Money isn’t everything when recruiting tech talent

Today’s employees want more than a decent wage. They want a good work-life balance, they want to know the job they do has real value and they want the latest technology. As the world evolves around us, people are looking for different things from their workplace. Office providers increasingly need to deliver a service and experiences to people, not just a box to work in. The impact that this is having on the buildings that we design, build and manage will be significant and is well documented. But just as the needs of the people using the buildings that we manage are changing, so are the needs of our employees. Property companies need to attract and retain the best staff in an ever more competitive world. The real estate sector is at a pivotal moment; it is already able to offer many of the elements that a future employee will be looking for, but is lagging behind in some other areas. It is facing some real opportunities and some real threats. Technology is an important factor in deciding about a career or employer. In the 2018 “Annual Salary Survey” carried out by Macdonald & Company, 21% of people cited “the latest technology” as important in their job. This was some way behind the importance of aspects such as salary, but technology was one of only two factors (along with the working environment) that did not decline in importance from the previous year. As technology has more of an influence on real estate and changes the way we do our jobs, we will need to employ new people from new backgrounds with new skills. One of the most pressing challenges for the sector is how we persuade school leavers or graduates to enter the world of real estate when other sectors – such as technology – can offer so much? If an 18-year-old comes into an office for an interview having spent the past several years talking to their smart home and with all of the apps that you could shake a stick at in their pocket, how are they going to react to being presented with a bank of bland desks and directions to the fax machine? Research last year from AI-based tech company ABBYY found that having the right tech in place was key to attracting millennials, and I would argue this is – or at least will be – true for all generations. But, while the days where everyone is just chasing the highest wage at the cost of everything else may have gone, technology in itself is only a part of any decision to join a company or follow a particular career path. People are increasingly looking to work in a dynamic environment that pays well but also provides a good work-life balance. A PwC survey suggests that 23% of people say that “doing a job that makes a difference” is most important to their career. Some may consider these career demands as a bit “fluffy”. Whether that is the case or not, if this is what the people you want to attract are looking for, then you need to be able to offer it. According to the University of Lincoln’s Ian Hodson, “…tech and its availability is the most symbolic aspect of business culture nowadays.” So, the adoption of technology is not only directly important for attracting or retaining talent, but more widely important to represent the culture and values of the sector. Real estate is often considered less attractive than other sectors. For example, it is not considered particularly innovative or diverse – both factors that people demand in their work environment The real estate sector is often considered as less attractive to work in than many others. For example, it is not considered particularly innovative or diverse – both factors that people increasingly demand in their work environment. Creating a diverse, innovative and tech-enabled company is where the property sector often lags behind other sectors. But, what is much harder to achieve – and where property already excels – is offering a fulfilling career that makes a real difference to society. It is estimated that we spend 90% of our time indoors and it affects every part of our life: the houses we live in, the offices we work in and the shops that we visit. Real estate also has a key role to play in some of the biggest global challenges that we are facing as a planet. In total, 40% of the world’s energy is consumed by the built environment, productivity of the workforce is a growing issue and being able to provide enough affordable housing for the world’s growing population is looking ever more challenging. If a person is looking for a sector where they can make a difference, then where better than real estate? The people we have always attracted to the sector are starting to look for different things and we now need to attract a whole new generation of people with new skills. There is no doubt that technology can play an important role in supporting the companies of tomorrow, whether by reducing risk, improving customer service or reducing costs. But the importance of adopting technology is much wider than that. We are in a competitive market place for talent and surely an innovative, diverse and tech-enabled real estate sector can become the most attractive place to work for the employees of today and tomorrow.