Each year, The Conference Board polls business executives to determine the biggest hot button issues in the business landscape. The organization recently released their 2020 survey results, which included input from nearly 750 CEOs and 800 other C-Suite executives.
Out of all the issues that businesses face, these CEOs ranked attracting and retaining top talent as the most pressing internal concern warranting immediate attention in 2020. Across the board, executives agree that the growing talent shortage is their biggest internal stressor, regardless of factors such as company size and location.
Indeed, companies are facing a tight labor market in 2020. The U.S. currently boasts the lowest unemployment rate in 50 years, which means employees—rather than employers—are well-positioned to be selective when it comes to the job search.
How can businesses continue to acquire new talent and retain their best employees moving into 2020 and beyond? In short, they need to be more strategic—and finding the right space in the right location can be a smart place to start. Our latest video with Downtown Cleveland Alliance discusses new construction options with space flexibility for top business talent in Cleveland, Ohio.
Employees Want Better Workspaces (Even More Than Vacation!)
A 2018 survey found that when U.S. workers were asked what would make them more satisfied with their current job, the top response was a better workspace…yes, even above flexible hours and more vacation time! In the scope of this survey, “better workspace” includes factors such as facilities, work areas, amenities, privacy, cleanliness, security, and safety.
Interestingly, the survey also found that employees who reported feeling satisfied with their workspace tend to use a greater variety of spaces (such as common areas and dining areas) than those who feel dissatisfied with the workspace. This evidence shows that office amenities do play a role when it comes to employee satisfaction.
Your Office Space is a Tool for Attracting Talent
For job seekers, the first impression comes before the interview itself; they’ll begin forming an opinion about your company from the moment they pull into your parking lot, and again when they step through the front doors into your office. Before even shaking your hand, they’ll have an idea of what their working life could look like at your company.
Take a moment to consider what job candidates might see when they arrive to your facility:
- Does the overall workspace appeal to their working style? (For instance, open layout vs. cubicles, abundant private meeting spaces vs. no meeting spaces, etc.)
- Does the company appear innovative, sleek, vibrant, collaborative, and successful?
- Does stepping into the office make them feel energized and excited?
- Does the office have designated spaces for employees to take a break, relax, or enjoy a meal?
The answers to these questions could determine whether or not a candidate accepts a job offer from your business. If they can’t see themselves working in your office space for at least the next several years, they may continue seeking out more competitive companies.
Location, Location, Location
In addition to the amenities and working spaces your office provides, the location itself will be an important consideration for job seekers. Knowing where your ideal employees live and play matters, because your facility should be in relatively close proximity.
Nobody wants a lengthy commute, especially younger generations who heavily prioritize a healthy work-life balance. Even if the office itself is great, a candidate may reject an offer from a company that is simply located too far from home.
When choosing the best location for your office space, be sure to consider factors such as traffic, parking, walkability, and accessibility to restaurants. Knowing how heavily to rank each of these factors will depend on the demographics of your workforce.
Ultimately, your office space should be a reflection of your company culture and mission. It should also be a differentiator and selling point that leverages you above your competitors.
Armed with the right office space in the right location, your business will be better equipped to recruit more effectively and win the war for talent.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.