Imagine if you will, your business located in an office where the atmosphere reflects the corporate culture that you have been striving to instill in your employees and promote to your clients. In space that actually functions well; where key personnel can interact effectively and collaborate like never before. Where building operations embrace “Green” initiatives to actually help the environment instead of wasting resources unnecessarily. Where natural light is allowed to flow into the entire space rather than reserved only for the privileged C-suites.
“Back in the day…” office workers would never dream of considering an office location, layout or amenities in their decision on whom they would choose to work for. Not anymore! These considerations are very real and can significantly impact on a company’s ability to attract and keep talent.
As of last year, millennials comprised some 37% of the workforce according to Environics Analytics. For today’s workforce, money isn’t everything and savvy companies are starting to understand the significance of that. Achieving a work life balance is now one of the leading factors when it comes time for someone to decide where and for whom they are going to work. Companies are now focusing on how to provide a work environment that, not only supports but also enriches that elusive work life balance.
Do the math. Look at the significant costs you incur to find, hire and then retain key staff members of your company. It’s not cheap. In fact, wages and benefits are almost always the single largest line item in a company’s expense budget. And those costs can become even more apparent when you find out your losing key people to the competition.
Now do some more math – what would it work out for you to spend an extra $4.00 or $5.00 per square foot annually on rent to locate your business in a first-class location with attractive amenities – and I’m not just talking about being located near coffee shops, fitness facilities, or shopping although these can be factors as well. I’m talking about providing a work environment which supports and promotes your brand and corporate culture, that can make your employees feel appreciated and valued. Open concept layouts where natural collaboration can occur. Quiet meeting areas disguised almost like living rooms incorporated into various nooks and crannies within the office layout. These are just some of the new realities of office space and they’re not just the creative whims of designers either. These are amenities which are proving to be worth their weight in gold, as useful tools for recruiting and retaining talent.
Something as simple as the air we breathe can have a dramatic effect on a company’s bottom line. Studies have shown that better indoor air quality, with high ventilation rates and low concentrations of CO2 and pollutants, can lead to productivity improvements of up to 11 percent, according to the World Green Building Council.
Winnipeg has started to feel the effects of all these changes with a dramatic increase in new office construction as well as significant reinvestments into existing buildings. Landlords realize that companies are embracing the importance of providing quality office environments and are willing to move to find the right home for their employees. It’s no longer just renew in place and carry on – it’s now a question of what’s the best space a company can find because often a modest increase in rent can more than pay for itself over the long term.
Does your space reflect your corporate culture? Are you able to recruit and retain the brightest talent? Maybe it’s time to move…
Office Tenant Representative
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