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The demand for top talent within the real estate sector presents an immense challenge for anyone hiring in today’s market.
Ben Thompson, partner at the global management consultancy Partners in Performance, was discerning in stating that all industries are now subject to an ageing workforce that is increasingly requiring the recruitment of young talent to sustain itself.
In real estate, it’s no different, meaning business owners and hiring managers must work harder on their strategies to not only recruit but retain new staff members.
Thompson is a staunch advocate of the notion that salary is not the end-all draw card for new talent, and that companies must look for supplementary measures to retain and attract talent while preserving a sustainable, profitable long-term business.
So, how can agencies get on the front foot when sourcing top talent?
- Strategically recruit and onboard
“Hiring young talent may be perceived as a risk, yet it is critical to the overall success of a company. While young talent has much to learn, the most successful businesses recognise that junior recruits also have a lot to teach them,” expressed Thompson.
But he declared it imperative that talent cannot be wooed on salary alone.
Suggested benefits include a range of initiatives such as investment into work rotations, transport options and more holistic health insurance and wellbeing perks.
Implementation of workshops, graduate programs and mentorship are also described as beneficial by Thompson, who explained that these frameworks demonstrate to young people that they are recognised and supported by their co-workers throughout their onboarding period. - Strategically invest in your new recruits
“Prioritising unit cost over absolute cost in recruiting talent demonstrates a smart, forward-thinking mindset. While absolute cost only considers the total cost of recruiting, unit cost examines the value and efficiency of each recruitment investment,” explained Thompson.
He warned that underinvesting in your talent potentially compromises your organisation’s output entirely.
Through adopting a unit cost mindset, an agency can better inform their decision-making and resource allocation in ensuring that newly acquired and developed talent is productive and efficient. To this end, the benefits can be great, new recruits will feel more comfortable settling into a high-morale team, which can also improve the business’s competitive edge. - Utilise zero-based thinking
“Zero-based thinking is a decision-making and problem-solving technique that encourages individuals to assess issues without being affected by prior investments, decisions or circumstances. Leaders who use zero-based thinking as a strategic approach understand value,” explained Thompson.
He believes managers must familiarise themselves inside and out with the operations of their business, and then use this knowledge to optimally implement new recruits into functions that they will operate most effectively within.
Thompson was vocal in stating that the viability of this approach is wholly dependent on the effectiveness of an agency’s incentive system and insourcing process which also needs investment.
All in all, effective recruiting and retention processes provide strategic advantages to the businesses employing them, especially for agencies willing to take the time to foster the next generation of graduates’ drive and eagerness to learn.
“Companies that continue to invest in people in a cost-effective, future-oriented manner will prosper even in adverse market conditions,” Thompson said.
“Ultimately, businesses should provide employees with the skills they need to survive in today’s changing climate, regardless of their career path,” he concluded.
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