Chris Lee forecasts a real estate industry talent shortage and discusses coming human resources challenges and compensation strategy in his most recent newsletter. Set aside initial reactions to a forecast of “talent shortages” today; and think hard about core competencies, internalization and real understanding of goals and culture.
In pursuit of cost containment (and often times mere survival), the multifamily industry has obviously gone through significant staffing cutbacks in the past two years. “Bench strength” within individual organizations is something to start considering in light of the business climate being forecast for the next few years. Arguably, there still is a lot of available and/or underutilized talent in the market. Companies are upgrading talent, retooling retention plans, revising compensation programs, and looking at their future staffing needs and with that process will come turnover as the market improves. Companies that are leveraging strong scalable, repeatable processes and systems will be better positioned to deal with the dynamic environment. However, the costs of loss of momentum, continuity and institutional knowledge can still be high. Leadership continuity, building talent within, retaining managers, replacement planning, and succession need to be actively managed and focused on for future success.
See CEL and Associates Inc’ Strategic Advantage Newsletter “Talent…Opportunity or Crisis” at http://tiny.cc/a3qk7 For tools, guidance, and an in-depth look at ensuring leadership continuity and building talent within see the book "Effective Succession Planning", by William J Rothwell.
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