There’s just no way around some business expenses—you need to spend money to make money. But if saving some of your revenue is a priority, workplace analytics can help.
The rise of hybrid work is fueling questions about where inefficiencies are occurring, and not just in terms of productivity. When you can’t see who is coming and going from the office, it’s hard to determine whether your office space still fits your current needs.
That’s where workplace data comes in handy. Below, we’ll discuss the definition of workplace analytics, how to collect relevant data, and how to use it to identify cost-saving opportunities.
What is Workplace Analytics?
Workplace analytics refers to the strategic use of data to gain insights into what’s happening within your organization. Companies rely on workplace data to learn more about employee performance, behaviors, and engagement. But this same data can also be used to help you identify opportunities to save money on overhead.
The goal of workplace analytics is to uncover hidden trends and offer a deeper understanding of how your employees work. In turn, this data empowers decision-makers with valuable insights so they can make informed decisions instead of relying on hunches and guesswork.
How Workplace Analytics Help You Save Money
One of the key benefits of using workplace data is the ability to see where companies are wasting funds that could be put to better use. Here’s how:
Continually Improve the Office Space
Workplace analytics enable data-driven decision making on an ongoing basis. Rather than conducting one-off surveys or observations, you’re continuously collecting data to see shifts in patterns over time. This ongoing data allows you to continually improve the office space and optimize costs, helping you to save money over time.
Analyze Space Usage
Paying for office space you don’t need wastes resources that could be put to better use. Likewise, growing a company could mean needing a bigger office space if those new positions require on-site work.
With workplace data tools, you can see how your office space is being used on a daily basis to determine whether your office still meets your current needs. As your workforce shifts in size alongside your business and the economy, your data can help you decide how to scale your space so that you only pay for what you need.
Create Better Workplace Experiences
Ever wonder why some employees prefer working from home? It’s not always work-life balance.
Learning more about what employees want from their on-site office can help you create spaces where employees want to be. Because let’s face it—happy employees are productive employees, and productive employees create value throughout the organization. You can get better, faster results with the same or even fewer resources when you have all of your employees putting in maximum effort.
As an added bonus, you can use workplace data to see what drives engagement and whether your office revitalization efforts are paying off.
Examples of Workplace Data in Action
With these benefits in mind, let’s look at how workplace data can help you save money on space usage.
1. Right-Sizing Your Office Space
Remote and hybrid work policies are in full swing, which means offices aren’t as “full” as they used to be. That doesn’t mean offices are obsolete, though—far from it. Employees have more flexibility when it comes to when, where, and how they work, which makes it harder for office managers to track traffic patterns on a daily basis.
In this era of hybrid work, the number of employees on-site varies from day to day. According to an At Work survey, 56% of companies have an at-will schedule, meaning employees can choose which days they work in the office vs. remotely.
Some employees may work on-site the same days each week, while others might prefer more spontaneity. Either way, workplace data lets you track how attendance fluctuates throughout the week. If you’re always well below full capacity or you have plans to hire remote-only or hybrid positions, you might consider downsizing your office space to save money.
This data can also prove useful when you’re budgeting for in-office events, supplies, and equipment. Fewer people in the office at one time means less demand on your copiers and printers. It means fewer breakroom snacks and janitorial supplies are being used. If you’re spending less on these things, you could easily free up some of your budget to put toward other initiatives.
2. Optimizing Your Office Layout
Workplace data surfaces valuable insights related to employee movements, workspace utilization, and meeting room bookings. This data allows companies to optimize their office layout to better suit their employees’ needs and increase productivity.
For example, if employees are spending a significant amount of time traveling to and from the copier or printer, you might move this equipment to a more central location or add new stations to decrease employees’ time away from their desks. This helps employees be more productive and experience fewer distractions.
Workplace analytics can also identify underutilized areas that could be repurposed or consolidated to save costs and make better use of resources.
3. Creating the Right Workspaces
How your employees are using the office also matters. For example, if most of your employees are coming to the office to use video conferencing equipment but you only have one equipped conference room, that’s a problem. You don’t have enough of the right spaces to accommodate those employees, plus you’re underutilizing your other office space.
Workplace data can surface insights related to the types of workspaces your on-site employees need and use. This gives you a better idea of what types of spaces to create in your office, whether it’s transforming more private offices into huddle rooms, adding video conferencing equipment, or including more collaborative spaces.
4. Tracking Office Foot Traffic
Your employees might not be the only people who visit your office. If you entertain clients or visitors in your office, you need to understand these traffic patterns to decide how much office space you need.
Use workplace analytics to understand who is coming into the office, how long they’re staying, why they’re visiting, and how many visitors you have at any given time. This helps you ensure you’re properly staffed for peak times, have enough seating for visitors, and can maintain the professional image you want to project to others.
How to Collect Workplace Analytics
Chances are you already have some workplace analytics at your fingertips even without a dedicated system. Zoom, Slack, and meeting room scheduling tools are a few useful tools that can shed light on on-site work patterns.
In addition, you can use purpose-built platforms like LiquidSpace that act as a command center for your hybrid work strategy. Workplace data platforms give you a bird’s eye view of how employees are using any office space at any time, helping you learn more about who’s using the office and how it’s being used.
Discover how you can right-size your workplace with data when you schedule a demo.
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