Our CEO, Marc Freedman, joined Melissa Foxx of Florida RoundTable to discuss Post-Pandemic Corporate America: How Will It Be Different?
The full interview can be heard here: This Week: Grieving COVID-Style, Money Tips, Business Tips
The COVID-19 Pandemic has changed business for the foreseeable future and potentially forever. Expenses or norms that were once seen are now being reassessed, reduced, or cut entirely. Here are some ways in which we believe things have already and will continue to change:
- Will companies renew their leases on physical office space now that remote work is a thing? If companies renew it will be at reduced sizes. Hoteling was already becoming a trend and we will most likely see this become a larger norm. In addition, if they are in a growth mode they no longer need to increase their footprint and need only to reconfigure the space layout.
- Will typical 9-to-5 office hours change? This is most likely staying as the ‘standard,’ but flexibility will become more accepted and widespread. Different hours for different people allowing for adaptability and a better work-life balance.
- Will companies still budget for large travel expenses or will meetings go all-virtual? We can expect a hybrid model that results in a reduction in travel. Sponsors we have seen are already planning for hybrid models for their normal “in person” past experiences. That said, we expect an initial surge post-COVID that regresses to the mean and probably slightly dips as virtual meetings have become so normalized.
While some changes may take time to adapt, others can be instituted overnight. The pandemic has forced us to rethink many aspects of our business and many for the better.