How can you incorporate CRE benchmarks into your company's incentive systems?

1 What are CRE benchmarks?

CRE benchmarks are standards or indicators that help to evaluate the performance, efficiency, and effectiveness of CRE activities and outcomes. They can be based on internal or external data, such as industry averages, best practices, or peer comparisons. CRE benchmarks can cover various aspects of CRE management, such as space utilization, occupancy costs, portfolio optimization, sustainability, employee satisfaction, and innovation.

3 How to choose CRE benchmarks for incentives?

When selecting CRE benchmarks for incentives, there are several factors to consider, such as the company's vision, objectives, and availability of data. Additionally, general criteria for selecting benchmarks should include relevance to the company's core business drivers, clarity in communication and understanding by all parties involved, alignment with overall goals and objectives, actionability within the control or influence of CRE teams and stakeholders, and accountability with measurable targets and timelines. All of these criteria should help ensure that the benchmarks reflect the company's value proposition and encourage positive change.

4 How to implement CRE benchmarks for incentives?

Implementing CRE benchmarks for incentives requires a systematic and collaborative approach, which includes establishing a governance structure, engaging and communicating with CRE teams and stakeholders, monitoring and evaluating data and information related to the benchmarks and incentives, and conducting periodic reviews and audits. The governance structure should define the roles and responsibilities of the CRE teams and stakeholders, as well as the processes and procedures for setting, monitoring, and reporting on the benchmarks and incentives. It is also important to involve and consult the CRE teams and stakeholders in the development of the benchmarks and incentives, while providing regular feedback and recognition. Additionally, collecting data related to the benchmarks and incentives should be used to track progress, identify gaps, make adjustments as needed, assess effectiveness, impact, and alignment of the benchmarks and incentives, as well as identify areas for improvement or innovation.

5 What are some examples of CRE benchmarks for incentives?

When assessing CRE benchmarks for incentives, there are several factors to consider, such as space utilization, occupancy costs, portfolio optimization, sustainability, employee satisfaction, and innovation. Space utilization looks at the ratio of occupied space to total space, or the amount of space per employee or function. Occupancy costs measure the total costs of owning or leasing the CRE assets. Portfolio optimization evaluates the alignment of the CRE portfolio with the company's current and future needs. Sustainability looks at the environmental and social impact of the CRE portfolio. Employee satisfaction assesses the level of satisfaction and engagement of employees with the CRE facilities and services. Innovation examines the contribution of the CRE portfolio to the company's innovation and competitiveness.