Knotel’s New Plan for Extraordinary Times
The world is clearly facing a massive public health and economic crisis, and the commercial real estate industry won’t be immune to these shocks. It’s going to be a very difficult next few months, and perhaps quarters. As a larger company with a global lens, Knotel is obligated to adopt swift and meaningful changes to our operating plans to meet the pressing needs of our customers.
After speaking with our partners, our people, and dozens of other leaders in the industry, Knotel is ready to announce a series of critically important shifts. It’s an extraordinary new operating plan for these extraordinary times. Our purpose is to meet the needs of customers, partners, and communities, while providing continuity and recovery services. We also firmly believe in transparency, which is why we’re sharing this with all of you.
Redirecting Resources Where They’re Needed
At Knotel, we’re getting queries from all parts of the business ecosystem, and we have a responsibility to ensure the right resources are going to the right places. With that in mind, we are:
- Substantially reducing compensation for top management, including a 50% cut in pay for Knotel’s co-founder and CEO, for the foreseeable future. This is a commitment to each and every Knotel employee, and a token of gratitude for everyone’s hard work and dedication. These challenging times will form us and we will come out stronger than ever before. We are all in this and we will win together.
- Pausing new property transactions worldwide to focus on partnering with owners to support governments with emergency needs and customers facing crises. We have not lost sight of the long-term vision for Knotel’s business, which is to partner with owners to serve enterprise customers by addressing their workplace needs. However, we recognize that our business was built for flex in times like these.
- Transferring lessons learned from companies in markets that are further along in dealing with the pandemic to companies that need to accelerate their preparations. We are all here to learn from each other and to adapt as quickly as we can.
Spaces for Cities
The real estate market is undergoing a shift toward flexibility that helps all sides get more from workspaces. However, in the short run, we all need to put our best tools to work in adapting this industry to be a source of critical help. Various governments have announced their intentions and policies, and we will move aggressively to support them by:
- Partnering with other members of the real estate community on Spaces for Cities, an effort to repurpose idle spaces for civic uses.
- Leveraging design service teams to help transform spaces for relief, response and resilience.
- Assisting customers with solutions for virtual workspace transitions and distributing best practices for operating complex remote work plus essential workforce procedures.
Safety Starts at Home
In addition to caring for our customers, Knotel is also committed to helping our own employees and the communities where we live and work. We’re also reaching out to support our partners across the globe. To help them navigate the crisis, we are:
- Shifting to remote working, so that 100% of Knotel employees are now working from home.
- Releasing a series of response guides and webinars on a range of topics to help our teams, customers, and partners stay safe, productive, and ready for whatever comes next.
- Delivering a constant stream of communication and updates to ensure employees have the most up-to-the-minute information on the pandemic and our protocols for managing it.
- Managing response and operations in 17 cities for 340+ customers across 5 million square feet of workspace.
- Providing deep cleaning services for companies in affected areas, including 50 cleanings in the last 7 days.
- Initiating more than 1,000 touchpoints with global leaders in the last 7 days through thought leadership and support.
It’s going to be a long and challenging road, but these operational changes will ensure that Knotel is ready to meet whatever the future may bring. We’ve seen the strength and resilience of our customers, our partners, and our own people, and it gives us confidence in our mission to serve them in the days ahead.