Sierra Singapore Boldly Embraces Coworking Model Trial
Sierra announced today it’s move to Spaces at 410 North Bridge Road, a coworking facility operated by Regus. The coworking model is already being used by corporates such as Microsoft, GE, PWC, Dell, and Deutsche Bank.
According to a Q3 Occupier Survey published by brokerage firm CBRE, 44% of corporations use a form of flexible office space solutions. Brokerage firm JLL projects that by 2020, 30% of all office space will feature flexible terms and open layout design.
Flexible work schedules and financial incentives are spurring this change, as well as productivity advantages of working in a collaborative, innovative environment.
According to Sierra’s CEO Ranjan Vaswani, “As a services-oriented company, our team is constantly deployed to client sites locally and globally. This makes it difficult to plan our space requirements. And based on an internal study we’ve done, our meeting room space only had 30% utilisation given that most of our meetings are outside the office. This made us seriously consider coworking.”
Spaces is a coworking facility from Regus; being part of the Regus network allows Sierra to tap onto Regus’ 3,000 locations across the globe.
“We are a highly mobile workforce and the Regus network is a natural choice for us. Our team now have the option to work at more convenient locations across Singapore and this is a plus when attracting fresh talent. In addition, a coworking facility fosters interaction and we get an opportunity to interact with exciting start-ups and fellow corporates.”
Sierra expects the trial to last for 6 months. The company will survey the staff’s satisfaction and productivity during the process.