We’re big fans of BUILDEX Vancouver around these parts. Our team always looks forward to attending the annual ICBA CEO Breakfast, checking out the trade show floor, doing some networking and catching up with clients and candidates we haven’t seen in a while.
While every year is great, we think this year’s event was the best yet – in large part because of an exciting opportunity we were given by our friends at PAMA, who invited Michael Scott (VP, Building Division) to join their co-hosted panel discussion.
Diving into the issues of talent attraction and retention in the property management industry, the panel was a great success. It was excellent to see such a candid conversation between industry experts, addressing the big questions we all have in the current labour market.
If you didn’t get a chance to see check out the event, we’ve summed up the big takeaways from the discussion in the quick, easy-to-read list below:
WHAT’S UP WITH THE JOB MARKET?
- Low unemployment rate in BC has resulted in a very tough market, trouble with recruitment and retention are affecting all industries, not exclusively property management
- Couple the current market with the knowledge that a significant percentage of the current workforce will be retiring over the next 3 -5 years, it’s clear that bringing in new talent to the industry is crucial
HOW TO ATTRACT TALENT TO YOUR ORGANIZATION
- There is a massive need to bring in new talent to the industry to avoid “cannibalizing”/poaching employees from other companies
- Look outside the industry, for example, people who have been working in hotels or retail are a good place to start. These individuals will have great customer service skills, as well as experience dealing with high pressure situations and the ability to deal with problems quickly and intelligently when they arise
- Don’t get hung up on someone not having property management experience. If you believe in someone’s potential, give them the support they need and invest in their training/certification
- Property management pays significantly better than many other industries and this can be a good way to encourage a talented individual to make a move
- Look to attract both the younger generation as well as individuals who have been in the workforce for years and are looking to make a career change
- Raising awareness is extremely important in attracting people to your organization. Many people aren’t aware of all the opportunities available within the industry.
HOW TO KEEP THAT TALENT ONCE YOU’VE GOT IT
- When surveyed, the number one thing employees said they wanted was more training
- Invest in your employees by giving them career development opportunities – courses, networking events, mentorship, etc.
- Recognize the talent you already have within your organization and promote from within where possible
- Offering ways for employees to grow make them more likely to buy in to your organization and result in more engaged staff with longer tenure
- Culture of the organization is increasingly important in a potential employer; candidates need to know their values align with those of the company
- Diversity and inclusion extremely important (inclusion can be as simple as making sure everyone feels welcome and appreciated)
- Flexible work environment is very important to the next generation: more flexible schedules, remote work opportunities, benefits plans tailored to their specific needs, work/life balance
BENEFITS OF WORKING WITH A RECRUITMENT FIRM TO ASSIST YOUR SEARCH
- Established relationships with potential candidates, recruiters are often the first to know if someone is looking to move (giving you access to top talent before they start applying at other organizations)
- Recruiters get the opportunity to speak with both clients (the potential employer) and candidates (the potential employee) meaning they get a truly well-rounded idea of what organizations are looking for vs. what job seekers expect
- Partnerships with post-secondary institutions gives recruiters insight into the values and expectations of the next generation of workers
- Recruitment firms can help give you a clearer understanding of why you may not be attracting the talent you want for your company (desired benefits/salaries, what you’re offering vs. what your competitors are offering, etc.)