Kent Elliott
At year 10 of a bull market, finding and retaining talent has become a top challenge for CRE companies. In fact, quality talent has become a valuable resource for commercial real estate groups, and companies are developing strategies to attract and secure top talent.
“The CRE talent recruitment market is exceptionally competitive, based in large part on the industry’s position in year ten of a bull market,” Kent Elliott, principal at RETS Associates, tells GlobeSt.com. “Economic prosperity has supported widespread entrepreneurial growth, spurring many companies that began with just a handful of employees into large enterprises.”
The strength of the market has been phenomenal for the commercial real estate industry and company growth, but in terms of talent recruitment, it can pose a challenge. “This rapid growth, while exciting, can also become difficult to manage. In many cases, this is where a partnership with the right executive search firm begins,” says Elliott. “For example, at RETS, we partner with real estate companies ranging from start-ups and boutique service providers to major enterprises in sectors spanning all CRE product types, as well as family offices, capital markets companies, life sciences companies, residential real estate firms, and land development firms.”
When companies are recruiting top talent, it comes down to more than compensation. Employees are looking for a cohesive company culture with a good work-life balance. “A cornerstone of this investment is the introduction of flexible work hours and the ability for talent to work offsite,” says Elliott. “This is a trend that is rapidly emerging in the real estate space, and we expect to see companies offering more of these benefits in the years ahead.”
While amenities, flexibility and office space are important, company culture also relies on employee interaction and team dynamics. “Today’s very best companies—including many for whom RETS handles hiring—understand that people don’t leave companies, they leave bosses,” says Elliott. “Culture investment is also being centered on physical work environments; however, today’s retention strategies must go beyond creative office spaces that boast free snacks and ping-pong. The fact is, physical amenities do not outweigh leadership style.”
Along with workplace investment, companies are also investing in leadership training. “Companies are investing in their leadership teams through additional training and mentorship programs that help managers to refine the soft skills required to produce results while maintaining a collaborative and supportive culture,” says Elliott.
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Kelsi Maree Borland
