Tag: hiring

New Blood, New Potential: Welcoming the Next Generation of Real Estate Leaders

New Blood, New Potential: Welcoming the Next Generation of Real Estate Leaders

Members of the Millennial Generation, usually defined as those born between 1976 and 2001, now make up more than a third of the U.S. workforce, and the oldest are beginning to join the ranks of their companies’ executives. As the recovery in real estate continues, the search for executives in construction, development and CRE will increasingly rely on talent from this group. This makes it more important than ever to understand the challenges and mindset of the people who will be tomorrow’s leaders.

A Tough Start

It’s helpful to understand the broader context surrounding millennials’ careers, and for many it’s been pretty grim. In 2010, when unemployment was at its worst, only 54 percent of adults between 18 and 34 were employed. That’s the lowest percentage since 1948 when the U.S. government began collecting the data. What’s more, a Pew study found that nearly half those going to work each day did so in jobs outside their chosen careers just to pay the bills. As such, another survey in 2011 cited by Jessica Brack at the Kenan-Flagler Business School suggested that 70 percent of millennial workers planned to change jobs once the economy improved. Whether that sentiment from three years ago will actually translate into action as the economy gains strength today is anyone’s guess. But it reinforces the need to attract, retain and mentor potential leaders now, as the brutal business conditions that characterized the early years of millennials’ careers have left most with few qualms about leaving a company that doesn’t fulfill their needs.

Small Differences

When professionals talk about catering to millennial employees, much is made about their differing cultural norms, their use of technology and what’s often seen as a lack of humility compared to their older colleagues. These generational differences are real and can potentially create conflicts in the workplace, but research indicates that the most important career traits of millennials go much deeper than wanting to bring their own smartphones to the office. For starters, money is not the only yardstick. Additional research cited by Brack found that 30 percent of millennials valued meaningful work, while only 12 percent of managers felt the same way. Likewise, only 28 percent of millennials said high pay was important, versus half of managers. Many younger workers don’t just want to be rewarded. They want to be engaged and to have the chance to meet new challenges. Part of that often comes from a more prevalent desire for collaboration, rather than solitary work, than might be the case with other generations. Additionally, millennials seem to desire more coaching and feedback than their older co-workers. A survey by Price Waterhouse Coopers found that 51 percent of millennial employees valued frequent, in-the-moment feedback. Rather than a chore, savvy managers can use this feedback to challenge younger employees, encourage hard work and groom exceptional people for leadership. Their generation, after all, does not lack for ambition: 51 percent of millennial women surveyed by PwC and 61 percent of men believe they will be able to rise to the top of their organization.

The Basics Still Matter

When recruiting younger leaders, it’s also important to keep in mind that the most critical aspects of employees’ relationship with the company change little from one generation to the next. As other human resources professionals have pointed out, employees of all ages tend to desire a reasonable balance with obligations at home and a sense of job security. Additionally, millennial employees say they want a degree of respect, transparency and development potential in the workplace – things that tend to be valued by ambitious people across the workforce. As in the past, tomorrow’s leading real estate firms will be those that maintain an open mind and a dedication to professional development for their younger managers today.

Over more than two decades, Christopher Frederick has helped match the talents of executives with leading companies in real estate. Visit our website at www.chrisfred.com where you can find exclusive job listings for real estate professionals and read more about our one-of-a-kind approach to executive recruitment.

What to Say About Pay: Sharing Salary Information With Prospective Employers Makes More Sense Than You Might Think

What to Say About Pay: Sharing Salary Information With Prospective Employers Makes More Sense Than You Might Think

It’s a situation I’ve come across several times in my recruiting practice: A company will ask a promising candidate for his or her current salary, and that professional will decline to provide it, creating an awkward standoff before serious hiring discussions even begin. At first glance, this seems like a sound strategy for employees. After all, you don’t want to “anchor” potential salary negotiations with a figure that is lower than the company might otherwise offer. Nor do you want to scare off a promising opportunity if your paycheck outstrips the current budget for the position. Yet in practice, there are legitimate reasons why being coy about past pay doesn’t always serve job seekers’ best interests.

