Rising stars of real estate must keep ascending

Businesses want to attract it. Individuals want to be part of the metaphorical pool it embodies. But what do we really mean when we talk about talent? A catch-all term often used in reference to bringing in a crop of fresh blood at the start of their working lives before setting them off on a linear career path, the definition of talent is long overdue a refresh. As real estate becomes more innovative, more creative and more entrepreneurial, the concept of the traditional real estate career ladder is starting to feel outdated. That’s not to say this isn’t still how some people want to make their way through the industry. But it is certainly no longer the only route to success. So why, then, are so many “rising stars” still only hailed as such in the early stages of their careers? Is real estate doing enough to identify, support and encourage the talent already within their businesses to channel their skills in a new direction as the industry evolves? And, when it comes to attracting the best people, are the right incentives being offered? Capitalise on experience The arguments for a recalibration of real estate’s approach to talent stem from the evolution of the sector itself. As it adapts to become more digital, more sustainable and more socially responsible there has been an emergence of new roles within the industry which call for completely new skill sets. This has not only created opportunities for an influx of fresh, and often experienced, talent from other industries. It has also changed the way some real estate stalwarts view their working lives. For many, the longstanding and reliable nature of a career in property may have been what attracted them to the sector in the first place. But as that mindset starts to shift, the industry must be poised, ready to recognise what its brightest stars need to remain challenged and then implement whatever is necessary to keep them within the sector. Sharon Jenkins, senior innovation manager at law firm CMS, is a prime example. A real estate lawyer for 15 years with Nabarro, she completely shook up her career when the firm merged with CMS and Olswang five years ago. Now in a role where she effectively advises lawyers on how to be more tech savvy, it is the challenge she needed to stay within the, albeit merged, business. It is also the role that saw her scoop the Rising Star trophy at this year’s EG Tech Awards. Proof that you don’t have to be fresh out of university or within the first few years of your career to be recognised as someone who is on the cusp of great things. Jenkins is the first to admit that it was a scary decision to make. “At the time I was not long divorced, had just bought a house on my own and was financially dependent on a decent salary and the security that came with that job. It was a real leap of faith. I remember thinking ‘have I really got the guts to do this?’ “I’m not sure I could have just gone back to being a lawyer after categorically telling the firm I wanted and needed a change. In the end I had to go for it. I wasn’t unhappy in my role, but I did need a new challenge. I couldn’t just go to work every day and watch the clock tick by.” The support of the business and its recognition of how the sector was – and indeed still is – changing allowed Jenkins to manoeuvre within the company and, not only develop new skills and take on fresh challenges, but put her 16 years of experience as a lawyer to invaluable use. “Yes, I changed my career, but I have built on the experience I had to date in my first career and was able to apply it in a useful way to innovation and technology,” she says. “I feel more valuable in the role I am doing now because of my past life. There is a lot of great talent and fresh ideas as people come out of university or start their careers, but experience should never be underestimated.” Set new goals Shaking things up is not a new approach to success. Industrialist and business magnate Henry Ford knew a thing or two about forging a decent career path and he famously said: “If you always do what you’ve always done, you will always get what you’ve always got.” Talent retention doesn’t have to mean denying people the opportunity to do something different. Valuable team members looking for a new challenge could become the ‘fresh blood’ with the new skills set a business is looking for. Jenkins is not just an example of how this can work, she can be a role model, too. Sally Garcia, head of talent and leadership development at the Cabinet Office and formerly future talent director at the RICS, says that example-setting is a crucial element of the great talent shake-up. “We have to start looking more at transferable skills,” she says. “It’s definitely about having role models. Rising stars for people to aspire to so they can think ‘I don’t have to do this job for another 15 years’. But we need to make these role models visible to give people someone to relate to. Anyone can make a leap if you push and support their development.” Once again, the key is avoiding the assumption that a rising star can not have years of experience already behind them. “We have done some work here around what talent looks like within the private sector,” adds Garcia. “We need to challenge how we look at the talent we have. Putting aside how we bring people in from different sectors, which will definitely continue to increase, how can we also start to analyse the talent we have and bring out the skills they have which could complement new and different roles?” Cultivate and motivate Bringing in talent from sectors outside of real estate remains an important element in keeping the industry fresh. Whether talent is being cultivated within real estate or attracted from alternative sources, the right culture and incentives will be crucial for businesses looking to secure, or indeed retain, the best of the best. And those incentives are not always financial. “I truly believe that the real estate sector, and plenty of other sectors too, need to change their attitude,” says District Technologies founder Lee Butz. “It is not just about profit optimisation and capitalism but about giving back. Companies that stand for this and have a culture focused on employee experience and the workplace will make people feel more confident. If you are able to drive this kind of culture I think that will make you money. It drives the triple bottom line.” To send feedback, e-mail emily.wright@eg.co.uk or tweet @EmilyW_9 or @EGPropertyNews Photo: Markus Spiske/Unsplash