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Kw Property Management Jobs – Many CRE firms had to update and improve their talent processes before the pandemic. Now the needs are even more acute. Here are the steps leaders can take to transform the people side of their business.
Around the world, the COVID-19 pandemic is blurring the lines between living and working, changing the way people interact with physical spaces. Almost every industry has had to increase its use of technologies to adapt to mass virtualization of operations. For most CRE companies, this means accelerating the digitization of operations. CRE companies are using a variety of tools and technologies to engage with tenants, manage buildings and company operations, and prepare physical spaces for reuse. As CRE companies identify the technologies required to support these shifts, they must ensure they have the talent required to accelerate the pace of adoption and implementation.
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The industry has lagged behind in attracting and retaining millennial and Gen Z talent as it pivots to the baby boomer generation. In 2019, 45% of CRE employees were 55 or older, compared to 4% in the 19-24 age range (Figure 1).
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By comparison, in 2019, 24% of the workforce across all industries and 22% of banking and insurance workers were over 55.
Many companies continue to rely on experienced recruiters, too: Our analysis found that three out of every 10 new hires in 2019 were baby boomers.
By comparison, in 2019, the US federal government hired 1.2 Gen Z employees for every new baby boomer hired.
CRE firms have tended toward traditional “old school” practices, preferring the industry knowledge of experienced recruiters or familiarity with traditional job roles. Unfortunately, much of this tacit knowledge is becoming obsolete in today’s environment. As a result, the CRE industry has become even less attractive to young people, who often prefer organizations and job roles with a high degree of technological integration and support.
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Before the pandemic, many CRE leaders acknowledged that they lagged behind other industries when it came to redesigning their talent processes and adapting their cultures to the changing needs and demands of the workplace. Inherited cultural attributes such as the company’s adaptability to change, work style, leadership style, decision-making, or for that matter risk appetite have not kept pace. According to Deloitte’s 2020 Human Capital Trends Survey (the “study”), more than 31% of RE respondents reported little or no progress in modernizing HR processes, technology and capabilities over the past 10 years. As a result, leaders may make decisions based on incomplete information and spend too much time on administrative talent tasks. At the same time, companies cannot create the desired employee experience, negatively affecting attraction and retention. Leaders will need to rethink the talent function and its processes to help companies attract and retain future talent, bridge the demographic gap, and create a rewarding work environment.
Nevertheless, the pandemic is expected to force a paradigm shift in how the industry operates and how things are done. Digital transformation can play an important role as companies struggle with liquidity and profitability in the near future and prepare for a post-crisis world. Thus, CRE companies need to consider digital and talent transformation in tandem. To prepare for the jobs and workforce of the future, companies should consider:
When we started this research before the pandemic, we expected many job roles to change by 2025. Now we predict that the roles could change by 2023, if not sooner. That’s because COVID-19 has accelerated the need for increased digitization, automation, and virtualization of work.
Before we outline what the roles of the future might look like, let’s take a look at the current state of traditional and advanced technology skills in CRE. Given the industry’s slow adoption of technology, CRE roles rely on traditional skills such as accounting, building maintenance and customer service. An analysis of skills demand for the period 2014–2019 revealed high and sustained demand for traditional skills. Conversely, demand for advanced technology skills such as data analytics, software development, and cloud computing has increased (Figure 2). For example, in 2019, finance and accounting (F&A) skills increased as a share of jobs from 15% in 2014 to 35%, while demand for data analytics stagnated at 4%. (See sidebar, “Research Methodology” for more details.)
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Our analysis of vacancies for 500+ roles shows that traditional skills are highlighted as ‘must haves’ across all construction and general management vacancies. Risk management and marketing and CRM-related job postings alone require advanced technology skills for more than 10% of job postings.
Emphasis on traditional skills is also prevalent in various departments of CRE. For example, more than 60% of real estate investment trusts (REITs) jobs seek traditional sales and marketing skills. More than 50% of broker job listings sought F&A skills. However, advanced data analysis skills were sought by REITs and brokers in only 1% and 3% of job listings, respectively.
We used the Economic Modeling Specialists International database to analyze talent demographics by age group, revealing a large proportion of Generation Z baby boomers entering new jobs in CRE. Data included CRE owners, property managers and brokers. We analyzed US CRE job descriptions from 2014 to 2019 to examine Deloitte’s Human Capital Data Lake database for skills demand. We have divided the skill sets into two categories: traditional skills and advanced technological skills. The first category included skills, certifications and experience in areas such as F&A, property management, sales and marketing. The second category focuses on areas such as data analytics and artificial intelligence (AI), software development, and cloud computing. We then ran a textual analysis of all job descriptions since 2014 to understand the pattern of demand for these skills.
Companies should conduct a deep analysis of existing processes to identify entire jobs, or parts of jobs that are repetitive in nature and could be automated, simplified, or made more efficient by using technology. Advanced technologies can also be used to break down silos and streamline work, reducing overwork. This approach does not involve eliminating the human element in every role. On the contrary, it can increase the value of human skills. Some job roles may cease to exist, while others will evolve into hybrid human-machine combinations, and new ones may emerge.
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The survey found that 64% of RE respondents believe it is important to redesign workplaces to integrate AI technology. But only 22% of them said their companies are ready.
We hypothesized that modernization could transform three positions: the leasing manager, the valuation consultant, and the accounting specialist (Figure 3). We outline three key components—automating specific tasks, focusing on analytics and insight, and engaging tenants—how CRE roles will need to change to meet future needs. Workers in these roles will likely spend more time using technology and dedicate their expertise to conducting analytics and strengthening tenant engagement. For example, by using predictive analytics to help develop various lease optimization strategies, a leasing manager would have more time to focus on improving tenant or customer engagement. And other tasks, such as invoicing, would be automated, freeing up more time. Similarly, CRE appraisers can save time and money while developing more reliable appraisals using data from technologies such as geospatial platforms, mobile applications, machine learning and AI.
As responsibilities change, the skills and qualifications required for each role are expected to change as well. At a minimum, each role requires a degree in technology or analytics, such as a bachelor’s degree or certificate in big data or real estate analytics. In addition, employees must excel in soft skills such as critical thinking, problem solving, communication, presentation and relationship building.
Use alternative talent models. To gain access to new skill sets, CRE organizations must consider recruiting through a variety of channels and not rely solely on the traditional approach. Alternative workforces such as contractors, freelancers and gig workers are expanding rapidly and can provide CRE organizations with ample access to talent with advanced technology skills. For example, in 2020, the number of self-employed workers in the United States is expected to be 42 million.
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This will only increase the talent pool needed for CRE organizations. With the rise of virtualization of work, these models will be implemented and will increase the agility of the workforce.
Promotion of learning culture and improvement of training programs. Given the constant evolution of work, CRE firms must promote a culture of lifelong learning. Almost 80% of RE respondents to the survey believe that upskilling the workforce in new regions is important. Unfortunately, little has yet been done to effect this change. The survey found that nearly 30% of participating RE organizations had made no progress in improving their learning strategies and practices over the past 10 years. And 40% say their firms are either ready or not ready to address learning and development challenges in the next three to five years.
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