Good Companies Bargain in Good Faith

The biggest issue is trust. No matter how you chose to approach salary negotiations, they should take place with companies you’ve thoroughly researched and whose reputations you admire. If you don’t believe a company will bargain in good faith, it’s probably not an organization you want to entrust with your livelihood. Good companies realize that they owe their success to talented people. If a business is going to invest in bringing someone onboard, it makes no sense to risk that relationship from the very beginning by being manipulative during the hiring process. Yes, there is a degree of risk in telling a hiring manager exactly what your current boss thinks you’re worth. But in all likelihood, the person conducting the interviews has hired dozens of employees before and has a pretty good idea of what you make anyway. Additionally, he or she will usually be working with a budget influenced more by the demands of the position than by the work history of the current candidate pool.

Pay is One Part of the Package

It’s also important to keep in mind the profound impact a job change can have on your life. A 40-mile commute will steal the same amount of time out of your week whether you make $80,000 or $120,000. A promotion at an organization known for grueling hours or a highly politicized culture can easily make being a manager worse than being managed. It’s critical that candidates approach a job opportunity knowing exactly how the move will advance their specific career goals and put them in a position to thrive. Employers want to invest in people who can not only handle their new jobs, but grow into more advanced roles in the future. To that end, showing interest in a job’s challenges, leadership potential, skills development and other opportunities beyond the paycheck is a great way to distinguish yourself from other candidates. Being forthcoming about your current salary is one way to do that.

You Can Still Negotiate

The primary reason my clients will ask for current salaries is to keep from wasting everyone’s time if a candidate’s pay level and qualifications go significantly beyond those associated with an open position. It’s not an effort to begin salary negotiations, as there’s nothing to negotiate before a job offer is on the table. If you feel the size of your current paycheck could hurt your prospects for a lateral career move, use this initial inquiry as a chance to ask your own questions about the position’s salary range and make clear that you’re entering the process with an open mind. If the new position represents a significant salary increase, emphasize why the responsibilities of the job and your unique qualifications justify the raise. Particularly today, after many real estate careers took unexpected detours during the housing crisis, employers are willing to look at the breadth of your career rather than the details of your last pay stub. Keep in mind, too, that the hiring process is usually focused on finding the best candidate, not necessarily the cheapest. I’ve seen plenty of companies change a job’s title, responsibilities and compensation for the right person. Even after you’ve been forthcoming about your current pay, there is always a chance to negotiate for more once you’ve convinced the company you will excel in the position. When the time comes, both you and the hiring manager should enter those discussions focused on your future, rather than your past.

For more than 20 years, Christopher Frederick has helped match the talents of executives with leading companies in real estate. Visit our website at www.chrisfred.com where you can find exclusive job listings for real estate professionals and read more about our one-of-a-kind approach to executive recruitment.

Should I Tweet the Boss? Business Communication in the Digital Age

Should I Tweet the Boss? Business Communication in the Digital Age

Hiring managers aren’t just looking for solid interpersonal aptitude and an error-free cover letter anymore. Today, the “communication skills” so valued by employers also extend to texting, social networking, email and any other way you might interact with a colleague or client. In fact, a recent survey by CareerBuilder found that 43 percent of HR professionals use social networking sites to vet candidates. Among these managers, about a third have tossed applicants out of the running specifically because their online presence demonstrated poor communication skills, i.e. writing. Etiquette and tradition have yet to catch up to the many ways we now reach each other, but a few guidelines can help employees stand out in the job search and at the office.

Build a Wall

Tricky as it may be, it’s worth keeping professional networks and social circles separate online. It’s often best, for example, to keep Facebook for true acquaintances and social contacts you trust. By locking down your security settings to make content accessible only to friends, you can ensure the boozy photos your nephew shared of his recent college adventures don’t show up on your page if an employer finds it through Google. Even when a co-worker, boss or client wants to connect directly on a social network you’ve designated as friends-only, you’ve got options. Entrepreneurs can direct people to a Facebook page or Twitter account opened in the name of a business, while public figures can direct them to a Facebook fan page. Another option is to ignore a Facebook request but to immediately invite the requestee to connect on LinkedIn or another professional platform instead to signal respect for his or her desire to keep in touch professionally. Even with carefully curated accounts, though, it’s also important to realize anything you post online has the potential to become public.

