ABS, MAS study develops playbook for FIs' future 'pandemic-resilient' workplaces
THE future workplace for employees of financial institutions (FIs) will likely be an ecosystem of multiple options. This means FIs' real estate portfolios will have to account for changing preferences for where and how people work, technology and functionality, as well as the well-being of employees and other stakeholders.
This "ecosystem" approach to the future workplace was presented as part of a study commissioned jointly by the Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore (MAS) that looked into the Covid-19 pandemic's impact on workplace environments for the financial sector.
The study conducted by a consortium of consultants led by commercial real estate firm Cushman & Wakefield, developed a playbook for financial institutions in designing pandemic-resilient workplaces for the future.
Among other things, this playbook recommends creating a dynamic ecosystem that supports staff working either in their homes or in the office.
The study's authors said FIs in Singapore are likely to increasingly embrace remote working as part of their culture and tap different areas outside the central business district (CBD) for workplace options closer to employees' homes.
Equipping employees with the right technology and protocols is also key, to unlocking the potential of agile working, they said.
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"The real estate strategy of an FI (financial institution) will explore more of the shared options available outside the CBD while maintaining their headquarters' presence for both branding and community engagement purposes," wrote the authors.
They also recommend integrating safe management practices into the office workplace.
For example, institutions can provide care kits with appropriate tools to promote good hygiene practices and minimise the use of shared equipment like keyboards and headsets to reduce cross-contamination.
Based on best practices observed in the current pandemic, safe management measures most effectively mitigate transmission when they are promptly activated and are calibrated in response to risk levels.
The study suggested an optimal density of 80-120 square feet (7.4-11.1 square metre) per person and a two-metre distance between desks for a higher degree of safe distancing.
Clear protocols, the right infrastructure and agility should also be in place to support a more seamless shift between "pandemic on" and "pandemic off" mode.
Designing for resilience in the future is key, the study's authors wrote, stressing that this requires a "complete evolution" of traditional business continuity planning approaches.
"The components of a pandemic-resilient and responsive workplace ecosystem revolve around the following floorplate principles: flexibility, efficiency, divisibility and legibility," they wrote.
It also highlighted the importance of designing workplaces for wellness, such as by working towards a base building with Green Mark certification and providing "essential support" like hydration, refreshment, personal hygiene and room for employees to "breakout from work" within the workplace environment.
The importance of physical and mental well-being is one of the "critical revelations" uncovered during the Covid-19 pandemic, the study's authors said. "Nurturing and building awareness on wellness both at the individual and community level needs to be addressed by each organisation," they wrote.
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