While we aren’t real estate experts here at Tuscany Strategy Consulting, conversations with clients and other business leaders often turn to the topic of remote work, if/when/how to return to the office, and what if anything to do about office leases.
I get it, according to a recent Cushman & Wakefield report, “office vacancy rates increased by 60bps in the first quarter of 2023 – the largest QoQ increase since Q2 2021 – resulting in an average vacancy rate of 18.6%.” And with economic uncertainty all around us, it is no wonder that business leaders are thinking hard about whether to go fully remote.
An education analogy
As I reflect on the tradeoffs of in-person vs. remote work, I am reminded of the digital transition that the k12 curriculum market has experienced over the last 15-20 years.
Early on, there were strong beliefs (among innovators and disruptors) and acute fears (among established, legacy providers) that print books and curriculum could soon be dead. The thinking was binary — print vs. digital, one winner, one loser.
Twenty years later, though, print books and curriculum resources are far from obsolete. Instead, their use cases have evolved, and in many cases, they are now paired with digital solutions to enhance teaching and learning.
Blended is Best (for us)
At Tuscany, we have decided that a hybrid work environment that leverages the best of both in-person and virtual work, works best for us.
- We require all new business analysts to work in the office for their first 18-24 months to establish relationships and master our processes, methodologies, and best practices.
- Our experienced, Baltimore-based colleagues have flexibility to work from home as needed. Trust and accountability are paramount, our driving principal being “get the work done, no matter where you are”.
- We bring remote colleagues in for all-hands events 3-5x a year and encourage coming to the office for important presentations and collaborative work sessions.
- In our office, we have open seating work locations available for remote team members and visitors who come to work in-person.
- We also meet online as a full team twice a week to foster comradery, connectedness, and engagement.
- While this approach may not be suitable for every organization, we find that our version of hybrid work has increased employee satisfaction and retention while at the same time optimizing our cost per square foot.
How is your organization handling in-person vs. remote work?
