In Race for Talent CRE Firms Have Big Opportunity But One Exec Says Industry 'Has To Do Better'

Against the backdrop of one of the tightest labor markets in American history, there’s now “more of an opportunity than ever” for companies to stand out and prove their worth to prospective hires. 

That’s according to Thomas Williams, EVP and COO at Specialty Consultants, who will share his take on how to effectively hire and retain talent in the current environment in a special session on Tuesday, October 25 at GlobeSt.’s annual multifamily fall conference. 

“In terms of the big picture, what’s been going on with labor in general, I tend to see the same mistakes being perpetrated by large companies over and again,” says Williams, who manages the operations at SCI, a leading real estate executive search firm. “This is not specific to real estate by any stretch. But there are strategies a company can employ to hire and to retain good talent.”

Some companies are finding themselves in a “dire situation,” Williams says, with excessive turnover, substantial interest in jobs without candidates actually accepting offers, and reputational issues. Williams says he’ll focus his remarks on the big-picture steps companies can take to better hire and retain employees amid a shifting market.

And, of course, there’s the pandemic. Williams says the advent of WFH policies made “very clear that people were off balance when it came to what was important to them.” He notes that “a great subset of the American people is realizing they may not be getting back what they’re putting in. They’re asking, ‘What can I do to change my life for the better?’ People don’t want to die without having lived. And yet most of us still have to work, and companies have to hire.”

Williams says when he talks to potential clients directly, he’s realistic about the current race for talent.

“Today you are lucky if you get two or three good candidates to choose from, whereas we used to be in a position where we’d easily find six or seven who were ready to make a change,” he says. “There is so much need and so much more reluctance on the part of a candidate that you’re lucky if you get two or three.”

Williams also notes that the pool of available talent is shrinking, and says part of the blame for that lays at the feet of the CRE industry itself “never showing people it can be a sexy place to work.”

“Real estate and construction have lost out to tech and financial services competitors more so than an industry in terms of attracting people right out of college to learn how to do those jobs,” he says. “And the industry has to do better.”

Check back soon for more updates from Thomas Williams and the other speakers at this year’s GlobeSt. Multifamily Fall national Conference in October and click here to register for the event.