Find the Rules

When there was just the telephone, it was a safe bet that the boss wouldn’t want to be interrupted after 10 p.m. unless the building was on fire. With email, texting and messaging apps, though, there truly are no hard rules. After all, the person at the other end can control when he or she checks a message, and the sender doesn’t know whether that note will set the recipient’s phone abuzz during dinner. The frequency, format and expectations of text-based digital communication are a matter of personal preference and company culture. One study, for instance, suggested about half of smartphone users were annoyed when someone didn’t respond to a text within an hour. Some companies have realized productivity gains through policies restricting email after work. It’s now critical to make note, not just of what people say, but of how and when they say it so you can communicate with them accordingly. Likewise, it’s also useful to set expectations. For example, if you’re involved in an email exchange toward the end of the day, let the other person know if you don’t plan on checking your inbox after 6 p.m.

It’s Still Writing

Authors are keen to point out that it’s usually more difficult to write a short manuscript than a long one. Just because a message is limited to a few sentences or 140 characters doesn’t mean it shouldn’t be thoughtful. Reread what you’ve written at least once and fix any grammatical or spelling errors. Even on messaging platforms made for speed, sloppiness can hurt your reputation. Also, tailor the style of the message to the person or people receiving it. If someone favors short, two-word replies to your emails, it’s respectful to send the same. If another contact starts every message with a formal salutation and closes with a full name, assume that’s what that person expects from you, as well. There may be few hard-and-fast communication rules to rely on these days. But people still notice attention to detail and respect for the way others do business.

For more than 20 years, Christopher Frederick has helped match the skills of high-value executives with leading companies in real estate. Visit our website at www.chrisfred.com where you can find exclusive job listings for real estate professionals and read more about our one-of-a-kind approach to executive recruitment.

The Most Important Career Skills You Didn’t Study in College

The Most Important Career Skills You Didn’t Study in College

A recent study exposed a huge gap in the expectations of employers and entry-level job candidates when it comes to the characteristics they value in the workplace. An overwhelming 93 percent of surveyed employers weigh so-called soft skills like problem solving more heavily than academic credentials, while a mere 16 percent of entry-level candidates considered soft skills important. Looking back on the executive positions I’ve filled over the years, I’ve noticed the critical role these professional attributes play in the careers of managers, as well.

Critical Thinking

This is a classic example of an extremely valuable skill set that’s rarely reflected in resume bullet points or job titles. Yet the higher up the job ladder you climb, the more an employer expects you to make competent decisions that affect the company. Leading real estate firms don’t just look for executives who can hire employees and ensure things get done on time. They need people with the capacity to reason their way through unexpected problems and opportunities. This makes it even more crucial to point out specific decisions you’ve made and problems you’ve solved in past jobs when courting potential employers.

Communication

A great idea is useless if people can’t quite wrap their heads around what you’re talking about. Companies don’t expect their leaders to be English scholars with half-finished novels in their desk drawers. But they do need people who can get their ideas across in a way that doesn’t seed confusion and misunderstandings. Practices that demonstrate this skill set can be as simple as giving a second read to emails, memos and presentations to be sure your intentions are clear and the text is free of basic errors. Respect language and seek continuous improvement in how you use it. This might seem rudimentary, but just consider how many times you’ve seen “excellent communication skills” required in a job description. Keep in mind that effective communication now goes beyond traditional inter-office messages. The ability to convey ideas succinctly through texting and social media has also become invaluable. Twitter, Facebook, LinkedIn and the like may have changed the format of our communication in the last five years, but keep in mind that their effective use requires more writing than ever. Regardless of the medium, persuasive written communication will set you apart.

Humility

It’s not enough, though, to be a smooth talker. I don’t know how many construction-related positions I’ve filled where employers emphasized the ability to communicate well, not just with executives, but also with site foremen, subcontractors, tradesmen and municipal officials. Hiring managers know first hand that you can’t manage a large team unless you feel at ease with its members at all levels. That requires not just confidence, but a sense of humility as well.

For more than 20 years, Christopher Frederick has helped match the skills of high-value executives with leading companies in real estate. Visit our website at www.chrisfred.com where you can find exclusive job listings for real estate professionals and read more about our one-of-a-kind approach to executive recruitment.

More than Another Sheet of Paper – Your resume deserves a fresh approach

More than Another Sheet of Paper – Your resume deserves a fresh approach

Today’s executives seeking new talent can reach thousands of potential candidates online, run background checks in seconds and track down former colleagues anywhere in the world on social networks. Hiring has changed, and it’s time for the humble resume to catch up.

