CRE Workforce Dynamics & Hiring in 2022
Author: Forbes J. Rutherford, Principal, Rutherford International Executive Search Group Inc., Managing Director, NEXTalent Marketplace & Job Board, T: 855-256-5778 or Chat
Introduction: In Q2/2020, Rutherford International asked 204 senior multi-sector industry leaders within Canada’s commercial real estate industry to rank the political, economic, social and technological threats they expected to face through Q4/2021. Participants with direct or indirect authority over their resource plans also provided details. Please note, the data collection was completed early on in the pandemic when few of us foresaw an extended lockdown.
This article is the ninth in a series of commentaries that examine potential threats to Canada’s CRE industry, post-pandemic workforce dynamics and the probable impact on industry employment in 2022.
Hiring Challenges in 2022 – A Kinetic War for Hybrid Talent
Winning the Battles: Trolling Job Boards Rarely Land Big Fish
Before COVID19, the war for talent was transparent for many years, but no more. We believe 2022/23 will mark the time when a kinetic war for effective distributive talent becomes asymmetrical using unconventional talent strategies, science-based assessment and acquisition tactics.
Dragging a hook through a social network talent pool in the hope of snagging a big fish is a reactive and unsatisfactory acquisition tactic. Acquiring talent begins by proactively targeting and assessing the high potential prospects in advance of an opportunity.
Winning the Talent War: Measure Twice, Hire Once
Winning the talent war is measured by the success of the hiring outcome on productivity. The future calculus for a successful outcome won’t be based on Time or Cost per Hire but by Revenue per Hire ratio analysis. Revenue per Hire is a measure that few employers have applied to date using past hiring methods, and yet, is an effective metric for incentivizing corporate performance.
Companies will not have the luxury of building a trial period into their offers of employment for above-average employees. Just as companies are moving to AI for business advantage, it is now possible to incorporate machine learning supported by AI analytics for estimating the long-term impact of a successful hire on corporate development.
To hire successfully is to know in advance the prospect’s potential for on-the-job effectiveness. The relationship of forecasting on-the-job performance with behavioural profiling science has made great strides since industrial psychologists measured human potential seventy years ago.
Today, it’s possible to empirically predict a person’s potential to high perform as an employee, manager or executive compared to their functional peers. This same due diligence details the prospect’s succession potential, their default leadership styles and what areas of personal development will have the most significant impact on their future effectiveness as an employee and executive leader.
Rutherford International and our NEXTalent Marketplace & Job Board are committed to building a CRE community of investors, developers, builders, financiers, thought leaders, advisors and mentors who recognize the benefit of using the 21st Century AI analytics to foster project teams and nurture high-performing industry talent. To learn more about our services, don’t hesitate to get in touch with us at 855-256-5778 X101