New CBRE paper reveals the evolving role real estate and workplace strategy plays in driving business performance
Philadelphia – November 2, 2016 – A new paper from CBRE Group, Inc. reveals why real estate is increasingly being viewed as an asset capable of driving business performance. In the second paper in a thought leadership series on workplace performance, CBRE examines the role of the workplace in promoting employee engagement, attracting and retaining talent and better serving customers.While cost savings has traditionally risen to the top of the priority list when evaluating real estate, a recent survey of global occupiers conducted by CBRE showed a number of drivers ranking above cost when it comes to workplace strategy. Among them: the attraction and retention of talent; the drive for better collaboration; increased employee productivity; and improved business agility.
With talent at the forefront of workplace decision-making today, companies are increasingly focused on creating an environment where that talent can thrive, often measured by employee engagement. But despite the fact that most executives rate engagement as a top priority, engagement scores across the globe are relatively low, according to multiple studies.
“There are any number of things that actually steal productivity from employees,” says Karen Ellzey, executive managing director, management consulting, for Global Workplace Solutions at CBRE. “How much time do employees spend commuting? How long does it take them to resolve a technology issue? How quickly can employees find a place to work in a free-address workplace? How readily available are conference rooms? Does the AV work? If we put as much effort into removing known barriers to productivity as we do trying to measure it, we begin to find real, tangible opportunities.”
CBRE’s paper outlined four key steps that successful companies employ when creating a workplace experience that fuels employee engagement:
1. Know your users and what they need to be effective.
Fundamental to the idea of creating workplaces that attract people is understanding the people themselves. A 2014 CBRE study that looked at more than 5,500 professionals found that “variety, choice, access and transparency—preferences typically associated with millennials—are equally important to Generation Xers and Baby Boomers.”
This year, CBRE delved into this question further, surveying nearly 7,000 of its own staff across the globe to understand life and work preferences. The results reaffirmed the previous finding that generational preferences vary minimally, but also showed that compensation, business ethics, HR policy, learning opportunities and organizational culture were the most important workplace variables in driving new job selection across all generations.
2. See your office as the center of a network of places where work gets done.
As technology increases our ability to work from anywhere, many organizations are embracing the idea that the office is just one in a network of places where work can be done effectively.
“Even when employees have choices in where they work,” says Lenny Beaudoin, U.S. Co-lead, Workplace Practice, CBRE, “they will come to the office more, not less, if you make the office the most effective place to connect to others and get their work done.”
3. Meet your people’s basic functional needs first.
A workplace has to meet your people’s basic functional demands before any higher-order benefits can be achieved.
“Great workplaces address a hierarchy of needs for their users, starting with the foundational elements we all need to be productive at work,” said Beaudoin. “Elements we think are non-negotiables for the future include: access to a wide variety of spaces that appeal to different work patterns and preferences, seamless technology, support of wellbeing, and the ability to easily find information and access other people.”
4. Design for delight: building on the foundation.
Leading organizations recognize that their workplace investment is an opportunity to differentiate—to go beyond the common and expected and use their space as a way to create competitive advantage.
By connecting closely to the culture and brand of the organization, the work experience goes beyond meeting the fundamental needs of employees, and begins to facilitate an experience that is unique to the company.
“This is more than posted slogans or walls painted in corporate colors. Cosmetic features of that nature do no harm, but seldom influence behavior,” said Beaudoin. “Rather, by more intrinsically reflecting what you value through design, services and policies, you create an environment that becomes a catalyst for the culture you want to encourage at work.”
The second paper in CBRE’s Thought Series on Workplace Performance can be viewed here. To access the compete series, click here.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
