Closing the Talent Gap in the Real Estate Industry

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<p><strong>New York &mdash; July 18&nbsp;</strong><br />Talent management is set to become a critical issue for the real estate industry, according to a new study from Deloitte &amp; Touche USA LLP&rsquo;s real estate practice. </p><p>A talent gap, the result of an aging workforce, high turnover rates and the increasingly sophisticated, global nature of the industry has made talent identification and retention imperative. </p><p>Nearly 58 percent of the real estate workforce will be of retirement age by 2010. Generation Y (the 46.7 million people born between 1982 and 1993) is the answer to this approaching shortage, but the challenge facing the real estate industry will be tapping this new and ideologically different source of human capital.<br /><br />&ldquo;The replenishment of personnel is crucial to continue the rapid growth the industry has experienced in the past few years,&quot; said Dorothy Alpert, national managing director of Deloitte &amp; Touche USA LLP&rsquo;s real estate practice. &quot;Real estate leaders must recognize the importance of talent management and seek guidance on the unique process of attracting and retaining Generation Y if they wish to secure future growth.</p><p>&ldquo;The traditional methods and strategies used for talent retention must be altered and adapted for the tech-savvy and work-life balance-focused members of Generation Y.&rdquo;<br /><br />According to Deloitte&rsquo;s new study &ldquo;Closing the Talent Gap: Strategies to Attract and Engage Generation Y in the Real Estate Industry,&rdquo; to survive the employment shift, real estate companies must review their best practices, giving consideration to the following points:<br /></p><ul><li>Generation Y is coming into the market with a new set of values that differ from its predecessors. This &ldquo;value set,&rdquo; which includes flexibility and work-life balance, are key career motivators for this generation.</li><li>To successfully recruit members of Generation Y, real estate companies must develop and communicate their vision and differentiate themselves from their competition. Based on Gen Y&rsquo;s interests, companies should promote their sound values, technologically advanced workplaces and global scope.</li><li>Real estate companies need to adjust their talent management strategies to better suit the needs of the incoming workers, developing practices that add the most value to their employees &mdash; the &ldquo;customers&rdquo; of this process.<br /></li></ul><p>To successfully attract and retain talent, real estate firms must implement a talent management framework that encapsulates and simplifies the three areas most pressing to the next generation: training, career growth and networking.<br /><br />&ldquo;To develop talent, companies must provide a learning experience beyond the classroom, one that incorporates practical, on-the-job training and the support of mentors,&rdquo; said David Jacobstein, Deloitte &amp; Touche USA LLP&rsquo;s real estate practice senior adviser. &ldquo;Once developed, companies need to deploy new talent in ways that take into account their unique skills, which inevitably maximizes business performance and employee satisfaction.<br /><br />&ldquo;Most important is building an infrastructure that enables employees to build a productive network &mdash; a connection.&nbsp; This network, along with the training and skills management, will help ensure the continued growth of the real estate industry and harness the intellectual capital needed for success.&rdquo;</p>

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