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CBD AS EASY AS 123: WHY MOVING TO THE CBD MAKES FINANCIAL SENSE
In an age where the best talent is hard to come by, retention averages are shrinking and “culture” is often valued as highly as remuneration by younger generations, it’s understandable why business leaders are struggling to keep their companies competitive in their fields.
But the solution for CEOs, HR Managers and Directors might be easier, more concrete and more effective than you think – and may not warrant the involvement of lunchtime yoga sessions or “work” from home days.
The answer you’re seeking may lie in the bricks and mortar, which both physically and figuratively serve as the foundation of your business. The brightest visionaries know well that a good office equates to a good culture, and a good culture in the current market is worth a whole lot of money to a business.
Businesses that can succeed in creating an inspiring workplace not only enjoy more enthusiastic, efficient and effective employees, but also become positive industry icons for potential talent and clients alike. As Josh Bersin in Forbes magazine believes: the key to fostering a positive work environment lies in the environment itself.
So what does a positive workplace look like, and what relationship does this have to a company’s financial health? Furthermore, why is Sydney’s CBD touted as the perfect location for transforming your business into an industry leader?
CULTURE = RETENTION
According to Deloitte’s Global Human Capital Trends report for 2015, 87% of businesses believe that work culture and employee retention are their top challenges today.
But what is company culture?
The report defines workplace culture broadly as “they way things work around here.” Flexibility, engagement, leadership and communication are cited as key indicators of a satisfying workplace, however, the grand influence of the office space itself is unanimously recognised. We can consider the physical attributes of the office itself the “climate” of an organisation, within which the company culture can be exercised.
Companies that successfully create a positive physical working environment deliver better services to their clients, hire new talent more easily and have the lowest voluntary turnover rates, the report says.
So it is no surprise that creative office spaces have become somewhat of an art form for modern organisations. Fortune’s “25 coolest offices of the 100 Best Companies” reinforces the growing belief that the aesthetic of the office is directly related to business success. In-office rock climbing walls, barber shops, extensive game rooms and ball pits are just some of the ways companies are transforming their work spaces into genuine second home environments for their employees.
The open plan office phenomenon is not purely a canvas for quirky entertainment offerings. Seth Stevenson’s “The Boss With No Office” article in Slate discusses Bloomberg’s clever “engineered mingling”. The building is designed to not only facilitate collaboration, but also demand it. Lifts do not service every floor, and forced thoroughfares have employees rubbing shoulders with all divisions of the business everyday. It’s clear that business innovators appreciate the profound impact positive spaces can have on employee productivity.
Moving to the CBD to improve office culture doesn’t just impact current employees. Prospective talent can be heavily influenced by platforms like Glassdoor and LinkedIn, which enable current staff to voice grievances or benefits to a receptive audience. They can also upload images of your office.
According to their website, Glassdoor is the fastest growing jobs and recruiting website, particularly popular for its extensive database of company reviews, CEO ratings, interview reviews, salary reports and office photos. Professional social media platforms are becoming a first stop for job seekers demanding top notch working standards.
Those who are holding a magnifying glass to the inner workings of your organisation may pose a reputational threat, but the market opportunities for business that boast a great workplace culture are impressive.
Industry accolades like Fortune’s Best Companies, Glassdoor’s Best Places To Work and LinkedIn’s Most-In-Demand Employers are respected measures of the quality of your business. On the other hand, poor employee feedback can deter potential clients and impact your bottom line.
The aforementioned Deloitte report sums up this emerging power shift well; “employees are now like customers.”
And like customers, employees demand a quality offering. This does not necessarily require boutique beer fridges fringed by exotic Balinese ferns and the tranquil drip of an intricate water feature. Nor does it necessarily warrant a 65-foot indoor Ferris wheel, like U.S. insurance company Acuity features.
SO WHAT DO AUSTRALIANS WANT?
Airy, colourful and entertaining spaces are stock standard approaches for companies wishing to boost employee morale, according to Forbes.
But on a fundamental level, the Australian Work and Life Index 2014 by The University of South Australia found that Australians desire a good work-life balance.
As the number of hours both men and women are working grows, so does the significance of the office space. Becoming very much a second home, maintaining employee morale through thoughtful workplace design is vital for businesses that wish to see financial growth into the future.
Sydney’s CBD offers everything the modern Australian employee needs to keep their working life an enjoyable one. Access to diverse public transport options, public spaces, offices kitted out with gym, shower and entertainment facilities, and a range of nearby watering holes and restaurants to unwind in are but a few of the benefits CBD workers rely on to keep morale high.
LET TGC IMPROVE YOUR BUSINESS CULTURE
We understand the relationship between a positive office space and your organisation’s financial growth, which is why we offer a diverse portfolio of bespoke real estate solutions for your business.
Industry leaders know that a great company culture is the key to sustained financial health, and offices in Sydney’s CBD tick all the boxes when it comes to keeping employees excited and inspired about your services. Employees are the gears that drive the business machine, and they must be kept well oiled.
With exceptional office spaces available on all major streets in the CBD, including leafy Elizabeth Street and bustling Pitt Street, your organisation can get up to speed with the standards demanded by your employees.
Contact TGC today to discuss the future growth opportunities a Sydney CBD workplace offers your business.