Whether you’re looking to stand out early in the hiring process for an advertised opening or are proactively networking for your next job, here are a few ideas to document your work history more effectively.

Set yourself apart

Perhaps you’ve seen the viral resume created by a Northwestern University junior who applied to ad agencies with customized kits of Legos challenging them to “build the perfect account service intern.” Even for professionals in a more subdued field like real estate, this provides a good example of how fresh thinking can give applicants an edge. When quantifying personal talents, responsibilities and accomplishments, bullet points don’t always cut it. But today you don’t have to be a graphic designer to visualize your career in new ways. Sites like visualize.me, resumup.com and re.vu now let anyone use graphics, charts and other visual formats to chronicle career highlights in ways that can prove more compelling than a simple sheet of paper.

Give real examples

Of course, regardless of the format, what matters most in any part of an application is the evidence it offers that a candidate can do the job at hand. Laszlo Bock, who hires about 100 people each week for Google, recently shared his best piece of advice for writing an effective resume: “Frame your strengths as: ‘I accomplished X, relative to Y, by doing Z.'”

That means being as specific as possible. Don’t just say you successfully managed a portfolio of properties for five years. How many units did that encompass, with how many people under your leadership? What sort of NOI growth did you achieve and how did that compare to your peers? What challenges did you face in that position, and, most importantly, what decisions did you make to overcome them? Take every opportunity you can when describing your work history to highlight concrete results achieved through your leadership and knowledge that managers can use to differentiate your experience from that of other applicants.

Give them what they want

Unlike an interview, the written application process offers the chance to research exactly what the company is looking for in advance. Rather than taking the same approach for every position, tailor your resume to the requirements listed in a given job description. If it mentions presentation skills, highlight the frequency and number of your in-person reports to upper management. If it mentions a specific type of property, emphasize your experience in that niche early in the resume, even if it means moving a more prestigious but less relevant job title down the list. Try to use the same terms and language as the employer to describe your work and why it’s relevant to the position. By thinking independently, focusing on pertinent examples in your work history and always keeping your audience in mind, you can change resume writing from a chore to a useful tool that shows why you are the best person for the job.

Motivation or Qualifications? How Passion is Often More Important Than Credentials

Motivation or Qualifications? How Passion is Often More Important Than Credentials

We’ve all worked with “that guy.” The one with the impressive degree. The one with a long list of respected companies in his past. The employee who looks fantastic on paper, yet underperforms the minute that sterling resume gets tucked into the drawer of his new desk. As seasoned recruiters and personnel departments can attest, credentials and motivation don’t always move in unison. Likewise, many job hunters who endured unexpected career shifts during the recession possess valuable knowledge and dedication in spades, but that might not be immediately evident in their job history.

Employers: Focus on commitment

When business was slow, hiring managers could simply skim the most experienced people from a consistent pool of available talent. A brutal job market all but ensured new hires would work hard, if only for fear of being replaced. Thankfully, business has improved. Highly skilled workers – for example, seasoned purchasing and residential land acquisition experts – are again in short supply, and firms must adapt to attract the best talent. That means committing to the employee. Recruitment efforts should demonstrate an eagerness to fill the position with the right person. Companies should be responsive to candidate inquiries whenever possible. They should also communicate their workplace culture and potential advancement opportunities to show they’re committed to hiring good people for the long haul. In the same vein, hiring managers need to look for motivation on the part of candidates to perform the job at hand. Beyond their qualifications, do they seem excited about the specific opportunities of the position? Are they hungry for a step up in their career? Did something draw them to your company over your competitors? Most of all, companies will need to adapt their thinking to the realities of the post-recession labor market. What did applicants do during the downturn to adapt and add value when business was tough across the board? Highly motivated, well-suited candidates may not necessarily have the traditional resume bullet points associated with the position.

