According to bisnow.com, between 60 percent and 70 percent of all commercial real estate firms in the United States were facing a talent shortage or a labor challenge in 2021. The picture hasn’t gotten any more favorable in recent months, as ongoing staffing challenges in a tight labor market remain high on the list of headaches for many commercial real estate companies.
The Farbman Group, a full-service commercial real estate firm in Southfield, is hardly alone in concluding that business-as-usual wasn’t going to be enough to compensate for the historic disruption of the pandemic, and the larger structural forces contributing to the industry’s staffing difficulties.
As a result, there’s a clear, industrywide need to rethink how to attract, recruit, and retain new talent in a post-pandemic world. We need innovative tactics, new ideas, and a bold approach to recruiting and retention that starts early and continues throughout the arc of an employee’s career.
Below are a few of the most effective tools and tactics the Farbman Group has developed to attract and retain new hires, and inspire them to pursue commercial real estate as a career.
Beat the bushes
Leave no stone unturned when it comes to getting the word out to potential candidates. In a tough hiring landscape, volume can help make up for scarcity. Possible options include everything from posting job opportunities on all available hiring platforms to paying recruiters. Share hiring messaging through LinkedIn and other social media channels. Reach out to colleagues in the industry to ask for references or leads. Sometimes the direct approach works, especially with a good referral program that compensates employees who help find qualified people.
Jump into the pools
Fishing in nontraditional talent pools is a great way to land a keeper. The Farbman Group has had some notable successes finding people who are making career changes or moving from one real estate sector to another. Multifamily or residential real estate experience may not translate directly to retail, but there are quite a few skills that do carry over.
Partner up
One of the things the team at the Farbman Group is most excited about is a new partnership with Detroit Cristo Rey High School. Under the program, local high school students will have an opportunity to get time off from school during the week to work in a paid internship position. For the first time in a long time, growing numbers of younger people are coming into the industry — and the more opportunities to introduce those young people to the commercial real estate business, the better.
Stay flexible
The Farbman Group takes their internship program very seriously. However, they also understand that they need to be flexible and accommodating so both interns and the company can get the most value out of the program. Consider letting summer interns contribute remotely or in a reduced capacity, so they can continue the relationship when they start school. Allowing interns scheduling and structural flexibility helps maintain those connections and transitions high school and college students in training to full-time employees. It’s an approach that has recently given the Farbman Group its best recruiting class ever.
Mentorship
Make sure internship programs and support for new hires includes elements of mentorship and connectivity. New or prospective employees also should feel like they’re truly part of the team. Planned social events, one-on-one sessions, and time with senior leadership are great ways to spark excitement and strengthen bonds. Consider implementing cross-generational peer support programs that pair younger employees with experienced professionals to encourage knowledge-sharing as well as social and professional support.
Say thank you
Meaningful employee recognition pays dividends. Recognizing great effort and work with both tangible rewards and public recognition keeps morale high and makes employees feel seen and valued. Make sure recognition extends across the company, from the C-Suite to entry-level team members and support staff.
Culture cash
To boost hiring and retention, it’s critical to not only upgrade recruiting and hiring practices, but to encourage a culture of positivity and connectivity. A supportive and social environment fosters the kind of connections and relationships that carry real weight when employees make professional decisions. Get creative and mix things up with meals and entertainment that give teams lots of regular opportunities to engage outside of the workplace.
The confluence of a pandemic and a lean labor market may have led to historic hiring and retention challenges, but it’s also created a real opportunity for commercial real estate firms to dramatically boost their culture and their talent pipeline.
The more that companies can be creative and consistent — and unafraid to think outside the box and commit to big changes — the better the outcome for the whole industry.
Collectively, we can get more young people excited about the business and about the professional opportunities that await them in the world of commercial real estate.
