How can businesses retain cost efficiency gains post-pandemic?
While it is easy to focus on the savings being made by a new way of working, businesses need to find a sweet spot that can balance that with maintaining a creative culture  As the world recovers from the Covid-19 pandemic, business leaders need to think carefully about costs. Many found cheaper and more efficient ways to work during lockdown, a report by Gartner suggested this year, and retaining these strategies and their financial benefits is front of mind for most businesses. Conversely, spending more might be part of the solution. In the coming months, most business leaders are planning to invest in digital capabilities (55pc) or information technology (47pc), according to the Gartner survey of 100 finance leaders. Staying afloat: retaining financial gains seen from the pandemic will be front of mind for business owners Credit: getty  Many of the new ways to work that businesses have learned during the pandemic will become permanent and will continue to deliver on the cost-saving front, says Phil Jones MBE, managing director at business technology solutions provider, Brother UK. Keep meetings virtual where possible  Jones says: Without doubt, web conferencing and instant messaging platforms are here to stay. There will also be more scrutiny around meeting lengths and many internal meetings will stay on platforms rather than in physical meeting rooms. Business travel will reduce and face-to-face meetings will have a new value with a clear rationale needed to justify them.  Businesses need to take the time to bring the lessons of the pandemic on board, Jones continues. Future of the workplace: virtual meetings will remain a permanent fixture Credit: getty  Spend time to properly review your new methods of working, he says. Ive always found the simple question of, What do we start/stop/continue as a result of learnings generated in the last 12 months? can be powerful in focusing feedback and closing the gap between perception and reality.  Expensive in-person meetings are one area where companies should reassess how they do things, says Emma Sinclair MBE, co-founder of Enterprise Alumni. I think marketing, corporate entertainment and travel are areas where companies can be more mindful of spend, she says. Relationships made in person are always my preference but that need not come at vast expense. To my mind, there is no substitute for a conversation in person; but even before Covid, this was not always possible. A regular cadence of calls  so that businesses and customers know that every week or month they have a pre-arranged time to connect and talk  helps maintain a strong relationship, even when in-person visits are not possible, Sinclair explains. Long live WFH  Home working  enabled by digital technologies such as virtual meeting platforms and IM services  will allow companies to save money on rent and other costs, says Dr Andres Perez Ruiz, Director at The University of Law Business School. Dr Ruiz says: Digital technologies have significantly contributed to the cost efficiency of organisations in the last decade. This trend has become more evident during the pandemic. Putting people first: flexible working will help businesses when hiring and retaining talent Credit: getty  Some companies have embraced full home working, like HSBC, which recently announced that it will move 1,200 of its call centre staff to permanent working from home. There is a consensus in professional circles that this is just the start, and many others will follow.  Research by Microsoft this year found that two-thirds of professionals (71pc) want to continue to work from home; so for companies hoping to attract and retain staff in the wake of the pandemic, offering flexible and home working will also become a key differentiating factor, says Romanie Thomas, Founder and CEO of Juggle Jobs. And, with 36pc of business leaders saying that they planned to invest in new staff post-pandemic, attracting talent that can drive revenue gains will be vital. Thomas says: Historically, flexible and remote working has been driven by women trying to balance childcare with careers. The pandemic has shown us that flexible working is not a female issue, its a human one. Companies now recognise that a remote friendly environment gives them a competitive advantage when hiring and retaining people.  The future is hybrid  The first mistake companies can make this spring is to look at all cost savings as offering genuine value, says advertising CEO Dan Cullen-Shute, founder of White Crow. Cullen-Shute explains: The art is going to be in spotting which behaviour shifts purely drive efficiency, and which make businesses better, and thus more profitable. Office spaces will be smaller, as the need for banks of desks will disappear (head-down, desk work can be done at home, where efficiency is everything). There will be less business travel. Some conferences will remain digital-first. But there will be a plethora of industries where, on occasion, efficiency will need to be sacrificed for working processes that are a bit messier, a bit more vibrant, a bit more human. Younger people need to learn. All people need sociability. Creativity needs friction.  Companies need to avoid the temptation to cut too many costs, agrees Emma Robertson, CEO at digital and data agency ENGINE Transformation, who has worked with businesses such as eBay, Santander and Tesco. She explains: The future model will be a hybrid. Businesses need to find the sweet spot between an efficient operating model and creating both the conditions and culture that allow talent to thrive. As tempting as it may be to lock in those cost savings quickly, businesses need to be aware of the intangible benefits they may be losing, as well as the bottom line gains.  The future is now  Forget making predictions for next years business trends  if theres anything that 2020 taught us, its to be ready for anything. From being more adaptable in the face of socio-economic changes, to ensuring data and systems are secure in the new hybrid workplace, Brother is here to get your business ready for the future  now. For more information, visit brother.co.uk/business-transformation