Find Your People Then Build Them a Place
Every industry and company has unique labor needs. These needs can be synthesized into target demographic profiles which can be used to evaluate global markets in search of the best places to grow the business. Certainly there is more that goes into where a company elects to establish a presence than just the amount of available talent. Among other factors, companies might consider proximity to key clients, proximity to investors (e.g., venture capital), proximity to educational institutions graduating the target demographic, cost of living, cost of office space, government incentives, even proximity to competitors from whom talent may be poached. Indeed, discovering the best markets is a complex undertaking.
Labor analytics has become an increasingly vital (and common) part of our service offering. Yes, we’re a real estate services company. But when it comes to how we advise our clients on the subject of workplace, it’s really about people. And to get “people” right you need to begin by identify the best places to find your people. Even the best physical workplaces will fail to fully realize their benefit to the business when located in the wrong place (e.g. access to talent is not fully optimized). When companies get it right they access more and better talent, creating a competitive advantage over industry competitors. Today we see strong interest from our clients in understanding what their industry peers are doing about the physical workplace as they struggle to define their own path forward. But the focus of their interest should really be where, not what; as in, where has the competition chosen to locate its offices? This study will begin to reveal patterns that center around concentrations of the type of labor that is essential to success in a given industry.
The traditional work we do around creating the best workplaces, focused on the building, space and neighborhood that comprise the physical office naturally evolves after full consideration of the labor implications. It’s worth asking why your offices are located where they are. It’s worth considering whether you’re positioned to access the best talent, whether you enjoy an advantage over your competition, or not. Choosing the right market(s) and then crafting the best workplace solutions, ones which promote the health and productivity of the workforce are among the single most impactful actions leaders can take.
Cushman & Wakefield has an outstanding team of labor and incentives consultants. We’re doing great work for companies all over the world. It’s an exciting time to be part of the evolution of workplace, especially to witness how much the focus is shifting to the employee. For the first time in my 30+ year career, companies are viewing this through the right lens, one that prioritizes getting the right talent and giving them the right resources to do their best work.