Although the young professionals, who have worked an average of 6.5 years in the industry, said they felt their companies offered good career advancement opportunities, mentoring and training programs, incentives for professional achievements and an open forum for their ideas and opinions, several participants said their firms were lacking updated technology.
Some respondents noticed a generation gap, noting that the career paths of younger associates are oftentimes blocked by their more mature colleagues, which, in turn, could harm their enterprises in the future. Others maintain there are limited advancement opportunities at their current workplaces. "Yes, a career can be built. However the hierarchy narrows very quickly. Within the company's real estate group, the highest level to obtain is mid-management," remarked a corporate real estate manager.
Salary came into question with many participants; with some feeling frustrated by what they feel is a less-than-generous paycheck. Others say there is an inequality in pay and recognition. "The top five employees take home 95% of the net income," said an associate at an institutional investment firm.
When it came to mentoring, the comments were divided between those who said they were left to fend for themselves and roughly 62% stated that they received a sufficient amount of mentoring and training. And although 59% affirmed that they have the information and tools required to do their jobs to the best of their abilities, several of the respondents' comments showed a definite dissatisfaction with the technology platforms at their firms.
By Monday, July 30, 2007, the survey titled, Real Estate: The Next Generation will be available for view. The site will feature the career development survey, including results, tomorrow's newsmakers including nominees, recruitment strategies, sponsor profiles and a place for reader feedback.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
