How to Develop Effective Hiring & Retention Strategies
One of the most important strategies that real estate companies must develop is hiring and retention. Organisations that can attract the best talent should outperform their competitors in the short term, and those that keep them should outperform in the long term, too.
As a recruitment specialist in the real estate and built environment industry, and the preferred recruitment partner of the Royal Institute of Chartered Surveyors (RICS), it is our job to help our clients attract the best talent to fill vacant positions. One of the most important tools in our armoury is the annual RICS and Macdonald & Co. Rewards and Attitudes Survey.
Now in its 13th year, this survey continues to shed light on what dissatisfies industry professionals most at work, and what it is that they desire from their roles. This information could help you to create an effective hiring strategy – one that ensures your company is the most attractive in a market in which it is becoming increasingly difficult to hire talented professionals.
Employers, Over Half Your Staff Want to Move Jobs
If you took a poll of your employees, you probably wouldn’t expect too many to say they were considering seeking a new job. However, our survey has discovered that 53% of employees are thinking about looking for a new job in the next 12 months. In a year in which the global economy is slowing and construction projects are getting tougher to finance, this number is concerning.
With potentially half of your employees looking for new jobs, the potential for your operations to be disrupted is very real. Not only could your operations be harmed by a lack of continuity of staffing; high staff turnover is costly.
When an employee leaves, their ex-employer needs to recruit a replacement, train the replacement in what may (to them) be new processes and procedures, and then set them up on internal systems. There is a lot of admin work to be done: onboarding a new employee takes up management and HR time.
Why Professionals Want to Move Jobs
The survey doesn’t simply ask if real estate professionals are seeking new jobs, it seeks to discover why. One of the questions asked is how professionals feel about their current roles: if they feel valued, and what it is that makes them feel this way.
Just 53% of employees feel valued in their roles. While salary was noted by all employees as a factor in how they feel, other common factors include work/life balance (88%), appreciation from their line manager (81%), and bonus payments (74%).
Why Employees Start Looking for New Jobs
Feeling undervalued in a role is a motivator for considering a new job, but there is much more that the survey tells us about motivating factors: it gathers information about the factors that make people so dissatisfied that they are likely to actively seek a new role.
Financial factors head the list, with no salary review and lower-than-expected bonuses being cited by many as causing the most dissatisfaction. However, following very closely are factors that affect how people work and their work/life balance. These include:
- A lack of recognition from their line manager
- Having to work during annual holiday and/or at weekends
- Unreliable or slow technology
If your people aren’t suitably rewarded for the work they do, and are expected to work during what should be their own time (and with technology that inhibits their performance), it’s more likely that they’ll want to move on. If, moreover, their line manager doesn’t even notice that they turned up, then you should expect great employees to look for new opportunities.
Hiring and Retention Strategies
What is it that professionals want from work? Crack this conundrum, and you should have the information to develop a strategy that will retain your best staff and help you hire the best talent to fill the roles that need filling as your business grows.
Professionals were asked what would motivate them to be more productive at work. Once more, the top answers are a salary increase and higher bonuses. However, high on the list is the desire to be recognised by line managers and at board level for work produced and results achieved.
It’s also clear that people are becoming more conscious of the need for a better work/life balance, with the potential to work from home occasionally and set their own hours gaining traction as factors of productivity.
If you are hiring, it’s worth bearing in mind what the 2019 Rewards & Attitudes survey found about what professionals working in the built environment desire most from a move: salary, career progression, and training and development are the key factors, though the survey also reiterated that professionals value the leadership team, location and importantly, the potential for bonuses and and underlying job security as being influential when considering a new position.
The Bottom Line...
The bottom line is that companies that show they value their employees by recognising the work they do and paying them suitably for their achievements, and understand that people have a life outside of work that is equally important to them, are more likely to attract and retain the best talent. Add in the training and development that will empower them to take advantage of opportunities for career advancement, and you have all the main ingredients to develop a highly engaging and effective hiring and retention strategy.
To learn more about the RICS and Macdonald & Company Rewards and Attitudes Survey, and discover how Macdonald & Company can help you find and hire the best talent, contact Macdonald & Company today (link).