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4 Reasons You Should Choose SelectLeaders for Your Commercial Real Estate Executive Recruitment
3 min read.
Talent management is best described as working with employees who have desirable skills and nurturing their growth as they advance in their careers. Talent management acknowledges that an organization’s leaders values their employees and sets them up for success. This includes rewarding them for their achievements and improving the organization’s operations based on employee feedback.
Talent management isn’t unique to CRE, but it is important. In CRE, you’re looking to attract, develop, and retain the top industry talent. The reasons why talent management is important in CRE are:
You’ll start to see that talent management in CRE goes beyond just keeping your people happy. It’s about supporting them to over perform and demonstrating to potential hires that your organization is a strategic career choice.
“Talent management is a big deal in CRE because, honestly, the industry runs on people,” Brittany Acosta, a senior corporate recruiter at Bisnow and Select Leaders, said. “You can have the best assets or portfolio, but if you don’t have the right people in place — leasing, asset management, acquisitions, operations — it’s hard to execute well or grow.”
Brittany added that there is a difference when it comes to large versus small firms. Talent management is equally important regardless of firm size. Big firms, however, tend to have systems in place — leadership development, succession planning, training programs — because they have the infrastructure to support it. Smaller companies might not have all that structure, but every single hire makes an impact.
“One great person can really move the needle,” Brittany said.
Talent management: Hiring staff with the right skill sets, nurturing their talent growth by rewarding better performance, and improving existing operations around staff.
Talent development: Mentoring employees and providing tools to advance their talent and skills to develop a more effective workforce.
These two strategies are related but not entirely the same. A talent management strategy is a larger initiative that encompasses the hiring process, feedback for your employees, and optimizing your operation. While part of this strategy could include talent development, it doesn’t necessarily assume that you need to give your employees mentorship.
How you craft your talent strategy will depend on the resources that your CRE organization has at its disposal and what your current workforce needs. A CRE startup, for example, may not have as many resources to invest in talent development and mentorship. However, a startup will still need to nurture the growth of their existing talent.
Talent management can help future-proofs your organization around evolving market dynamics. New technology, trends in remote work, and sudden economic shifts can impact the hiring process and employee retention. A sudden change in the CRE market may reduce the amount of talent with a specific skill. Or, it may suddenly create a new employee expectation that your organization isn’t currently implementing it. Artificial intelligence is a great example of recent trends that are impacting not only hiring and talent management trends, but also day-to-day operations.
With an existing talent management structure, your organization is ready and equipped to adapt to these sudden shifts. If there is a shift, your CRE firm will have a competitive edge in employee retention with demonstrable evidence of how you’re supporting employees.
Key components of a talent management framework are:
Regarding speed to hire, Brittany Acosta added, “Speed to hire isn’t flashy, but it’s critical. Candidates expect fast, respectful, streamlined hiring processes. If your process drags out, the best people will walk — even if your offer is great.”
She said these are the three most important factors that candidates are looking for:
“I’ve seen smaller CRE firms win top talent from big-name competitors, not because they offered higher salaries, but because they sold a vision: more exposure to deals, more decision-making input, and a clear path to VP or partner-level positions,” Brittany added.
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If you want to know more about how developing a talent management strategy can help your organization, check out this McKinsey study.
The study found that 99 percent of respondents reported their talent management strategy has been effective in improving overall business performance. When implementing a talent management strategy, the three practices that are most closely linked with effective talent management, according to the study, are:
With the findings from this study, we can start to see how implementing a talent management strategy is a total organizational shift. This can be right, or wrong, for your company depending on the timing and where the company's priorities currently are. During a busy season, it may be difficult to adopt a talent management strategy. However, if you’re struggling with employee retention, a better talent management strategy may be at the core of the issue.
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