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Here’s what you need to know today:
- The Business Types To Emerge Post-pandemic
- Adapting To The Future Of Hybrid Working
- Converted Office Buildings Could Transform NYC Real Estate
The Business Types To Emerge Post-pandemic
Hybrid working has the hottest topic of the post-pandemic workplace in recent months, but this arrangement is running the risk of becoming a blanket term.
Not only is hybrid working a way to accommodate both in-person and at-home working, it opens a new opportunity for organizations to reevaluate their culture, improve the employee experience and make wellbeing a central focus to their strategies.
According to research by the University of London, there are four different categories of business type to emerge in the near future, including: the Business as Usual, the Temporary Pivoter, the Shape Shifter and the Re-Inventor.
Business as Usual companies are those who will likely look the same as pre-pandemic. Hybrid working in this scenario refers to improvements in technology and processes.
The Temporary Pivoter is a business that was forced to adapt to the pandemic, particularly in what it offered customers and clients, but is ready to return to the office as soon as it can. For example, law firms and investment companies will likely be within this category.
The Shape Shifter is an organization that has had to remain agile throughout the past year, even maybe creating new product lines in response to the health crisis. In this case, hybrid working adoption will be in the form of business, structural and cultural adjustments.
The Re-Inventor is the most drastic business type to emerge from the pandemic. These companies will look much different than they did around one year ago and will use this opportunity to reinvent their entire business model, from talent retention, real estate footprint and more.
Adapting To The Future Of Hybrid Working
Many employees know much of their work can be done from home, but what should they expect from the future of the workplace? Although this new way of working has its perks, this pivot also means changes to work schedules, environments, culture and more to accommodate work-life balance.
For starters, the traditional 9 to 5 work schedule makes little sense without a daily commute. Once this norm has been shed, employees can pick hours that best suits their lifestyle. For instance, working parents may want to log on at 10 to have time to get their children ready for school.
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However, it’s important to keep in mind the rest of your team. With people in various time zones, coordination and communication will be key, so there will need to be flexibility on your end as well.
Leaders will also need to make their own adjustments with some of their employees working from home, and others in the office. Sustaining company culture will be essential in this scenario.
Business leaders can create a connected, supported distributed work environment by overcommunicating with their teams, reinforcing the big picture and reminding workers of the things they have in common.
Being thoughtful and purposeful in managing interactions between remote and in-person employees will also be crucial. For example, making sure that those who are virtually attending meetings are not overlooked is necessary for employee morale and innovation. Asking them their opinion and keeping them in the loop should not be ignored.
Converted Office Buildings Could Transform NYC Real Estate
Commercial real estate may have been one of the hardest hit industries in the midst of the pandemic. As billions of people retreated into their homes for an uncertain amount of time, office buildings and hotels remained largely quiet.
Although there are growing murmurs of returning to pre-pandemic normalcy, New York City’s buildings may never bounce back. That is why some industry experts are expecting commercial structures to be converted into housing of some sort.
However, these types of conversions can take a lot of time and with safety protocols being the top priority, real estate executives say these changes could take even longer than normal.
But it is evident that the real estate world is motivated to rejuvenate struggling buildings, especially as many companies commit to a permanent remote or hybrid work arrangement.
“It’s definitely all happening, for sure,” said Eric Anton, an agent at real estate firm Marcus and Millichap, which specializes in selling buildings. “But a lot of the conversations revolve around whether the conversions can happen efficiently.”
It seems that these conversions will fall into three categories: office into housing, hotels into housing and hotels into offices. However, these will likely be on a short-term basis.
The focus of these transformations has been on Manhattan, which is the city’s hub for business and tourism districts and where the pandemic has hit especially hard.Share this article