The future of talent in commercial real estate

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The future of talent in commercial real estate

How to find talent for commercial real estate in this new era of working?

As for many, the shift to remote working did not come easy for the commercial real estate (CRE) industry. Many of the jobs that are traditionally considered in-person jobs, like being a broker, agent, or facility manager, now had to be performed remotely. To make this happen, companies quickly had to provide an infrastructure that would make it possible to work from home effectively. Besides that, many of them invested in health and wellness options to counteract the pandemic's stress and challenges.

With the pandemic continuing for longer than anyone expected, many CRE leaders struggle to maintain employee productivity, culture, cohesiveness, and adequate communication levels. Research shows that distractions, isolation, blurred work/life balance, and adjusting to this new way of working are negatively impacting the productivity of people working from home. In a Deloitte study of 11,000 workers, 80% of employees said they were able to meet the expectations of their role in a virtual setting. However, when asked how frequently they exhibit certain behaviors linked to virtual productivity, they did so less than 50% of the time.

How do you attract talent in the new remote work era?

Overall, the pandemic seems to have accelerated many organizations' need to revamp job roles, change their recruiting strategy, talent systems, and processes to attract and retain a multigenerational workforce. Additionally, companies should create a more enabling culture for virtual work and prioritize diversity and inclusion efforts.

With this in mind, many companies will be changing the way they work post-pandemic, and Deloitte has developed a framework that outlines three archetypes to the way work will be done. These archetypes are defined as traditionalists, progressives, and visionaries, and each has different implications on the organizational culture and office space demand and design. When considering which approach to take, companies should evaluate employee preferences, as well as the degree to which the job can be done remotely and autonomously.

The future of work and commercial real estate after COVID-19

Right now, companies will have to make choices about in-office and remote work to ensure the safety and productivity of employees. In the upcoming 12 months, it is up to the companies to choose to make work happen in different places than it did before the pandemic. This could involve redefining their company culture to become more accepting of working remotely.

In the long run, companies need to prepare for the future of work. In a post-pandemic world, a company's competitiveness could be strongly connected to the extent to which their employees can succeed in a digital work environment.

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