Job Candidates: Show, Don’t Tell

It’s meaningless for a candidate to simply list traits like passion, commitment and drive in a cover letter. After all, anyone can say that. Instead, job seekers need to sell the specifics of their skill sets and experience to employers. Examples of past projects turned in before deadline and exceeding goals show passion. Past loyalty and the sacrifice of time and compensation during lean years show commitment. Consistent follow-ups and non-stop networking show drive. Highlight strengths that are as relevant to the day-to-day needs of the employer as possible. One particularly effective way to demonstrate motivation is learning as much as possible about a hiring company. For example, I recently placed a candidate who at first appeared over-qualified for the job. He did his homework, researching everything he could about the company, good and bad. He approached the interview with the attitude that he could make the job opening an even better opportunity for the employer. By sharing his accomplishments and skills gained during the recession, then making a detailed case for how he could improve his new employer’s business, they ended up creating a new opportunity even more attractive than the original job. Both sides demonstrated how motivated they were, and both came out winners.

At Christopher Frederick, we’ve spent more than two decades helping some of the biggest names in real estate hire motivated executives that lead their businesses to growth. To learn more about how we leverage our digital network with our extensive recruitment experience, contact Chris Hingle at chingle@chrisfred.com. Or visit our website at www.chrisfred.com where you can find exclusive job listings for real estate executives.

Big Data or Big Mistake? How a Personal Approach to Recruiting Can Beat Out Automated Screening

Big Data or Big Mistake? How a Personal Approach to Recruiting Can Beat Out Automated Screening

When it comes to creating a pool of potential job candidates, some employers think bigger is better. Large companies will often make use of their electronic application systems to gather any and all resumes that come their way on a continual basis. The logic for doing so is sound, as personnel departments can then analyze the resultant data for insight into their hiring programs while building a seemingly endless bank of potential employees. In practice, though, such automation is only useful to a point and can actually hinder the very personal process of building a successful team.

To start with, resume-reading algorithms are not perfect, even when it comes to basic sorting. I once read of a job candidate who found he’d been marked as unqualified by a computer program despite a relevant degree from Stanford. The full name of that school is Leland Stanford Junior University, but the computer didn’t understand that Mr. Stanford shared a name with his father, assuming instead that the applicant had only been to junior college. It might be impossible to review hundreds of applications in a timely fashion without some form of automation. But a better solution is to create a smaller applicant pool by tailoring job solicitations to a specific group of the most qualified people. This approach is also more fair to those searching for jobs. Many have grown wary of online applications after submitting them by the dozens and hearing nothing in return, potentially because employers solicited applications on popular job boards as a way to gauge potential response, rather than to actually fill a position. In an environment where candidates feel they are casting their resumes into a lottery drawing, they are less likely to apply for the most appropriate positions or become motivated to pursue a particular employer. Be upfront about the position, its requirements and your hiring time frame. Serious candidates will see you are reaching out to them in good faith and will take extra steps to show that they have the most to offer.

For example, my executive recruitment firm approaches only candidates with demonstrated leadership in real estate, narrowing our target audience further by geographic area. Our digital network has nearly 200,000 members, but it’s our seasoned recruiting expertise that makes that network effective. While we make use of technology to help reach the best candidates, we then review responses individually, interacting with applicants and conducting the one-on-one work needed to find the right personalities and knowledge to fit our clients’ needs. It’s the second part of that process that computers cannot replace. Don’t make big mistakes when it comes to your big data while hiring. Digital technology provides today’s managers with an array of powerful tools, but using them well requires discretion and the ability to evaluate candidates as people whose potential value is not always obvious on a spreadsheet.

Over more than two decades, Christopher Frederick has helped some of the biggest names in real estate hire the people key to their success. To learn more about how we leverage our digital network with our extensive recruitment experience, contact Chris Hingle at chingle@chrisfred.com. Or visit our website at www.chrisfred.com where you can find exclusive job listings for real estate executives.

On The Subject of Objectives: Summarizing Who You Are and What You Do at the Top of the Resume

On The Subject of Objectives: Summarizing Who You Are and What You Do at the Top of the Resume

Think of it as an elevator pitch. The “objective” on your resume likely represents the first 50 words you’ll present to a potential employer. You can use it to succinctly identify the position you want, why you want it and why you’re the best person for the job.

That can be a big challenge for such a small segment of a resume, but it’s worth the time and effort to get it right. Employers’ expectations have changed in the last few years, and they want to know more about you than about the job titles you’ve held. Positions are diverse, and today’s labor market gives companies the leeway to hunt for people they feel have the perfect personalities to fill them. Do your best to share your priorities, your approach to management, your work tempo, your goals and anything else that demonstrates what you are like to work with in person.

