Optimizing Workplace Strategy and Real Estate Footprint for a Major Financial Services Client
Introduction
A major financial services company partnered with Vestian to centralize, optimize, and manage their real estate and facilities, allowing their Head of Shared Services to focus on core business responsibilities. Our primary task was to develop and implement a sustainable workplace strategy that would enhance organizational performance, drive culture, and identify the optimal long-term footprint for physical office space.
Challenge
Our client needed to rationalize their office locations, optimize their real estate footprint, and implement a strategic remote working strategy while maintaining organizational performance and culture. This required a comprehensive approach to workplace planning and occupancy management across multiple locations.
Solution
Vestian developed a multifaceted strategy to address our client's complex workplace and real estate needs. We conducted a Remote Work Study involving 8 separate focus groups consisting of business leaders and supporting human resource business partners. Our team built a rationalization plan for required office locations by functional groups, incorporating significant insight from relative leadership teams. Through our comprehensive survey and analysis, we determined that only 17% of employees required assigned desk space, while 83% could work flexibly, needing office space no more than 20% of the week. Based on these findings, Vestian recommended a footprint reduction of over 40%, exceeding the initial objective of 30%. This strategic approach resulted in a projected annual savings of $5-7 million on real estate expenses and a consolidation from 13 to 8 locations. Our solution not only optimized the client's real estate portfolio but also aligned remote work desires with leadership objectives for productivity and collaboration, positioning the organization for long-term success in a changing work environment.
