A Swing and a Hit: How Financial Services Firms Are Using Flexible Workspaces to Get Back to the Office

By Beth Hampson, Commercial Director at The Argyll Club

As the country returns to work, we do so in a new way, in a new world. Previous models of working focusing on getting teams together in close proximity to collaborate are no longer possible. Now, firms must consider using new methods of business agility to get their employees working safely and comfortably. Flexible working – often seen as a ‘nice to have’ – may provide the answer for savvy financial services firms.

A problem of space

According to a recent report by office agency Knight Frank, on average an individual City worker currently has 126 sq. ft of workspace available to them across their workspace. However, with social distancing in place, the required amount to work safely is now 135 sq. ft per person. Current workspaces simply aren’t designed for such low density working.

And even firms that can rearrange space to meet the minimum 135 sq. ft. requirement may find employees unhappy with working in a space where it takes a conscious effort to keep the two metre distance in place.

While the government guidance has thrown up a number of issues that employees will be worried about, such as one-way walking routes through the office and availability of face masks and other PPE, these will be far outweighed by concerns over social distancing, as we adapt to a society where an individual’s comfort zone extends two metres.

Given these numbers, firms will need to expand their office footprint. A potential solution is to tap into ‘swing space’. At The Argyll Club, we are already seeing an uptick in enquiries from corporates and financial services firms getting ahead of the curve and looking at how this new concept may provide the answer they have been looking for.

What’s the solution?

Put simply, swing space is the use of flexible office spaces as overflow for teams that can’t safely or comfortably fit in the current workspace.

While flexible workspaces have long been seen as a base for creative SMEs and entrepreneurial start-ups, there are definite benefits for financial services firms that have only been highlighted by the current working climate. Many of the more discreet flexible workspaces rely on a professional décor and management that fit perfectly to the needs and expectations of financial services firms and are experienced at helping firms meet their compliance requirements.

But how does it work? Securing a satellite location in flexible workspace – swing space – allows separate teams to come together and collaborate as needed without asking the entire workforce to gather in the same location. Not only does this increase the space available for desks, it also creates an organic, agile workflow depending on which individual teams need to meet or work from the same location.

Not to mention, effectively outsourcing responsibility for managing these swing spaces to the experienced flexible workspace operators that own them allows internal HR and office management teams to focus on the existing headquarters location.

Flexible workspaces, experienced at serving financial services firms, also have an array of systems in place to suit the specific needs of the industry. Secure communications rooms at each location provide online security on-site to allow firms to safely access external data and protect their virtual workspace. Dedicated internet lines ensure that revenue-slashing downtime is not a concern, large desks allow multiple trading screens and call recording meets FCA compliance where necessary.

Benefits above and beyond

While the right flexible workspace offers the same professionalism, compliance and security measures as the firm’s headquarters, a key difference is the agility it provides to a business. In an uncertain commercial property market, taking out long leases with landlords may prove unwise and cuts into a business’s ability to adapt. Ensuring you have the agility to meet changing economic and health & safety circumstances will be key to riding out any turbulence in the coming months.

But the flexibility allowed by swing space brings further agility benefits beyond just space and cost-saving. With swing space available in multiple locations, employees wary of public transport will be able to work from a location closer to home and avoid a lengthy commute. We have already seen a growth in interest of 10% in our locations outside of the City in Belgravia and Knightsbridge – often closer to home for commuting workers in the South and West.

For those looking to avoid public transport altogether, most flexible workspaces provide shower facilities and bike racks, with the best offering benefits such as bike servicing agreements with local repair shops and even discounted rates at local car parks. All of these perks will encourage employees to return to work safely and improve morale at a time when many are questioning the future of the workplace.

Remote working, real roots

In fact, for smaller firms who are able to work almost entirely remotely across a tight-knit team, it’s possible to go one step further and add virtual offices to your company’s toolkit – another area where we are seeing increased interest from savvy firms.

While remote working is set to become a mainstay of business in the coming months and years, companies can’t simply pass on a physical address as both a footprint for the business and to show roots in the City’s financial sector to clients and competitors.

Smaller firms may find it most useful to take on a virtual office agreement, providing a prestigious address and the practicality of mail handling and a reception phone line even as employees work from home. It is a rare business that will never have to meet with clients, and being able to book a professional meeting room or an office for the day at the address listed on your masthead will convey stability and professionalism, even while cutting costs and embracing agile working.

Decision time

The simple impossibility for many firms of safely fitting their existing workforce into their current office space means that serious decisions must be made. There are few options available that aren’t cost-prohibitive, unlikely to be welcomed by employees or risk compliance efforts.

Of the few options possible, swing space and virtual offices stand out as a chance to increase business agility, resilience against changing economic circumstances and show that you are listening to your employees’ desires. The data adds up, and financial services firms should think carefully before writing off flexible workspace as just the tool of the indie start-up.