The difficulties in hiring senior employees
It’s no secret that senior hiring comes with its own set of challenges.
Not only are you trying to attract the very few senior personnel for your organisation’s specific practice in a certain geographical location, you are competing to try to get the best of the few who you believe will excel your company’s growth plans.
Those who are directors and c-suite-level are least likely to be found trawling job boards. Senior employees are typically more loyal to their current employer – with both personal and monetary investments involved – and are less likely to job-hop. As is often the case in Real Estate, senior appointments are sometimes as a result of networking, as who you know through prior connections and word of mouth can lead to a successful hire.
If that fails, needing a senior specialist to bring a wealth of experience and knowledge often entails a wider range of incentives and benefits, some of which aren’t as simple as promises of big bonuses. Often, these senior candidates are not actively looking for new opportunities, but are enticed of new, worthwhile ventures if and when they hear of it.
Managing Director, Singapore
If senior candidates feel that the current leadership team is not up to par, or that they won't be able to utilise their skills and knowledge in a way that is beneficial to the current team, then they'll be less likely to accept a job offer.
What directors and C-suite professionals look for in a new role
When recruiting senior employees, it’s important to keep in mind that they are looking for more than just a high salary and commission potential. They want to work for a company that values their skills and experience and where they will feel like they’re part of a team. It’s also essential to create a workplace culture that is welcoming and inclusive, as this will help to attract and retain top talent.
Our report shows that the most important ranked factors when seeking a new role, by seniority, are:
- Existing leadership teams: this is a key factor for C-suite professionals who want to work with a strong and well-rounded team. If they feel that the current leadership team is not up to par, or that they won’t be able to ustilise their skills and knowledge in a way that is beneficial to the current team, then they’ll be less likely to accept a job offer.
- Workplace culture fit: this is crucial for all employees, but it’s of particular interest to seniors who may have different expectations in terms of the workplace environment. If the culture isn’t a good fit, then they’ll be more than happy to stay where they are comfortable.
- The company’s reputation/values: this is another important element for all employees, but it’s a key factor for seniors who want to work for a company that enhances their career profile. If the company has a good reputation in their specialism/network, and values that align with their own, then they’ll be more likely to accept a job offer.
What to look for when vetting candidates
When you’re looking to hire senior employees and start your executive search, take your time to vet each candidate carefully. After all, they’ll be responsible for helping to drive growth in your company. Here are some factors to keep in mind when vetting candidates:
- Experience: make sure that the candidate has the relevant experience for the role and specific sets of responsibilities that you’re looking to fill.
- Skills: in addition to experience, the candidate should have the necessary and appropriate hard and soft skills for the job.
- Attitude: it’s important that the candidate has a positive attitude and is on board with the wider company goals they will be helping to achieve.
- Company fit: make sure that the candidate aligns with your values and is a good fit with your company culture.
Tips for retaining senior employees in the real estate sector
Your consideration for senior employees doesn’t stop once they’re hired. It’s equally as important to retain them in your company. Here are some of our top tips for retaining senior employees in the real estate sector:
- Offer competitive salaries and benefits: your senior employees will be looking to be compensated fairly. This is particularly important in high-pressure and demanding roles such as C-suite positions. Bonus, commission and other incentives are an important part of the real estate industry, so you want to make sure that your senior employees are properly incentivised, particularly at a higher level.
- Provide opportunities for growth and development: providing mid-senior employees with opportunities for internal growth and development is important. This could include mentorship and development programs, as well as opportunities to take on new challenges within the company. This will help to keep them engaged and motivated in their work.
- Create a supportive work environment: creating a supportive work environment for your senior employees includes providing them with the resources and support that they need to be successful in their roles.
- Maintain a positive workplace culture: Your workplace culture is something that your new C-suite professionals and directors will carefully consider before starting a new job, so make sure it’s something that you maintain to keep your entire team happy and thriving.
All in all, hiring senior employees can be a daunting task.
But, if you take the time to vet each candidate carefully and provide an attractive proposal that considers senior professionals’ wants and needs, you’re sure to find the best fit for your company.
Consider what you can do to keep your new hires content in their roles by providing opportunities for growth, development, and positive workplace culture.
Have an open vacancy to fill?
Get in touch with us to find how we can help with your search.
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