Here are a few tips to ensure your objective gets results:

Customize it:

Just like a cover letter, every resume objective should be unique to the position on offer. Broad descriptions like “a position in leasing” or a “management role” could tell a hiring manager you’re sending numerous, boilerplate resumes to companies you don’t particularly care about. Or, worse, your resume could confuse a personnel department and divert your application from the specific position you had in mind.

Mind the computer:

At least within a personnel department, a real human will decide which pile best suits your resume. An unfortunate reality in applying at many large companies is the use of computer programs to sort applications and pick out those most suited to the company’s needs. The objective section can address this by offering a place to mention key words that may be used to sort applications but might not feature prominently elsewhere in the document. An example: If you’re applying for a position involving project management, but your project management experience is obscured by a vague job title with a previous employer, the objective section offers a place to work that specific term into your resume. Effective key words can include degrees, product names, company names, professional organizations, service types, industry issues and phrases from the posted job description.

Make it about them:

This is counterintuitive, but try to see your career objective through the hiring manager’s eyes. What sort of career ambitions, personal traits and knowledge would he or she want in the ideal candidate? Let the position shape what you say about your interest in it. For example: “Objective: To take a position as a leasing executive at a Miami REIT” simply repeats what the employer already knows about the position. “Objective: To continue my nine years in leasing and apply my knowledge of the Miami office market to help a REIT exceed its NOI goals,” on the other hand, offers a better look at why the candidate is qualified and what he or she has to offer.

Don’t be too specific:

While you want to be clear about what position you’re applying for, it’s worth remembering that employers frequently consider candidates for positions beyond the immediate opening they may have applied for. For example, instead of citing a specific “senior financial analyst” position advertised, the subtle change to “senior analyst” signals you’re open to other job possibilities. There are usually several types of analysts, accountants, managers and other professional titles within a large organization. Mention a job title that can apply to more than one position and that also sums up your broad area of expertise. If you feel that even a broad job description would shut down opportunities at a given organization, many people have success omitting the objective entirely.

That said, for most jobs the objective offers a worthwhile place to pitch yourself as the best candidate for a position. Hiring managers going through a stack of applications may not get through all the employer listings on a resume, but they read what’s at the top. Use it well.

For more than 25 years, Christopher Frederick has helped recruit the most promising talent for leading companies in the real estate industry. To learn more about how we can enhance your next executive search using our extensive digital network of professionals, contact Chris Hingle at chingle@chrisfred.com. Or visit our website at www.chrisfred.com.

I’ll Be Doing What Now? How a Thorough Job Description Can Make or Break a Candidate Search

I’ll Be Doing What Now? How a Thorough Job Description Can Make or Break a Candidate Search

There are a lot of boilerplate documents lurking in the files of personnel departments – disclosures, government forms, workplace policies – but job descriptions shouldn’t be among them.

Updating the wording of a position description may seem an insignificant step when faced with an important hire, but many companies forget that prospective candidates read it closely for clues about the company’s culture and employee prospects. All too often, hiring managers jump into a high-stakes executive search without a second look at the document that actually outlines the company’s expectations of the successful candidate.

A highly specific job description helps align expectations and attract the most suitable candidates. For example, requiring “excellent communication skills” says very little, in contrast to noting that a given position requires weekly presentations to C-level management, development of employee training programs, workplace conflict resolution and the editing of market analyses. Likewise, a “strong management background” could just as easily describe the effective oversight of three people as it could 300. Exactly how many people will the new hire be expected to oversee? Will he or she have profit and loss responsibility?

Candidates never complain of having too much information about the company and the position they are exploring, just as hiring managers rarely complain of receiving too much background on a candidate. For both parties, a detailed and up-to-date job description can greatly smooth the hiring process. Case in point: Christopher Frederick’s carefully written email campaigns have helped discover candidates who meet the exacting requirements of employers. By carefully outlining job responsibilities and opportunities, Christopher Frederick can attract top talent from its extensive network of real estate professionals in weeks rather than months.

For more than 25 years, firm principle Chris Hingle has helped match clients’ needs to the specific talents of mid- to C-level executives. To learn more about our recruiting expertise and affordable services, contact Chris at chingle@chrisfred.com.

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