Recruiting and retaining: Strategies for success

The commercial real estate industry is undergoing significant changes as the workforce gradually returns to office spaces post-pandemic. In fact, office building occupancy levels have only reached 60% of pre-pandemic figures. In this evolving landscape, recruiters and benefits specialists are crucial in attracting and retaining top talent to keep their business running as usual.

You know your team is your most valuable asset, and ensuring their satisfaction and productivity is paramount. But how can you keep up with new employee demands and the uncertainty of a changing industry? And how does this look different today than it did four years ago?

Adapting to flexible work arrangements

It’s no secret that the COVID-19 pandemic has reshaped how we work. One of the most significant and long-lasting changes this has caused is flexibility. Flexibility, be it in location or working hours, has become a top priority for employees across industries. Offering flexible work arrangements can be a great recruitment and retention tool in the commercial real estate sector, as many employees are required on-site, more so than in other industries. A few ways commercial real estate employers can implement flexible work arrangements effectively include:

Balancing in-office and remote work: Consider allowing your team members to balance their in-office and remote work hours. This approach recognizes that different tasks may require different environments. Certain employees need to be on-site Tuesday-Thursday due to high traffic. Another set of employees can cover Mondays and Fridays, allowing all employees to work remotely multiple days per week. Or if an employee isn’t showing a site on any given day, they can get their work done from home.

Flexible scheduling: Embrace flexible scheduling that focuses on results rather than rigid hours. If your workforce delivers the desired outcomes, their work can become more fluid. If a working father has daycare drop-off and pick-up duties, consider allowing him to schedule meetings and showings within a designated timeframe. This autonomy can boost employee morale and productivity, cutting attrition rates and showing employees you trust them to get their work done, rather than enforcing firm mandates.

Remote work technology: Invest in technological resources like online project management programs and mobile apps that enable seamless remote work. If an employee needs to start the day by showing a site and drawing up a contract on their phone, but finishes the day at home on their laptop, set them up for success by making it easy for them to hop back into their work right where they left off. Access to reliable communication and collaboration tools ensures your team can work effectively from anywhere, anytime.

Promoting work-life balance

While flexibility is essential, it’s equally crucial to promote work-life balance. Employees who feel constantly overworked are at risk of burnout, which can lead to attrition. There are several ways you can encourage employees to prioritize life outside of work, such as:

Paid time off (PTO): Implement a generous PTO policy and encourage employees to use their vacation days. Consider offering additional incentives or bonuses for taking planned time off or letting employees carry over any unused PTO.

Wellness programs: Offer wellness programs that focus on mental and physical health. Encourage regular breaks, mindfulness practices, and stress management to help employees maintain a healthy work-life balance. Make it easy for employees to access meditation apps or offer incentives such as PTO or company swag if they log a certain number of steps per week.

Enhancing employee satisfaction

Employee benefits and perks play a significant role in attracting and retaining talent. While you may not need to break the bank, offering meaningful discounts and bonuses can make a difference. A few ways to holistically support employees include:

Third-party partnerships: Collaborate with third-party companies and service providers willing to offer discounts to your employees. These discounts cover numerous services, including insurance products, retirement plans, gym memberships, housing, and more. Such partnerships can be cost-effective for your company while providing tangible benefits to your team.

Tailored benefits: Customize your benefits package to cater to your employees’ needs and preferences. Conduct surveys or one-on-one discussions to understand what matters most to your team. Do employees value having health insurance coverage options with lower deductibles over specialized voluntary benefits such as pet insurance? Or do they want a higher employer contribution to their 401(k)? This personalized approach can demonstrate your commitment to their wellbeing.

Financial wellness: Offer programs that help employees manage their finances, plan for retirement, and achieve their financial goals. The commercial real estate industry has many generations that make up its workforce, ranging from recent college grads to established industry powerhouses, meaning each employee has a different financial goal than the next. Does one of your offices have more early career workers than those close to retirement? If so, they’ll likely be more interested in student loan benefits or public transportation stipends than those looking to cash out their retirement savings in the next year. Access to financial advisors or workshops can also empower your team to make informed decisions about their financial futures.

Related: Attract and retain employees with tuition reimbursement accounts (TRAs)

Recruiting and retaining top talent requires a forward-thinking approach that considers the changing expectations of employees in the post-pandemic world, and the evolving needs of clients.

Embrace these strategies, adapt to the shifting landscape, and demonstrate your commitment to the wellbeing and satisfaction of your team. In doing so, you’ll attract the best talent and foster a thriving and motivated workforce that contributes to your company’s success.

Chantal Raineri, executive vice president, Employee Health & Benefits at Marsh McLennan Agency