Hire power: How an office helps win the war for talent
Companies can combat under-productivity by measuring how real estate impacts talent attraction, retention, productivity and engagement (TARPE)
With four generations now in the workplace, there has never been more focus on a company’s physical work environment, workplace services and amenities. Despite this attention on the workplace, companies are still losing billions of dollars in under-productivity every year.
The statistics are startling: 70% of U.S. workers are unsatisfied with their jobs, two million U.S. workers quit each month and employees are productive just three days per week on average.
Companies can combat under-productivity by measuring how their office — and office culture — impacts talent attraction, retention, productivity and engagement (TARPE). Blending research on a company’s workplace mobility programs, green building design, social networks, location and employee services into a comprehensive framework can answer important questions:
- What real estate and facilities programs matter in the war for talent?
- What are competitor companies doing in this area?
- How do you compare to these companies?
The TARPE framework includes more than 70 items and evaluates your corporate real estate across five key categories:
Programs such as catering, on-site retail services and other convenience items or perks have quickly become recruiting tools and significant differentiators for talent comparing prospective employers.
This includes design and management of base building systems like temperature and air filtration as well as interior design and branding. Look and feel of a space contributes directly to a sense of culture, and even the aspects you can’t see impact productivity. For example, daylight levels can boost productivity by 13%. Better ventilation has resulted in 5% to 9% improved productivity and increased temperature control ups productivity by 7% on average.
The workplace adds value to an employee’s experience because it communicates the company’s brand, values and corporate culture. For some, the workplace is the “best place to work” because it provides connections to teams, customers, products and more. Policy and practices that encourage employee engagement are important, but so, too, is having the space to actually connect. Your real estate can both make room for involvement as well as activate employees through social structures such as green teams and other CRE-related interest groups.
Is your workplace in the best location? A thorough review looks at everything from access to public transportation, to neighborhood shopping, commute times and more to determine if a location is the best fit for your people.
Workplace technology is a non-negotiable. Video conferencing, remote collaboration and space reservation systems are considered the norm, and without them, productivity suffers. And, in the future, we’ll see even more programs and mobile apps that integrate various real estate and smart building services within employee-centric companies. These systems will better serve employees a tailored environment while feeding data back to employers.
Armed with an analysis of data in these categories and direct comparisons with competitors in each market, you can begin to see whether — and where — your organization is leading and lagging. You can then target your investments in employee experience accordingly. With a strong TARPE framework, real estate becomes a true weapon in the battle for talent.