With increasing competition for talented Real Estate professionals, employers need to strategically hire by thinking ‘one role ahead’.
As 2015 proves to be a positive year for real estate, with continued interest in the UK property market from around the globe, employers are turning their attention to hiring requirements. Not since 2006 have we seen such fierce competition for talented real estate professionals and this trend is set to continue.
For many businesses, it’s difficult enough finding sufficient talent to meet their current vacancies. For savvy employers, the key is to focus on tomorrow’s workforce and that means ‘talent pipelining’ for future roles.
Establishing a ‘talent pipeline’ requires a shift from ‘reactive’ recruiting to ‘proactive’ recruiting. Your approach to employing should change from how to fill an open position to thinking about who your company will want and should hire in the future. This isn’t a short term strategy and takes time to develop and nurture, but in the long term the benefits are worth the investment.
Taking intelligent risks is becoming vital in recruitment. As the pace of change in many industries picks up, it makes it almost impossible to predict what skills will be essential in the future of business. University syllabises and company dynamics are constantly evolving to adapt to new technologies and disciplines that are created every day.
Companies that seize the opportunity to engage with graduates, before any other attractive career path has been presented to them, will benefit greatly. Appearing in front of future talent is hugely beneficial, as potential candidates have an opportunity to learn about the company on a more personal level. Hosting events and fairs at universities is one of the easiest ways to grow your network and build lasting relationships. However, employers must bear in mind that recruitment is a two way process and promoting your company to candidates is just as important as the candidates promoting themselves to you.
It would also seem that the younger demographic have a different outlook on employment than previous generations. London Business School found that 37% of graduates expected to stay with an employer for no more than two years and 90% for no more than five years. This would suggest that graduates within the first years of employment are more interested in attaining a wide range of experiences with various employers rather than settling down straight away. Therefore, hiring at the first available opportunity may prove counter-productive, whereas adopting a more forward-thinking approach and maintaining a strong relationship throughout this indecisive period could result in gaining someone at their professional peak.
Not only is ‘talent pipelining’ a dynamic tool for connecting with graduates; it can also be used to engage current talent. Smart employers and recruitment professionals should also be looking within the current company workforce at individuals who show promise and potential. Within many companies there is likely to be a pool of existing talent waiting to be unleashed, when set the correct challenges and given the right motives. It is incredibly beneficial to know the key motives of your staff when it comes to hiring; as these can be used as a platform to know which areas the employee would excel and succeed in.
The premise of ‘talent pipelining’ emphasizes, once again, just how important building and sustaining relationships is for recruitment. Expressing a willingness to commit and invest in potential employees will no doubt return priceless value for your company!
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Legal & General Investment Management (LGIM), Real Assets has £24.9bn of AUM, actively investing and