations that fail to grasp the new intentionality required to define the role of the office risk missing out on the true benefits of hybrid work.
As specialist brokers in the flexible office market, Rubberdesk is across all the options, offers and availability. We have real time pricing for thousands of spaces listed by hundreds of providers to help find your next office.
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