Apr 10, 2023
5 mins read
Workspace Spend Management
The transition from an in-office to a remote work environment can create many challenges for companies. From managing new work roles to establishing new communication channels, the remote work transition requires much more attention than simply moving all the employees out of the office and into their homes.
In particular, for operations and finance, there has been little guidance for on-demand workspace spend management, as in most cases, employees might have previously used coworking spaces on a very ad hoc basis, creating little need for specific procedures and policies surrounding budget and spending.
The term “workspace spend management” can be defined as a way to manage budgets and spend for any expenses related to the on-demand of workspaces. This has typically referred to coworking spaces, but could also potentially include conference rooms, meeting spaces, and hotels that are being utilized for conferences, meetings, and events.
As more fully remote companies encourage the use of flexspaces as a viable option for their employees, operations and finance teams will need support in creating a coworking space budget, and then, managing their flexspace spending.
1. Create a flexible workspace policy: If you’ve recently moved to a remote work environment or are planning to do so, there’s a very good chance that your company’s workspace policy needs to be updated. It’s imperative that you get employee buy-in, so communicate with them about what’s most important before you create one. Make sure your policy includes a section on coworking spaces, what sort of budget employees will receive, and the procedure in which they will invoice and get reimbursed.
2. Set a coworking space budget: Before you release your policy company-wide, you need to research the pricing for coworking spaces in the areas in which your employees reside, and compare it to your company’s flexible workspace policy. While you may not have data to help you forecast flexspace spending, you can get a strong sense of what the cost will be.
3. Determine who will be using the flexible workspaces: Your spending will depend on who on which teams will be using flexspaces and how they will be using them. Beyond your regular employees who work at a desk and/or online most of the work day, consider how these employees might utilize coworking spaces.
4. Monitor how your employees are using the flexspaces: Because you most likely had very little data to help you accurately forecast your flexspace spending, monitoring the usage patterns to optimize spending and achieve the greatest value from coworking spaces. This will also help you adjust your flexible workspace policy.
5. Evaluate your flexspace spending regularly: Regularly evaluate your company’s flexible workspace usage and expenses to ensure that it continues to align with your company’s goals and coworking space budget. Because you have been monitoring usage, you can more easily adjust your budget or usage
Fortunately, there are solutions like Flexspace to help you manage, and monitor your flexspace spending. Once we’ve assisted you in creating a coworking space budget, Flexspace gives you insights in when, where, and how your teams are booking flexspaces, which can provide you with the data you need to make real-time changes to your budget. And, by setting your flexspace spending amounts on Flexspace, your team doesn’t need to worry about invoices, expense reports, and reimbursements, which can be time-consuming, especially if employees aren’t familiar with the submission process. Let Flexspace take the headache out of managing your flexspace spending so you can spend your time where it’s most needed: building your company’s success.