Here’s some good news for employees and office workers. Hybrid work will continue so there’s no need for quiet quitting or the great resignation.
Jones Lang LaSalle’s (JLL) The Future of Work survey reveals that the trend toward dynamic working practices will continue, with 56 percent of organizations in Asia Pacific saying that they will likely make remote working available to all employees between now and 2025.
Indeed, corporate real estate (CRE) executives are saying that successfully operating hybrid work will be the most important strategic priority over the next three years.
“We see that organizations will accelerate strategic investments over the next three years to realize their long-term workforce and workplace priorities, and the remaining four months of 2022 will be a critical phase for CRE strategy,” said JLL Philippines Country Head Joey Radovan.
The findings of the survey also showed that 80 percent of organizations in Asia Pacific agree that quality space is a top priority as high-quality spaces are best suited to facilitate the kind of workplaces, health and wellbeing amenities, and sustainability credentials employees and corporates increasingly need.
“As the office continues to evolve post-pandemic into a destination for collaboration, occupiers will need to continue increasing their investments in creative spaces,” said James Taylor, JLL Head of Work Dynamics Research, Asia Pacific.
“Real estate portfolio strategies to enhance social interaction among a geographically dispersed workforce will be more important than ever, and the focus is on organisations to create offices with less me-space and more we-space,” he added.
Alongside an increasingly hybrid world of work, JLL said the total headcount and real estate footprint is also expected to grow. The focus for companies will be on investments in quality spaces to ensure the long term success of hybrid work.
“Office remains an important element of work. We see wellness, sustainability, and technology gaining greater prominence in shaping the built-up environment,” said JLL Philippines Head of Research and Strategic Consulting Janlo de los Reyes.
Environmental and social aspirations to shape portfolio transformation
With buildings accounting for over 60 percent of carbon emissions in cities, JLL said organizations face increasing pressure to deliver clear outcomes in the race to net zero and create social value through real estate.
“That means sustainability strategies have a direct impact on real estate decisions, with 71 percent saying they are likely to pay a premium for green building credentials in the future,”JLL said.
Harnessing specialist skills
To respond to the complex range of challenges, JLL said CRE leaders will need to focus more on harnessing specialist skills to achieve their strategic objectives.
Among these factors that companies should consider in planning the future of work are hybrid working and the rejuvenation of offices; prioritizing investments in quality spaces instead of foot print expansion in the near term; environmental and social aspirations; the need for CRE functions to double down on intelligent technology investments; and real estate needs becoming complex and sophisticated.
Work-from-home options vital for boosting it-bpm competitiveness
Flexible work arrangements have been proven viable during the pandemic, and this is something recognized by the global information technology-business process management (IT-BPM) sector.
According to Colliers Philippines, accommodating flexible WFH or hybrid work arrangements is expected to sustain the competitiveness of the country’s IT-BPM sector.
“Sustaining the Philippines’ competitiveness in the IT-BPM landscape by accommodating flexible WFH/hybrid arrangements will bode well for the country to become a strong investment destination and help the local IT-BPM industry achieve its growth targets,” Colliers Philippines negotiator for office Pia Lorenzo said.
Earlier this month, the Fiscal Incentives Review Board (FIRB) allowed IT-BPM firms to adopt a 100-percent WFH arrangement by shifting their registration to the Board of Investments (BOI) from the Philippine Economic Zone Authority (PEZA).
In its board meeting on Sept.14, the FIRB resolved to allow firms in economic zones to adopt up to 100-percent WFH and still enjoy tax incentives if they shift their registration to BOI from PEZA.
