We would be remiss if we didn’t address how the COVID-19 pandemic has changed and is actively shifting how every CRE investment firm is approaching retained search efforts and attraction, recruiting and retention planning for their high-level and C-suite employees.
Ultimately, there are plenty of silver linings to this unique and unprecedented situation. In particular, COVID-19 has presented a rebalancing opportunity. That can allow well-capitalized and discerning commercial real estate investment firms to be strategic and innovative when it comes to implementing new approaches to attract, hire and retain talent for successful long-term outcomes.
This is our game plan to get into the right headspace and get ahead of COVID-19 challenges.
Poor decision-making happens when emotions run the show. Remain calm and keep a clear head across all areas of company decision-making and human capital planning when managing your response to COVID-19.
Double down on the approaches that have proven to work, while strategically shifting to incorporate new methodologies that speak to the current climate, such as digital-forward tactics or remote work offerings. Consider how to address both immediate and future needs related to existing talent and prospective hires.
Assess your key players. Determine your human capital weaknesses and opportunities. Most importantly, consider the importance of succession planning. Succession planning is a critical organizational endeavor that cannot go ignored in light of a mass health crisis. Protect and prepare your CRE company for leadership transitions, whether they are intended or unexpected emergencies.
Whether due to COVID-19 company restructuring, a personal reevaluation or a multitude of additional reasons, there is tremendous potential floating in the talent pool. Consider how you can get ahead of the market and opportunistically hire for your CRE firm now or at the very least, build up a bench list of key players you want to keep on your radar for when the time is right.
The crisis will pass. The economy will recover. The markets will bounce back. Remember your end-game, and don’t allow yourself to stray from the path. This is what will separate you from your competition.
At IBR, we’re game-changers, even when the game changes on us. COVID-19 was unexpected and has created undeniable changes and concerns. Still, when we can look at this crisis with an opportunistic lens, there are lessons to be learned about who we hire, how we hire, and how companies and candidates can come together to achieve our goals. Ready to learn more about making the most of COVID-19 for your CRE firm? Contact us anytime to talk.