Columbus, Ohio – Many U.S. companies are realizing the need to be more innovative to attract and retain good talent in 2018. An organization’s workforce is their largest investment. However, the second largest business expense for the vast majority of organizations is their real estate.
“More and more research and our own observations suggest there’s a powerful correlation between innovative workplace design and the overall employee experience. In fact, we’re finding there are really only three resources available to attract people and keep them there: (1) role/job description, (2) compensation, and (3) workplace design/culture,” says Continental’s CEO Ira Sharfin. “It’s true companies generally rely on the first two of these the most, but workplace design is one of the biggest assets we have and shouldn’t be overlooked especially when 55% of today’s managers and employees are either actively looking or watching for job opportunities.”
Continental Office has found there are several ways companies can start to get innovative when looking at how they build new or update their own workplace real estate:
Divide space strategically to maximize your budget. This could result in fewer walls, but every wall you build should provide infrastructure to support technology and reflect your culture with graphics and branding.
Build with solutions like prefab construction that allow for flexibility to accommodate future needs. Conventional construction like drywall is forever. It doesn’t allow for change as your collaborative, innovative space changes to meet a multitude of needs for different groups of people.
Understand their impact. Innovative companies know their workplaces are an extension of the communities they serve. These companies avoid designing with their heads in the sand. Rather they focus on the overall lifecycle of their spaces and understand the impact it will have on the environment around them.
“In speaking with our construction partners like DIRTT Environmental Solutions and our clients in the Midwest, we’ve learned that the approach of build-demolish-repeat results in an enormous drain on resources and is increasingly expensive and wasteful,” says Garry Ruick, President, Floors & Prefab Construction at Continental Office. “Most construction companies and facilities departments are seeing an unprecedented change in workforce demographics and technology. It proves companies can’t afford not to innovate when it comes to how you build your workspace in 2018.”
Many organizations approach expensive real estate investments with a narrow focus and short-term lens. It results in spaces that can’t keep up with changing business demands and fails to foster a strong and vibrant culture. It also likely explains why the average tenant lease term is only seven years in North America. This trend has become a serious concern for real estate brokers and commercial construction.