How New Technologies are Making Hotelling More Efficientby Vivalociti
Hotelling is a workspace management strategy in which employees do not have assigned desks. Instead, they reserve a workspace when they need it on a daily, weekly, or monthly basis. This process not only saves financial institutions money on office space, but it can also help improve employee productivity by allowing them to work in a variety of settings.
73% of workers say they have the best ideas while using
flexible workspace options.
-McKinsey & Company
In the past, hotelling was often seen as a challenge to manage. Not having a specific office or desk to call home base for employees seemed too disorganized to administrate. However, new technologies are making it easier and more efficient than ever before. Here are a few examples:
- Cloud computing: Cloud computing makes it possible for employees to access their files and applications from anywhere, regardless of their location. Working from home, a hoteling space, or even a coffee shop is much more attainable.
- Video conferencing: Video conferencing makes it possible for employees to collaborate with each other face-to-face, even when they are not in the same location. This can help to improve communication and productivity.
- Digital Displays: Digital displays and video conferencing go hand in hand. Having commercial-grade digital displays in hoteling spaces provides a sense of ease when it comes to video calls. There is no question about screen quality, or the potential for something to not be readable, because the technology in the hoteling space is so advanced.
These are just a few of the new technologies that are making hotelling more efficient. But how does hoteling benefit financial institutions?
- Cost Efficiency: Financial institutions often have fluctuating staffing needs due to project-based work or seasonal demands. Hotelling or flexible workspace strategies allow them to optimize their office space and reduce real estate costs. Instead of having dedicated desks for each employee, they can allocate workspaces based on demand, thereby maximizing space utilization.
- Collaboration and Flexibility: Hotelling can promote collaboration and cross-functional interactions within financial institutions. Without assigned desks, employees have the freedom to sit and work with different colleagues or teams as needed, fostering a more dynamic and collaborative work environment. It can also accommodate employees who may require flexible schedules or remote work options.
- Employee Productivity and Satisfaction: Some studies suggest that flexible work environments can lead to increased employee satisfaction and productivity. When employees have the flexibility to choose their workspace and adapt it to their needs, they may experience higher levels of motivation and engagement. This can ultimately benefit financial institutions by improving employee retention and overall performance.
- Adapting to Remote Work: Hotelling strategies can be particularly valuable for financial institutions that have embraced remote work or hybrid work models. When employees have the flexibility to reserve workspaces when they need them, it facilitates a smoother transition between remote work and in-person collaboration, ensuring that the physical workspace is utilized effectively.
Despite the potential challenges, the benefits of using new technologies to support hotelling are clear. Businesses that are able to overcome the challenges will be well-positioned to reap the rewards of this innovative workspace management strategy.
New technologies are making hotelling more efficient than ever before. By taking advantage of these technologies, businesses can save money, improve productivity, and attract and retain top talent. Over 20% of job seekers see flexible working arrangements as a top motivator to work with a company (McKinsey & Company). If you're thinking about implementing hoteling in your business, be sure to consider the new technologies that are available to support it.