‘Optimal offices’ could be Irish gateway to untapped €3.4 billion

Business, Irish News | Wed 9 May | Author – Business & Finance
Chas Moloney, Ricoh Ireland and UK, office space
Chas Moloney, Director, Ricoh Ireland and UK

Ireland could unlock €3.4 billion in untapped GDP if organisations were to optimise their workplace.

This is according to a new study done by Ricoh and Oxford Economics, entitled The Economy of People.

The Economy of People

It found that Ireland could achieve a 1% increase in GDP by taking on more ethical business practices and enhancing office space.

The study, which took in business managers and employees across Ireland and the UK, showed that the vast majority (93%) of Irish workers believe their workstation is a key part to their productivity levels.

Others factors included office environment – lighting, airflow and collaborative spaces.

Business leaders also took this into account, with 87% seeing it as a major element. This also included 67% seeing employee workstations as vital for output.

Comment

Chas Moloney, Director, Ricoh Ireland and UK, said:

This new research really demonstrates the importance of culture, workspace and technology in terms of employee efficiency and business performance. Of course, it’s not solely about output, it’s about enabling effective decision-making, promoting well-being, encouraging innovation and establishing trust among workers.

He continued: “Culture is the foundation of a company and it serves as a stimulus which enables creative thinking and innovation. The ‘optimal office’ is the setting in which employees can be empowered and supported by bespoke work styles. Irish businesses have a responsibility to assess and enhance where and how people work. In return, companies will benefit from heightened levels of productivity and employees who are invested in the optimal office.”

The benefits of enabling optimal offices

If organisations were to transform their offices to optimal functionality, productivity and GDP would increase. The sectors that would benefit the most would be financial services (€1 billion), healthcare (€854 million), business services (€555 million), education (€489 million) and the public sector (€468 million).

With remote working being a topic of particular importance now, the research also delved into how executives fell about providing the capabilities to work remotely.

In this regard, 83% of workers said they could be more efficient given the right technology to enable mobile work styles.

Away from the technology side, 90% of Irish workers said that business ethics and values encourage them to work more effectively.

Full the full report here.