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Septemeber 5, 2023

Unlocking the door to success: Recruiting for returning to the real estate workplace

Chantal Raineri

Since the pandemic, the real estate industry workplace has had difficulty finding and keeping occupants. Only a fraction are returning to office buildings compared to pre-pandemic levels. Tenants are becoming more selective about their office spaces. The industry must transition to a flexible workplace to stay afloat.

The changing landscape of the real estate industry

As hybrid working continues, office building visits have only recovered to 60% of pre-pandemic levels. New York City, Washington, D.C., and Dallas show signs of narrowing the gap. However, the industry would benefit by recognizing that remote and flexible work arrangements are still preferred. Tenants looking to return to the office opt for smaller spaces and have become more selective about the amenities and features their realtors provide. Real estate companies that invest in their properties to meet the changing demands of tenants position themselves to retain occupancy and remain competitive.

Empowering operational excellence

Working to welcome tenants back to the office spaces signifies a revival of the in-person work culture. It also includes hiring dedicated full-time staff within your premises to ensure seamless operation. Such staff are pivotal in maintaining the building's functionality and catering to the needs of the returning tenants. In this context, the well-being and job satisfaction of the personnel responsible for attending to the tenants' requirements become essential. When these staff members are content and motivated, they are more likely to perform at their best, enhancing the overall tenant experience. Their positive attitude and optimal performance foster a harmonious atmosphere for the tenants within the office spaces.

Keeping up with the evolving talent market

The talent market in the real estate industry is also undergoing significant shifts. The type of individuals hired is evolving, and realtors must adapt to this new trend. Employees now expect more than monetary compensation. Work-life balance resources have also become essential. What were once fringe benefits have become standard requests.

Attract and retain top talent by keeping up with changing employee needs. You need a partner that ensures your compensation packages are competitive and align with industry standards. Marsh McLennan Agency's benchmarking capabilities can help set your company apart. We update you on the latest compensation trends and help reduce the risk of high employee turnover.

Transitioning to the new generational workforce

Traditionally, many real estate companies have operated like families, often because they are family-owned. While the value of family style management remains, modernization and evolution are necessary for the industry's survival. Adopting innovative human resources practices, embracing technology, and understanding the diverse needs of a multigenerational workforce is vital for attracting and retaining the best talent.

By conducting demographic analysis, employers can gain valuable insights into their employee's varied needs and expectations. A deeper dive into your population base and understanding who you employ can help you develop tailored employee benefits.

Another way to ensure you stay on top of your employees' wants is by working with our Vendor Innovation Council. The council allows real estate companies to select specialized vendors to address diverse employee needs. These vendors can provide various supplementary benefits, such as wellness programs, mental health support, or remote work infrastructure. Aligning offerings to employee needs enhances job satisfaction and productivity.

Meeting the challenges

As the real estate industry navigates the challenges of recruiting and retaining its workforce in the post-pandemic era, it must embrace flexibility, modernization, and employee-centric practices. Real estate companies can attract and maintain a high-performing and content workforce by investing in property upgrades. The shift toward a more flexible work environment demands adaptability. Still, it also presents an opportunity for the industry to create a workplace that meets the evolving needs of its employees.

Having a trusted partner to guide you through these changes is critical to the future of your business. We have global resources and knowledgeable specialists to ensure you conquer these trends and come out on top. From benchmarking to demographic analysis, we can show you the entire picture.

To learn more, read our report on shifting workplace expectations and gain insight into how to address them. Contact a Marsh McLennan Agency consultant to see how we can help your real estate organization thrive.