Internal Hire

Internal Hire

For large corporations, recruiting expenses are enormous, and yet in most cases, the process of hiring internally is secondary to going outside to recruit talent. Research suggests that promoting from within can deliver more benefits for companies than hiring outside talent. I came upon a recent study from the University of Pennsylvania's Wharton School that found that external hires were paid approximately 18% more than internal employees in equivalent roles, but fared worse in performance reviews during their first two years on the job. Even more interesting was a recent Wall Street Journal article that reported on a study by Booze & Co., which found that chief executives hired from outside a company are twice as likely to be forced out as those promoted from within: "Between 2009 and 2011, companies dismissed 35% of 'outsider' CEOs, compared with just 19% of 'insider' CEOs during that same period." These statistics support the fact that companies should invest more in succession planning, a process which, if managed well, will save significant recruiting dollars and produce considerably better performance and organizational stability.

Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author's own.

Job Opportunities LOCATE A JOB

ROSS STORES
Senior Director of Store Design
(PLEASANTON, CA) The senior director will supervise, develop and retain directors and managers of store design for the timely execution of new store, expansion and remodel projects from inception, through design, to approved project documents. In addition, this position will retain continuing responsibility for store design oversight extending to project turnover and opening; develop, maintain and interpret the company's prototype store design and specifications; and assist the vice president of construction in the activities and operations of the department as assigned.

ROSS STORES
Group Vice President Corporate Facilities/Non-Retail Properties
(PLEASANTON, CA) The purpose of the position will be to support the president and chief development officer with the management, planning, development, and execution of all corporate office facilities, distribution center, warehouse (hotels) and non-retail properties including fixtures, purchasing of work stations and office equipment. In addition, this position will oversee the planning and preparation of the annual and long-term budgets for review by executive management.

COLE CAPITAL
Senior Joint Venture Accountant
(PHOENIX) This key team member will be responsible for accounting and reporting for all joint ventures to ensure accurate information is provided within Cole and to the company's joint venture partners. Specific duties include obtaining a thorough understanding of each joint venture and ensuring compliance with the respective agreements and contracts; reviewing legal documents, including the joint venture and property management agreements, of new joint venture arrangements and working with representative from other departments to record initial purchase entries; and determining proper accounting treatment in accordance with GAAP for new joint ventures.

US BANK
Commercial Real Estate Relationship Manager
(BOSTON) The primary duties include managing relationships with commercial real estate customers and growing revenue as directed by senior management by successfully prospecting for new business and retaining and expanding existing customer relationships. Responsibilities include: approving loans within assigned limits, managing loan and portfolio credit quality, sourcing prospects and developing new customer relationships, providing financial advice to customers, selling appropriate bank products and services to those prospects and clients, identifying and successfully capitalizing on cross-sell opportunities and making appropriate referrals.

INVESTMENT PROPERTY DATABANK
Assistant Director of Operations
(CHICAGO) The assistant director of operations will report directly to the director of performance risk analytics and oversee a team of performance analysts. The assistant director will be responsible for managing all aspects of timely and accurate production and delivery of services to the company's clients. During each quarterly reporting period, this includes managing and assisting the analyst team with the collection, validation, calculation, and delivery of the company's client investment performance information. The assistant director, working with his/her team and a client manager, will be responsible for ensuring effective communication with their designated clients. The assistant director will also be responsible for driving the continuous enhancement of company's databases and processes.

REIT MANAGEMENT & RESEARCH
Area Manager
(DENVER) The position will manage operations of the region's portfolio of office and industrial property owned by CWH, SNH and/or GOV publicly traded real estate investment trusts. In addition, the area manager will lead efficient, courteous and professional property management team, manage internal reporting, assist with leasing, and support the vice president's execution and refinement of CWH, SNH GOV investment strategy for this portfolio.

DDG PARTNERS
Development/Acquisition Analyst
(NEW YORK CITY) The analyst position will assist both the acquisition and project management teams, providing support in a variety of roles. Responsibilities include the preparation, maintenance and organization of project documents, financial models, investment memorandums, investor/lender presentations, market analyses, budgets, schedules and reports.

JPMORGAN CHASE
Global Real Assets - Residential Asset Manager
(CHICAGO) Residential asset managers within the functional area of Asset Management-Americas will play an integral role in the management and development of value within the US multi-family real estate asset portfolio. The successful incumbent in this position will be responsible for property performance throughout the property life cycle. Duties include development of a strategic plan for each asset including hold/sell analysis, financing plans, capital improvement strategies, and disposition recommendations; implementation of approved strategic plans; and participating in the due diligence process for identified acquisitions.

Promotions SUBMIT A PROMOTION

No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.

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