Optimising Office Space for a Financial Services Provider
In the wake of the COVID-19 pandemic, businesses across the globe faced unprecedented challenges, particularly in the management of office spaces. Our client, a prominent financial services provider, sought to adapt to the new normal by right-sizing their new office lease. With the help of our innovative strategy execution platform, they achieved remarkable results.
- Industry: Financial Services
- Company Size: 1,000 – 5,000 employees
- Average Workplace Cost Before Right-Sizing: €8,845 per employee per year
- Number of Employees in Scope: approx. 900
Maximise cost savings over the 10-year term of a new lease, while continuing to provide a comfortable and productive workspace.
The organisation faced increasing uncertainty regarding the future of their office real estate. It was imperative that any potential solution established a solid basis for long-lasting and sustainable change.
- Complex Variables
The client faced a daunting challenge due to the complexity of variables such as the number of days employees would spend in the office, potential peak attendance days, and future scenarios.
- Risk Mitigation
Balancing cost savings with the need for a comfortable and productive workspace, as well as considering potential future changes in working patterns.
- Explore Countless Scenarios
Our solution enabled the client to model numerous scenarios, taking into account various attendance patterns, peak days, and potential future changes in workplace dynamics.
- Utilise Data Insights
By utilising extensive benchmark data, our platform provided objective insights to support decision-making.
- Customised Model Development
We worked closely with the client to develop a customised model that addressed their specific needs and uncertainties.
Confidence in Downsizing: With the help of our platform, the client gained the confidence to downsize their office space by 28%, exceeding their initial estimate by 12%.
- Average Cost Before Right-Sizing: €8,845 per employee, per year
- Average Cost with 16% Reduction (Initial Confidence Level): €7,430 per employee, per year
- Average Cost with 28% Reduction (spaciv powered optimisation): €6,368 per employee, per year
- Savings per Employee with spaciv: €7,430 – €6,368 = €1,061 per employee, per year
- Total Annual Savings with spaciv for 900 Employees: €1,061 x 900 = €955,260 per year
Exceptional Cost Savings
The client achieved remarkable cost savings by reducing the average workplace cost from €8,845 to €6,368 per employee, resulting in a total saving over a 10-year lease term of €22,289,400, of which €9,552,600 were enabled by utilising spaciv.
Our strategy execution platform empowered our client, a financial services provider, to make informed decisions about optimising their office space.
By addressing the complexity of variables and uncertainties, the platform enabled them to confidently downsize by 28%, resulting in substantial cost savings of €22,289,400 over a 10-year lease term.