NoCo unveils new online platform that enables employers to provide closer-to-home workspaces for their employees
Companies could save 27% in workspace costs while also saving their employees up to 40% in transportation costs if they implement a hybrid working strategy, according to a new case study carried out by NoCo, Ireland’s largest hybrid workspace network.
The case study examined how a typical city centre-based company of 139 employees, located in a prime Dublin office location, could create a more cost-efficient workplace model in response to the recent changes to the ways of working created by Covid.
Conducted by Office Pal, a financial outsourcing provider, on behalf of NoCo, the case study shows that by implementing a hybrid working model with a 60/40 split of time between working in the office and remote working in a hub close to the employees’ home, the business secured:
- 40% reduction in city centre sq. ft requirement
- 50% savings per employee realised when city centre leased office space is replaced by suburban flexible office space
- 90% less time commitment required when comparing flexible workspace terms vs traditional leasing terms
- Flexible workspace 25% more cost efficient versus supplying employee with a city centre car space
- 260 hours less time spent commuting to the office for employees
An overall net saving of 27% in workspace costs can be seen in the case study where a city centre-based company reduces their city centre footprint, implements a hybrid working policy and operates a hub and spoke real estate model.
The hybrid working approach would also see a significant impact on a company’s and their employees’ carbon emissions with a potential 670kg reduction possible should they reduce the time spent commuting into the city by 2.5 hours daily through remote working.
The case study not only highlights the overall potential savings that can be made but also the increased flexibility that a company can secure by reducing their reliance on city centre leased space and supplementing this with a network of suburban based flexible workspaces, with a 90% reduction in the time commitment required in flexible workspace in comparison to a traditional lease.
In previous research carried out by NoCo and Trinity College, the switch to a remote workspace was shown to be a welcome change by employees to solely working from home, with 65% of respondents stating they had an inadequate home office space. Only 5% said they had a dedicated office space at home, while 77% stated privacy as a major issue when working from home.
To further facilitate employers making the switch to hybrid working, NoCo has launched a new online platform that enables employers to discover, subscribe and manage a network of closer to home workspaces for their employees. NoCo’s network now consists of over 350 locations nationwide through a number of strategic partnerships, while expansion into the UK is ongoing with 100 locations surrounding London now available.
Brian Moran, co-founder of NoCo, said: “The workplace of the future is evolving, for most employers this has always been a significant cost and we wanted to explore what the implications of the recent changes in work practices were for a company’s bottom line this by asking the team in OfficePal to carry out this case study. The results show that as the workspace becomes more fluid and flexible, so too can the costs associated with it.”
John Donnelly, CEO of Office Pal, said: “We were delighted to carry out this case study on behalf of NoCo. We can see that a combination of remote and hybrid working, along with the implementation of a hub and spoke real estate model shows significant potential for driving cost efficiencies throughout the business. While the study primarily focuses on the upfront costs associated with the workplace, it certainly highlights the potential for more savings to be made in other areas of the business through this model.”
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