Answer:
To keep employees safe and organisations functioning as COVID-19 spread around the world, previously office-bound companies shifted to a remote working paradigm. Once the preserve of freelancers and a minority of workers, remote work has permanently altered the workplace ecosystem.
Essential and non-essential workers have been dispersed across multiple locations both across the same cities and country. Organisations are implementing new ways of managing and monitoring workforce productivity and collaboration. Video calls are now the force majeure of work meetings, leading to increased productivity as workdays are managed more accurately and by the minute.
These changes have rendered most corporate workspaces redundant, as organisations seek to lower costs by reducing occupancy and implementing COVID-compliant flexible workspace designs. It is expected that between 30 to 50% of the total global workforce is expected to continue working remotely in the near to medium term. This reality poses a serious challenge to organisations and the property management sector seeking to make use of excess real estate.
Reduced office occupancy has drastically impacted the demand for FM services such as cleaning, security, catering, and so forth. The FM sector, highly labour intensive, has suffered mass retrenchments and service restructuring as a result. Prior to the pandemic, the sector was projected to grow 11% in 2020, yet today the industry faces a highly depressed forecast as the shrinkage in commercial space requirements reduces FM service provider revenue.
Explanation:
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