Can Location Be A Magnet for Talent?
Experiencing a talent shortage? You’re not alone. A 2018 talent shortage survey conducted by ManpowerGroup found that 45% of employers globally say they can’t find the skills they need.
The war for talent is on and is seeming to never end. In recent times, businesses have not just revamped their hiring strategies but have also started focusing on smart location choices. They know that a good location can bring access to new opportunities, capital, and talent; but get it wrong and much more could be at stake.
The present scenario is such that businesses want to operate from cities where the desirable talent, depending on the industry, can have the quintessential “work-live-play” balance. Certain tax saving or regulatory incentives can also make the city more attractive, which is something that business leaders pay close attention to. However, when one looks at long term success, it is the largest and most globally connected cities that lead the way.
Since millennials are the majority of the global workforce, organizations are paying great detail to their patterns and preferences. One of them being how millennials choose locations depending on the kind of perks and amenities one can avail from there.
According to a CBRE global survey with more than 13,000 millennials, 75% of the millennial generation work in large towns and cities due to the easy accessibility of certain amenities and perks that help them maintain a work-life balance. Also, three-fourths of the population would rather work in a business park or a campus-like setting owing to the facilities provided in them.
This is one of the driving factors why Brigade Group has establishments in cities like Bangalore and Chennai. These are cities that are growing fast but are contending with the infrastructure, regulations and environmental exertions that come along with rapid growth.
Choosing the right location is a very crucial decision for companies. The right decision can positively help the company’s long-term plans, while the wrong one can prove to be disastrous in terms of talent-loss, productivity, and capital. Keeping location as the prime focus, Brigade Group has constructed several developments across metro-cities within the country. Some of them include the elegant Brigade Opus, located close to the airport and in the heart of Hebbal; a booming growth corridor in North Bangalore. Similarly, Brigade Signature Towers, is strategically located in a way that connects the Central Business District (CBD), Airport and Whitefield which is a hub for most tech and business parks in Bangalore city.
It is quite evident that we live in an era where cities compete with each other for talent and capital, making it key for the companies to find a way to succeed. For organizations looking to build a strategy that relies on hiring the best talent, the right market could work wonders for their business. It would not only reduce real estate costs but also yield major savings in labor cost.
All it takes is a certain understanding of market dynamics, for businesses to acquire the much needed competitive edge.