The Economy of People

Over the last 10 years, there has been a seismic shift in the way we work, which has put tremendous pressure on organisations to modernise and digitally transform. By examining the Economy of People, Ricoh has calculated the potential impact of aligning culture, workspace and technology strategies to create the optimal office. The result is a new, holistic approach to designing workplaces that has the potential to positively reshape the United Kingdom and Ireland’s economic trajectories.

The Economy of People

Over the last 10 years, there has been a seismic shift in the way we work, which has put tremendous pressure on organisations to modernise and digitally transform. By examining the Economy of People, Ricoh has calculated the potential impact of aligning culture, workspace and technology strategies to create the optimal office. The result is a new, holistic approach to designing workplaces that has the potential to positively reshape the United Kingdom and Ireland’s economic trajectories.

What is the optimal office?

Take a few minutes to think about the effectiveness of your workplace. Consider everything about it and the way people work.

For example, you might ask yourself if there is more to culture than its ability to attract, retain and motivate talent. Is the workspace designed to function and inspire, or is it a collection of mismatched furniture and untouched file cabinets in a space that might be too small, or too large?

Are processes and procedures like flexible working approved based on popular demand or designed with purpose and productivity in mind? Is technology in the workplace a series of short-term adjustments, or the foundation of an organisation that has fundamentally changed the way people work?

These are the critical workplace questions organisations should be asking themselves, because behind each one, and countless more, lies tremendous performance and productivity potential.

We have always believed that the path to newfound performance and productivity lies in Workstyle Innovation, which is an approach through which organisations implement bespoke workspace, process and technology solutions to create one cohesive and highly effective workstyle. Whilst this approach can put organisations on the path to an optimal office and unlock the full potential of their people, the exact financial impact of such potential on an industry and macro-economic level has long been unknown.

That is why Ricoh partnered with Oxford Economics to quantify the value of the optimal office and the potential value we as people, industries and a society could generate.

Across the United Kingdom and Ireland there is £39.8 billion in untapped GDP that could be unlocked by creating an optimal office.

91% of executives said productivity would increase significantly by investing in workplace modernisation.

82% of executives are planning on investing in the next two years.

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