Business Problems With Real Estate Solutions: Hiring & Retention 2
Hiring & Retention
Attracting top talent while retaining talent focuses more on ensuring that employees are productive, feel valued, and enjoy the company culture, attracting top talent relies more on concrete, tangible factors – such as commute time and accessibility. Utilizing data and technology to make strategic decisions on your office space location, design, and amenity offerings can provide you the upper hand against the competition in this job market.
- Location analysis: Fewer and fewer companies are selecting a location based on where their executives live. Now, the focus is on positioning your company in the prime location for acquiring top talent. Gartner, Linkedin, and Draup are among the list of companies that provide insight on where talent is located. Utilizing data and technology to determine whether your company is in an optimal location for your desired talent pool provides real-time, actionable information to determine your next steps in your office strategy. Some of these services can specify by skillset, age, or even tell you which of your competitors is attracting your top talent. All of this information can provide insight to ensure you are maximizing the use of your real estate.
- Space as a recruiting differentiator: Once the logistical differences, such as location, between you and your competitors are nullified, determine if your office space can be used as a differentiator to attract talent. This doesn’t mean providing the most “trendy” amenities, but rather understanding what your physical space can offer to ensure maximum community, productivity, and comfort to exhibit your company culture to prospective employees. As discussed in the employee retention section above, understanding what the biggest needs of your employees are and providing those in your office space ensures maximum happiness. In some cases, as seen at MathWorks, each employee is provided with their own office upon employment, no matter their rank. Though ample collaboration space is provided, Mathworks determined that their employees felt most productive and valued when each employee was provided their own office, showing the individual’s importance. Work with your real estate advisor or architect to understand what your competition’s space is offering and whether you can provide a unique approach to differentiate against top competition.
For questions or more technical details to consider when looking to manage real estate costs, please reach out to our Director of Corporate Services, Elizabeth Holmes – 508-655-5029.