Renting an office space was once a certainty for the majority of traditional office-based businesses, but with the growth of flexible working, there are businesses asking themselves if they need one at all. However, there is growing confirmation that the office is not – in fact – dead and that there are multiple reasons for having a dedicated workspace for your employees to use, even if you decide as a company to embrace a more hybrid or flexible approach as a whole.
Retain staff and save money
A lot of people dead down know that it’s cheaper to keep good members of staff than it is to find new good quality candidates. It might be surprising to find out just how much it costs though. A recent survey showed that it costs:
- £1000 for hourly employees
- 100 to 150% of an employee’s salary for technical positions
- Up to 213% of an employee’s salary for executive-level manager positions
This is made up of not just recruitment, but also time spent in training staff, loss of productivity, loss of engagement of other employees, and the potential cultural impact; where it brings an element of uncertainty.
In short, if you have a great team, it’s important to look at what will help you keep that team both productive and happy.
Increase staff retention by renting an office space
Of the working adults that had been homeworking due to the pandemic, 85% wanted to use a “hybrid” approach of both home and office working in the future. So whilst your team might want to keep working from home as an aspect of their work-life, there is still most definitely a demand for office space in your business model. That means adapting your office for hybrid working but maintaining a physical presence.
The negatives of working from home include feelings of isolation, loss of morale, lack of community feel, and somewhat surprisingly, burnout, where employees feel unable to shut down and switch off at the end of the day. A mix of office and home keeps people connected and motivated, and most importantly their job is one they wish to remain in.
Other ideas to increase staff retention
Renting an office space isn’t the only way to ensure staff retention. There are several easy to implement and inexpensive ways to increase staff retention within your business:
- Encourage feedback from employees. In addition to giving feedback to your employees, you should also accept feedback from them. When
people feel like their thoughts aren’t being heard, they are more likely to assume that the business has no interest in developing new ideas. Give clear channels of communication to encourage the sharing of new ideas. - Encourage a good work/home life balance. Establish set work hours, define flexible hours, set policies on weekend working, and give your team the flexibility they need to bring their best to the workplace every day by feeling rested and in control.
- Create a clean and pleasant environment for them. The office space that they use shouldn’t just exist, but should also be somewhere they like to be. That doesn’t mean bean bags and pool tables. That just means clean, well decorated, look into the decor in terms of colours, get some plants, nice views, etc. Don’t make the office a place they dread to be.
- Ensure your team has everything they need in terms of technology. Something as simple as making sure that they’re not wrestling with really slow WiFi can cut a lot of day-to-day frustration! Ensuring your office space has the fastest Wifi is a must, as is access to office equipment, meeting room space when needed – in most serviced office spaces you’re able to book a shared meeting room, and so on.
Rent an office space in Surrey
For more information on renting a workspace in Surrey near Woking, get in touch with SEND Business Centre to discuss flexible and affordable office rental contracts in a convenient location with stunning rural views, superfast WiFi, shared meeting rooms, and more.
