Recruitment and retention of talented staff is not just about the benefits package. Having an office that is both an inspiring and enjoyable place to work is now a critical, cost-effective way to successfully attract the world’s most talented employees, according Eamon Fox, partner and head of office agency at Knight Frank’s Leeds office.
Mr Fox was speaking in the wake of the launch of Knight Frank’s Global Cities: The 2016 Report.
The report highlights a shift in thinking and demonstrates why our future offices must break the mould of the past two decades. If organisations want to attract the best and keep their workforce, they need to create spaces that their staff will want to work in.
Office relocations are very much back on the corporate agenda as firms are increasingly using their offices as a means of controlling a far bigger business expense, namely, staff attrition.
Mr Fox commented: “It has been estimated that for specialist or executive staff, the cost to a business of losing them is the equivalent of 150 per cent of salary.
“The newest generation of workers expect their office to be an inspiring and enjoyable place to work. Historically the preserve of technology and media firms, this new office combines collaborative spaces with individual work areas, as well as providing amenities that encourage people to think of work as an extension of home,” he explained.
The report highlights the challenge facing cities, particularly in Europe where historic buildings don’t easily lend themselves to the new contemporary layouts. While the appetite for new-style office space exists, change will only happen as and when leases expire. Will companies be able to keep pace with the newest employee expectations?
Mr Fox said: “We are seeing firms take a longer-term view on investment in their office space in order to meet the expectations of the newest generation of employees. More and more the perception of the office as a business expense is shifting as firms see the value in leveraging office space as a tool to inspire and energise their staff.
“When losing staff is so much more expensive than renting office space, it is little wonder that more firms would rather invest a little more in a high-quality, well-located office that keeps employees happy at work.”
Global Cities : The 2016 Report is available in full from www.KnightFrank.com/GlobalCities