Due to a challenging commercial period caused by the COVID—19 pandemic, budgets have, rightly, been scrutinised more than ever. However, as we emerge from the pandemic, investment into office space will pay dividends for tech companies seeking to attract, retain, and engage talent.
All businesses at some point must prioritise where future investment is directed. For tech firms, their hands are often tied. One of the biggest hurdles they must contend with is a highly transient workforce, and in an industry where you need to seek out and secure the best talent, the cost can be a significant dent to the bank balance. After securing the best talent, you then must provide the best working environment. Investment will then be needed to create a workplace that people actually have a strong desire to attend, to both work and socialise with one another. Funding of research and innovation, ongoing investment into tech hard/software… the list goes on. All these priorities seemingly go hand-in-hand but the job of prioritising one over the other, in what can be very tight funding rounds, is a balancing act for FDs and CFOs.
To ensure the best return on investment in the workplace, a robust strategy is needed to ensure budget is spent in the right places to make the most difference, giving users a seamless experience, nurturing company culture and increasing worker productivity.
The challenge of managing costs will become imperative, especially as the workplace and workforce evolve post-pandemic. For a tech company to remain relevant in a highly competitive market it must appropriate its funds wisely, and whilst real estate is a large consumer on budgets, it should not be side-lined.
Tech firms must now invest in providing the best working environment to secure and maintain the best talent in the industry. In order to ensure return on investment, businesses must set in place robust real estate strategies to ensure any investment into the workplace is spent efficiently and in the proper manner.