LAS VEGAS—During a panel at the recent ICSC Las Vegas conference, experts delved into the profound impact of the pandemic on commercial real estate companies and how it shattered some foundational aspects of their business operations. One crucial aspect that emerged from the discussion was the importance of aligning organizational culture with the changing dynamics of the workforce.
Devin Murphy, president of Phillips, Edison & Co., emphasized that his firm considered culture to be a vital element in achieving success. Fortunately, their investments in technology before the pandemic enabled them to transition to remote work seamlessly. However, the journey back to the office proved to be more challenging than anticipated.
Murphy explained that senior management initially believed that everyone needed to return to the office, but they eventually adjusted their thinking. "They entrusted the decision-making to the different groups within the company, recognizing that some teams could effectively perform their tasks in alternative work environments," he said.
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