Guest column

Tech companies need flexible and personalized workplaces to stay competitive, according to this Houston interior design expert

From amenities to flexibility, here's what tech companies need to prioritize in a working environment to stay competitive. Courtesy of HOK

Nowhere is the rapid pace of change more apparent than in the tech sector. Fierce competition for talent, an evolving regulatory environment, and mounting privacy and data security challenges confront both well-established tech leaders and startups, forcing them to continuously adapt and innovate.

Companies that succeed in this hyper-competitive market have two things in common: workforces and workspaces that can pivot to address new demands and business models. In a recent report titled HOK Forward: Tech Workplace Takes Center Stage, HOK explored the impact tech industry challenges are having on the office space and examined design solutions that can make these spaces more responsive and successful.

The report found that workplace flexibility is key when it comes to spurring innovation and collaboration. So too is personalization. Each company's ideal environment should reflect its culture, work style, mobility profiles, and business goals and be continually re-evaluated as the organization grows.

Five workplace trends that are gaining popularity in the tech sector include:

  • Activity-Based Workplaces (ABW) – This office concept encourages movement and empower people to select the right space for the job at hand. ABW environments are typically designed to serve four major work functions: solo work, collaboration, learning, and socializing and rejuvenation. These spaces work nicely for organizations that are market-oriented in organizational structure.
  • Neighborhood-based Choice Environments (NCE) – A variation of the ABW model, these spaces create a neighborhood or home for teams to operate out of while still allowing people to have access to a variety of work settings. These spaces are ideal for organizations that are team-based and mobile, but seek to build community.
  • Agile Environments – Scrum spaces where project-based teams from different business groups or departments can gather to collaborate on special projects. These spaces are helpful for team-based organizations that desire belonging and community, as they are highly interactive and collaborative.
  • Maker Environments for Mobile Occupants (MEMO) – These spaces are emerging in sectors where rapid development is key. They encourage experimentation and group work in entrepreneurial environments with flat organizational structures.
  • Immersive Environments – These spaces pull the best lessons learned from ABW, NCE, agile environments and MEMO and tailor them to meet the specific needs of a company to create custom spaces.

These creative approaches meld the needs of an evolving workforce with the needs of the organization. But attracting talent extends far beyond the work styles accommodated. So, how can tomorrow's tech workplace attract and retain top talent?

Amenities play a critical role. Amenity offerings should be diverse and speak to the culture of an organization. Nap pods, wellness rooms, medical clinics and maker spaces are benefits gaining popularity in the tech industry and beyond. These amenities speak to a workforce that values convenience, works hard and finds inspiration in unique ways.

Smart workplaces are gaining popularity in the technology sector. Complete with multiple sensors that track office use—such as how often a space is used and the peak times of activity within a communal space—this advanced technology can help building owners and operators optimize a space and better understand which kinds of environments are in demand.

In addition to leveraging data, tech workplaces are on the cusp of merging the digital realm with physical space. This move towards seamless technology that anticipates behavior and needs and creates immersive experiences has the potential to transform the work experience. At the center of this evolution should be a commitment to engaging, equipping, and empowering individuals to excel, which requires developing flexible, technology-infused space solutions that accommodate a growing diversity of work styles, preferences and personalities.

The tech industry's increased focus on the human experience—from amenities to immersive technology—can be applied to workplaces in other sectors. While the next big technological advancement isn't set in stone, one thing is certain: Companies that wish to remain competitive and responsive in the future will need workplaces with the flexibility and personalization that allow their people to gather, connect, innovate, and simply be their best.

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Amy English is the director of interiors for HOK.

August 23 is pHERsonal Finance Day — a day dedicated to education about financial practices for women. Getty Images

You've seen the statistics on Americans' financial health. The average American is not in great shape: $6,000 per person in credit card debt, $4,900 per person in student loan debt, and 51 percent of all workers who feel they aren't saving enough for retirement.

You also probably know about two other trends: women are living longer than men and divorcing at higher rates. What you may not know is that in 2019, most married women still say their husbands manage their finances. Even more surprisingly, millennial women have their husbands manage their financial futures at higher rates than their mothers. According to a 2017 UBS survey, 61 percent of millennial married women say their husbands manage their finances versus 54 percent of boomers. How do these trends come together?

Each year, there are two million American women who get divorced or widowed. These women grapple with a traumatic life event while trying to figure out the passwords to their investment accounts. In addition, married women are waking up to discover their retirement savings are short of their expectations. In a world of women's marches and the "Future is Female" t-shirts, women should be stepping up to shape their financial futures. For that reason, women should take a financial health day.

What's a financial health day? It's 24-hours where you take the day off work or dedicate a Sunday to writing down the balances of your investment accounts, renegotiating your auto insurance, and deciding if you should roll over that old 401K. A financial health day is not going to magically wipe away your student loans or solve your spending problem, but it can give you a plan for paying off debt or your mortgage three years early.

There is growing consensus on what being financially healthy means: you should maintain a four to six-month emergency fund, carry zero credit card debt, and contribute 10 to 20 percent of your monthly income to a retirement fund. Additional goals, like buying a house or paying for your kids' college, don't come until you have achieved a stable foundation.

Along with knowing what "financial health" means, there is also general agreement among financial experts on the best ways to achieve it:

  • Know your money situation. Physically write out your loans (credit cards, auto loans) with their interest rates, and all of your savings (including retirement). Seeing it all in one place will help you figure out your priorities.
  • Create money goals. Set multiple goals and prioritize them (you can also fund more than one goal at once). Is it saving for the down payment on a house or becoming debt free?
  • Track your spending. Where is your money going? There are budgeting apps from Mint or YNAB to help you keep track. Are there places where you can tweak your spending habits to fund your savings goal? Can you cancel a recurring expense you aren't using? Could you negotiate a better rate on your phone bill?
  • Automate to achieve your goals. Set up recurring payments to your debt and savings. Automated monthly transfers from your checking account to your savings goals make sure you aren't as tempted to spend that money. Schedule monthly and yearly calendar alerts to check your spending, rebalance your portfolio, etc. One advanced tip is to enroll in your 401K plan's "save more later" option. This will increase the percentage of your paycheck you put into your 401K annually.

These items seem simple. Yet, why are so few people doing them? It takes a LOT of work to get this money infrastructure set up. At the end of a long day of client meetings, chasing a toddler, or some combo of the two, it's difficult to muster the mental energy to address your finances – especially if you have the option of outsourcing this responsibility to a capable partner. That's where a day dedicated to your financial to-dos will help. You don't need to be solely in charge of your money, but you definitely need to understand the plan.

While we feel that everyone can benefit from a financial health day, the first pHERsonal Finance Day targeted to millennial women is scheduled for August 23. Check out our schedule if you want to get started. If taking a whole day off feels like a long-shot, take this quiz here to help you prioritize your financial to-dos. Whether it's a daily money minute or an appointment with a financial adviser (pick one who is a fiduciary), what are you doing to own your financial future?

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Eryn Schultz is the co-founder of pHERsonal Finance Day.