Oct 25, 2023
5 mins read
Workspace Spend Management
Transitioning from a full-time physical office to a hybrid setting can be challenging. From deciding where teams will meet and creating new in-office schedules to establishing new communication approaches when team members are out of the office, the hybrid work transition requires much more attention than simply deciding who will be in the office and when.
Even though team members may be required to go to the office on certain days, companies need to decide where exactly the office will be. Additionally, how will team members in the office connect with team members at home in a way that’s effective and seamless?
Many companies who are moving to a hybrid setting or are adopting a hybrid first approach are using flexible workspaces as a way to bring their teams together. Whether an on-demand coworking space functions as “the office” for specific teams or it’s provided as a benefit for certain team members to meet and work together on their “out of office” days, these flexible workspace arrangements are becoming a staple for companies with a hybrid work setting.
With that in mind, finance and operations teams need to shift the way they manage flexible workspace spending for their hybrid teams, as there has been little guidance on flexible workspace spend management in the past. In most cases, employees might have used coworking spaces on a very ad hoc basis, with invoices or expense reports submitted to the finance team. This leaves little need for specific procedures and policies surrounding budget and spending, especially if the flexible workspaces were only being used by select team members.
But as more companies with hybrid teams are encouraging the use of flexible workspaces as a viable option for their team members, either as a replacement for company locations or as a way to bring team members together outside of their regular office days, operations and finance teams will need to understand how to manage flexible workspace spending for hybrid teams.
1. Establish your company’s flexible workspace policy: If you’ve recently moved to a hybrid work setting, it’s important to update your company’s workspace policy. As part of the process, make sure you have buy-in from your employees, so be clear in your communication with them about what’s important.
If you will be using flexible workspaces, like on-demand coworking spaces, be sure it’s understood what sort of budget is available to employees and how they will book and be reimbursed for these spaces. Companies like Flexspace help businesses manage this process by assisting in the creation of a coworking spend budget, as well as streamlined management of it, so admins can set budgets and evaluate spending on one simple platform.
2. Set up a coworking space spend budget: Having a coworking space spend budget in place will help you more easily manage your flexible workspace spending. To create your budget, research coworking spaces in the areas in which your teams live. You also need to determine who will be using the on-demand coworking spaces, because spending will depend on who on which teams will be using them, as well as how they will be using them.
For example, sales reps may need access to flexible workspaces while traveling to meet with clients or have a quiet place to work and take calls. Or, teams with several members in one place might want to use an on-demand space as their “in-office” workspace on a daily basis. There’s a reason why “flexible” is part of the equation; hybrid teams may find various uses for workspaces that support their collaboration, creativity, and productivity.
3. Monitor and evaluate flexible workspace spending regularly: Because you may not have accurate data to forecast your flexible workspace spending at first, monitoring the usage patterns will help you optimize spending and get the best value. Once team members are using on-demand coworking spaces on a regular basis, evaluate their usage and adjust your budget accordingly. Fortunately, there are solutions like Flexspace to help you manage and monitor your flexible workspace spending for your hybrid teams. Flexspace gives you insights into when, where, and how your teams are booking flexible workspaces. Plus, you can set your spending amounts within the platform, so no invoices or expense reports are needed.