Whilst it’s undeniable that the real estate market is suffering the consequences of higher interest rates and economic decline, analysts expect an upturn in property deals later this year*.
This can be a dangerous time for organisations that don’t have a plan to withstand these challenges with the best talent. Often, HR mistakes are made in these periods that may solve a short-term issue but don’t support successful teams long-term.
Key considerations should be:
What’s the plan?
Given how long it can take to recruit a senior executive (a year is not unheard of), developing a three to five-year recruitment plan that supports your business objectives is vital. Who are the people you need in your business? How can you develop the required talent?
What are the risks?
We encourage clients to undertake a mapping process that assesses risk in their workforce. Identify where you could lose potential talent and which skills will be in demand over a longer period. What are the consequences of not meeting future demand from clients or stakeholders?
Plan for eventualities
This mapping process allows businesses to develop contingencies to mitigate the risks identified. We work with companies on strategies that include succession planning, interim talent, and long-term recruitment pipelines. Every business should know their next hire before a resignation or new business comes in. Be prepared!
Who do you want to attract?
Who do you want to attract to your future workforce and how will you do it? We help clients understand what makes a company attractive to strong candidates. Develop your employer value proposition and identify areas for improvement. Many companies are looking at diversity, equity and inclusion targets over the next few years, as well as ‘softer’ issues such as company culture. Madison Lincoln works with real estate companies to develop lasting recruitment strategies and create a rewarding process for the candidates we engage with on their behalf. To find out more, get in touch.
*Financial Times “UK commercial property dealmaking at lowest level in over a decade”, 11th January 2023