How Companies Are Using Their Office Space As A Weapon In The Growing War For Top Talent
By: Carrie S. Holstead
As the unemployment rate in the United States continues its long term decline, the competition for talent is expanding to more industries, making corporate real estate a key weapon in the growing war to attract and retain top talent.
United States Unemployment Rate
Source: Bureau of Labor Statistics
Building owners recognize this and are racing to add amenities to their buildings which help tenants compete for talent and in turn increase occupancy levels in their buildings. Among the most popular amenities are shared conference and board rooms which can reduce the tenant’s square footage and free up dollars for use elsewhere, along with fitness facilities and food services.
Within the workplace, there is also a heightened focus on the design, particularly as companies increasingly respond to the preferences of Millennials who will represent 34% of the workforce by 2024, according to the Bureau of Labor Statistics. This study includes the 16 to 34 age group which roughly corresponds to the millennial generation.
Today’s workforce has spurred a number of trends, including touchdown spaces which are areas that foster collaboration and give workers the freedom to perform tasks wherever it best suits them. These are supported by new information sharing technologies that enable professionals to work anywhere in the office.
To start the process of using your office space as a weapon in the growing war for top talent, contact us for help in answering the following questions.
- Where are your competitors located?
- Why are they located there?
- How does your office space compare?
- What should be done to compete?
- When should you consider a change?