Highwoods Properties(HIW)2025-02-11 21:09Workforce and Employee Demographics - The total cost of the workforce in 2024 was approximately $61 million, with an average annual turnover rate of 14%[41] - Approximately 71% of employees work in division offices, primarily involved in property management and maintenance[41] - The average tenure of employees was ten years, with an average age of 49 years[40] - The average annual turnover rate for the company was 16%, significantly lower than the national industry average of 25%[40] - As of December 31, 2024, 37% of the company's employees were female and 29% were persons of color[54] - In 2024, 57% of new hires were female and 39% were persons of color[54] - About 33% of employees are highly specialized trade professionals, with an average age of 52 years, indicating a potential future shortage of skilled workers[42] Employee Compensation and Benefits - Nearly 50% of employees are eligible for an annual bonus ranging from 5% to 20% of their base salary[45] - Approximately 8% of employees are eligible for long-term equity incentive compensation, providing them with a stake in the company's success[46] - Over 94% of employees participate in the 401(k) retirement savings plan, which includes a competitive match on contributions[47] - The company has established a development cash incentive plan, with payouts generally ranging from $1,000 to $10,000 based on project performance[48] Company Strategy and Operations - The company aims to generate attractive and sustainable returns by developing and owning high-quality office buildings in best business districts (BBDs)[31] - The company focuses on owning and managing properties in dynamic and vibrant BBDs to enhance customer talent attraction and retention[30] - The company maintains a conservative and flexible balance sheet with access to ample liquidity and multiple sources of capital[33] - The company has established a corporate resiliency team to refine its long-term resiliency strategy and track progress towards sustainability goals[35] Diversity and Inclusion Initiatives - The company has a diversity and inclusion program called "Heart of Highwoods" aimed at creating opportunities for all in the commercial real estate industry[55] - The diversity and inclusion program, "Heart of Highwoods," aims to create opportunities for all individuals in the commercial real estate industry[55] Health and Safety Programs - The company has a robust health and safety program to mitigate workplace risks and promote employee well-being[51] - The company has a robust health and safety program, including training on OSHA compliance and emergency response procedures[51] Partnerships and Community Engagement - The company has partnered with local trade schools to implement an apprenticeship program to address the expected shortage of skilled trade professionals[43] - The company has implemented an apprenticeship program in partnership with local trade schools to address the shortage of skilled trade professionals[43] Revenue Sources - As of December 31, 2024, Bank of America and Asurion accounted for 3.8% and 3.5% of the company's annualized GAAP revenues, respectively[50]