Companies need to reinvent for hybrid work — bank executive
Companies have to reinvent their offices so that they can counter the appeal of hybrid work, said Richmond, Virginia Federal Reserve Bank President Tom Barkin.
In a statement, Barkin said that although hybrid work arrangements are here to stay, offices exist for a reason.
“Offices evolved into the dominant model for good reasons, and companies are rightfully hesitant to lose those benefits,” he stated. Efficiency and productivity rank among those benefits.
The bank exec added that companies need to be more “intentional” regarding connectivity among workers.
“Enabling more connectivity may require rethinking spending,” Barkin said.
“Some companies are reconsidering their physical footprint and lowering real estate costs as a consequence. They should be thinking about redeploying some of those savings into connectivity spending, including meals and social events in the office and occasions to bring people together outside the workplace.”
Further, Barkin emphasized that companies have to leverage the power of technology while innovating to recreate the benefits within the office in a hybrid work environment.
