“Times are changing” is a phrase that’s been uttered by countless people throughout time. In regard to recruiting and retention, what has changed is the workplace and work culture. The office isn’t what it used to be, and neither are professional relationships. A growing number of workers are reaping the benefits of technology and flexible work arrangements, leading to being able to work from home or have a modified schedule.
One example is the ongoing family leave debate in which advocates are fighting for increased paid leave for mothers and fathers in the United States. Tech giants are leading the way, with Netflix allowing unlimited time off in the first year for salaried employees and Amazon offering 12 weeks. In addition, the Department of Labor (DOL) recently raised the salary threshold for exempt employees from $23,660 to $47,476 annually for a full-year worker. The workplace is changing; companies that adapt swiftly will recruit talented employees and be successful in retaining them.
Recruiting and Retaining
The concept of recruiting well is complicated. It’s important to know what you’re looking for and what your company needs. In many ways, retention is the most crucial aspect when recruiting. The longer you can envision an employee at your company, the more valuable that candidate is.
Methods for finding the right talent are various, and you must find the right one for your firm. In their Global Recruiting Trends 2016 report, LinkedIn Talent Solutions surveyed 3,894 talent acquisition decision-makers on recruiting and retaining trends:
- 39 percent of respondents identify quality of hire as the most valuable metric for performance.
- 26 percent view employee referral programs as a long-lasting practice.
- 32 percent responded that employee retention is a top priority for the next year.
- 59 percent of participants report increased investment in their employer brand over last year.
Cost is a huge factor in retention. The estimated cost of replacing an employee ranges from six to nine months of an employee’s salary, according to the Society for Human Resource Management (SHRM).
In the real estate brokerage community—where a majority of professionals are independent contractors and the employer/employee connection is less direct—referrals and respectable relationships take on special significance. If brokerages hear you’re a pleasure to work with, they’ll be more likely to pursue your services. Conversely, the better companies treat their contractors, the longer they’ll enjoy a working relationship.
Women-owned companies are often smaller and more nimble than other businesses, able to offer streamlined services when compared to larger firms; this is an advantage. The retention of women-owned businesses in housing is fundamental for companies seeking versatility, and the benefit of working with women-owned firms is an advantage women can utilize to make themselves invaluable.
Discover the best way for your firm to find talent. Once you find the right workers, flexibility and understanding will help you keep them.
Desirée Patno is founder and CEO of the National Association of Women in Real Estate Businesses (NAWRB).
For more information, visit www.nawrb.com.