Canary Wharf to Hackney Wick. It’s a path not trodden by many, but it’s a path that has led to growth for this particular company.
Here are three key reasons why an office relocation has worked for Patrick Morgan and may work for you.
Patrick Morgan is an executive search company with a difference.
Their purpose has always been to help high achievers find the right roles and then give back to the local communities. This helps shape the future generation and in many ways, perhaps their future clients. They also have a foundation focused on improving social mobility. This is equally important to them.
Whilst Canary Wharf has many good qualities, like much of The City there isn’t, or at least not on the surface, a real feel of local community. Moving to Hackney Wick allows the 20 strong team to engage with local schools, clubs and restaurants, creating speaking and training opportunities within a mile radius of the office.
Being in this kind of location makes the business and foundation feel much more aligned. The values that the business was built on are now that little bit clearer for all to see.
With the rise of the zoom or Teams call, there are less and less in person meetings happening. We have seen a small increase in clients looking for less popular locations as a result.
The downside may be that the team’s commute is slightly longer, but the up-side is that cheaper rent, business rates and service charge allow for much larger space and a bigger budget for refurbishment.
When the team and clients now arrive, they get a “wow factor” that a small office in a Canary Wharf WeWork simply can’t compete with. Many of the team said the journey was more than worth it once they arrived at the opening launch.
Millennials want to work for something more than a cheque. There is also a general trend of desire to experience and move often; an intrepid undertone to their job selection. This location and office appeals to those desires.
Moving further afield is a simple solution when trying to save money on the cost of your real estate. With workspace being used less overall and in a very different way when people are there, a longer journey really doesn’t matter too much.
Most candidates have more of a demand for working from home than an office that is in Zone 2. In fact, office location is ranking lower and lower in the modern workforce’s general demands.
I have family who travel once a week to Peterborough for work. We work with a client who’s main HQ is in Luton and have friends who WFH four days a week. The need to have a prime London HQ is still strong for some businesses, but for many it has dropped down the list. This has opened up opportunities for new ways of thinking and indeed new locations across London and beyond.
All of this means there are real savings to make. It is possible to take more space, invest more money, make your team happier and save money overall.
If you would like to discuss further and understand more about theirs and others journeys, get in touch.