After Hiring, Firms Turn Focus to Retention
The Real Estate Alert article, “After Hiring, Firms Turn Focus to Retention," quoted Russell Reynolds Associates Consultant Deb Barbanel on the increase of internal advancement in the real estate industry. The article is excerpted below.
In a tight labor market, recruiting firms are increasingly helping real estate companies not only hire pros, but also keep them.
“Retention is all about effective succession planning, not only at the chief executive level, but across the platform,” said Debra Barbanel, who leads the global real estate practice at Russell Reynolds Associates.
To that end, in addition to recruiting external candidates, Russell Reynolds is seeing more requests to evaluate existing staffers for internal advancement and provide coaching for them to develop leadership skills. The firm has a leadership and succession-planning practice that works with its search teams to assess both inside and outside candidates and help executives transition into new roles.
The emphasis on advancement pays off in multiple ways. “It is less expensive than going outside [the firm] to hire, and it helps take people to the next level,” Barbanel said. She added that employees groomed to move ahead are more inclined to stay because the firm is demonstrating a commitment and investment in them.
Keeping employees in place is no easy task in a market where offers to jump are plentiful. A Russell Reynolds survey of 333 senior executives found that some 80% of respondents had received at least four calls for external opportunities within the last year. Almost one-fifth said they had received 15 calls within that timeframe.
To read the full article, click here.