Another multinational reduces office space and future requirements

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As reported today in the Independent, “State Street, an employer of around 2,000 people in financial services in Ireland, will see fewer people working in its IFSC offices as is reconfigures its office footprint.”

As a result of the pandemic, the company has seen a greater demand for remote working. State Street’s head of Ireland, Tadhg Young, said that while financial services typically have 70pc of employees working in Dublin and 30pc in the regions, State Street would flip that around so that 65pc would work from home or the regions.

“If you add up the square footage that we were leasing in January of 2020 versus what we’ll be leasing in the middle of 2021, it will have fallen and we are not reducing the number of people we’re employing,” he said.

This announcement comes after recent similar announcements by Microsoft and Google. This pandemic has changed the workplace forever.

The future of work will be more flexible and virtual.