M id A tlantic Real Estate Journal — Fall Preview — September 23 - October, 20, 2022 — 5D
www.marej.com
CRE N etwork
By Todd Monahan, Wolf Commercial Real Estate | CORFAC International Employers focused on a return to office in 2023
A
s we head into the last quarter of the year, employers are work-
but perhaps a better quality of life, less stress, and more free time. The labor market is ex - tremely tight, and the ongoing war for talent has only inten- sified. Many employees are demanding the ability to work remotely and if not granted, they will leave and look else- where. Much has been written about the great resignation. Now a new challenge has emerged. There is a concern among remote workers that preferential treatment will be given to those who show up more frequently in the form
of promotions, raises and top- choice client assignments. Some remote workers are de- manding equality so they are not overlooked or their efforts are not discredited. I predict that over time there will be a correction where a majority of employees return to an office several days a week. There will be exceptions based on company culture, what an employee does day to day and perhaps a company’s strategy to reduce their real estate footprint. However, it is only human nature that those who frequent the office,
attend more meetings face to face and interact informally with colleagues will excel and gain an advantage. I believe that in 2023 and into 2024 we will gradually see a return to a new normal. This new normal may not require employees to be in the office all day every day, but there will be a return
nonetheless. Collaboration fosters creativity, innovation, the achievement of goals, and ultimately success. Todd Monahan is ex - ecutive vice president & managing director ·at Wolf Commercial Real Estate (WCRE) | CORFAC Inter - national.
ing hard to encourage employees to return to the office. Every company is different and typically the decision of whether or
Todd Monahan
“Collaboration fosters creativity, innovation, the achievement of goals, and ultimately success.” - Todd Monahan
not to bring employees back depends on their roles at the company. Is it a purely ad- ministrative or an analytical role that can easily be accom- plished remotely? Or is it one that requires collaboration, client interface and perhaps focused teamwork? The traditional five-day week in the office is over as we know it. Technology has en- abled us to be productive from anywhere at any time. This was true before the pandemic, but the global shutdown dem- onstrated to employers that work could still get done and employees could be trusted to remain productive. Now over 30 months into remote work, employers would like to bring employees back. Productivity is not necessarily where it was pre-pandemic and employers have realized the benefits of face-to-face collaboration, socialization and the creation of company culture. As Jamie Dimon famously said, “I can’t teach culture on Zoom!” Most small companies and local employers have been back in the office for well over a year. Larger employers, who must roll out fair and equita - ble policies, have had numer- ous delays due to variants in the virus, a focus on employee safety, and a resistance to return to the office. Now how - ever, many large employers are finally coming out with policies requiring employees to return at least 2-3 days per week. In some instances, companies gave employees an option to work remotely indefi - nitely. Many relocated to areas with a lower cost of living, less congestion, and perhaps less crime. Some national employers have implemented a cost-of-living index. For in - stance if you were living in a city such as New York City or San Francisco but relocated to Nashville, your annual pay would be adjusted accordingly. To many this seemed like a fair compromise: Lower pay
We see deals from your perspective.
Our global network of 75 commercial real estate offices is the clear choice.
Made with FlippingBook - Online catalogs