One complaint we commonly hear from hiring managers and company owners is that it’s now very difficult to attract new talent to the real estate industry. And since the real estate industry has received so much negative press over the last few years, there are certainly some elements of truth to these claims.
But difficult does not mean impossible, and the difficult often needs to be done to stay competitive. The remaining productive agents who make up the ranks of the companies who have survived the downturn continue to age. Failure to bring in “new blood” will significantly diminish a company’s prospects for long-term success. There are no shortcuts around this reality.
Before you sink into depression, I’d like to share a few interesting labor statistics that may help brighten your perspective. These labor statistics were compiled by Peter Weddle in his most recent recruiting newsletter.
1. There is a common perception in business today that the individuals who have jobs are not willing to give up those jobs to try something new (such as starting a real estate business). Not true.
“According to the U.S. Labor Department, between February and April of this year, more people resigned from their jobs (2 million) than were laid off (1.7 million). They had the courage to take their career into their own hands and chart a course that made more sense for them.”
If someone is laid off, they often do not have the resources to take on the expense of starting a real estate business. But, those who voluntarily leave often do so from a position of strength and confidence in their new prospects. Are you able to compete in the employment marketplace at large for this talent?
2. There is a common perception that those who have jobs are “hunkering down” and not investing in the future. Not true.
“According to the U.S. Department of Education, 92 million American adults are now enrolled in an education program. That's over half of the workforce. These working men and women are brave enough to take personal responsibility for their own development.”
Why are all these people pursuing education at this point? Because many do not like their current jobs and they want to be prepared for opportunities in the future. Of course, these numbers are skewed towards younger demographics, but aren't those the candidates you need to start focusing on? Do you have a way of getting your message in front of these 92 million people?
3. There is a common perception that those who have employable skills are not willing to take risks to make use of those skills. Not true.
“According to Time magazine, 40 million Americans move each year and 20 percent of them do so in order to take a new job. They are courageous enough to head off into the frontier of a new locale in order to stake their claim to a better future for themselves and their family.”
Moving yourself and your family to a new area is one the biggest risks a person can take. Eight million people are doing so each year for job related reasons. If people are willing to take this risk, are they willing to take the risk of working for your company?
Add all these numbers up and you have quite a few people who are willing to sacrifice to build their careers, take risks to potentially realize something better, and dedicate resources (both time and money) to better their chances of success in the future. The challenge for any real estate company who wants to successfully engage these people is to develop employment value propositions that are compelling. Are you up for this challenge?
Editor's Note: This article was written by Ben Hess. Ben is the Founding Partner and Managing Director of Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.
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