Have you had bad experiences with employee productivity and unimpressive turnover in the past? Your office environment may be to blame for it.
The Global Impact of Biophilic Design in the Workplace study revealed that workspaces that have natural stimuli showed a 15% increase in employee’s well-being. The respondents confirmed that their productivity increased by 6% and their creativity boosted by 15%.
This not only affects the average work completion ratio on a daily basis but also affects employee retention in the long run. 93% of the employees in the tech industry reported that the primary reason for quitting jobs is the office space and the benefits it offers.
These statistics prove why it’s essential that you weigh out your options before buying an office space. Here are some factors that you must consider.
Location and Accessibility
The location of your office plays a key role in how well your business fares. This can affect the absenteeism and punctuality of employees. A study showed that almost one-third of employees are late to work because of traffic issues and gridlock. This problem can be avoided altogether by making a more prudent choice while choosing a location for your office.
An office that’s accessible for most employees by public and private transportation is highly favored by fresh applicants in the market looking for jobs. Ease of commute can sway potential employees to join your company.
The size of your workforce is also a fundamental factor that decides how big an office you need. If you’re planning on expanding your business, you might have to scale up your operations and recruit more people. You’ll need even more space to accommodate the new employees. Keep these things in mind when settling on the size of an office space.
The standard practice is to allow each employee to have 21 square meters of space to work. Anything smaller than this can compromise their productivity and work quality. This can be altered depending on the nature of your business as well.
All things aside, the final decision always comes down to the cost. The price of the business space not only affects you in the short run but also determines the net income of your enterprise in the long run. That said, it’s important to perform a cost-benefit analysis at the time of purchase.
An office space that’s too cheap could be because of structural issues in the building or a sub-standard location. On the contrary, the price may be too high for your budget. It can create financial difficulties in the future when there are bills to cover and lease to bear. It’s better to evaluate the pros and cons before pitching your funds against it.