Real estate is a highly competitive industry, ideal for ambitious and tech-savvy millennial looking for career growth. In three years' time, this demographic will make up half of the Australian workforce. But how can real estate businesses attract the best ones to be part of their team?
We’ve talked to recruitment experts and asked what makes the millennial tick and what real estate businesses should do to recruit and retain them.
1. Provide flexibility
A competitive compensation package will always be attractive. But for millennials going into real estate and property management, it must be more than the money. Queensland real estate consultant Adam Hooley says, “It’s not always about the dollar for them at all. Perhaps in other industries this might [prove an attractive drawcard] … but in property management they’re not fighting for more money, they’re fighting for flexibility.”
Allowing employees to be flexible in their schedule means an organisation values a well-balanced life and that their welfare is important to their employer. Look into telecommuting options and leverage technology to streamline business processes even outside the office.
2. Build a strong and inclusive organisational structure
On recruitment firm Robert Walters’ latest whitepaper: “Attracting, retaining and developing millennial professionals”, one of the top 3 factors this demographic looks for in a company is one with a strong culture. A clear and defined set of organisational values and culture should reflect the millennial’s desires of inclusivity, diversity and open communication in the workplace. Not only is having a solid culture inspiring for millennials, but it also works to minimise conflict between them and older generations.
3. Create an authentic brand
Aside from telling prospects about the company culture and values, it's also imperative that employers show it. Promote your company culture and present it in a favourable light. New research from recruitment outsourcing provider Manpower Group recently found half of the Australian job seekers believe “an employer’s brand and reputation are more important today than it was five years ago”.
A useful and most effective way to promote an authentic brand is through an organisation’s current employees by liking and sharing company social media posts to their own networks. This, however, needs to be done organically because media-savvy Millennials cherish authenticity above virtually all else.
4. Go social
Aside from using social media channels to promote your brand, posting job ads on social platforms in the form of branded images or short videos affords businesses a unique opportunity to engage and resonate with potential employees.
In its 2017 Social Media Report, marketing services group Sensis discovered that Australians aged between 18 and 39 ranks the highest in social media use. For this reason, talent acquisition managers and professional recruiters insist the fastest and most effective way to recruit Millennials is by focusing on the social majors – Facebook, Twitter, LinkedIn and Google+.
5. Promote a clear strategy for career growth
“Millennials are coming in and stating that they want a defined career. They want to know where they’re going to be in 10 years’ time,” according to Adam Hooley. Informing them during the interview phase that you have a team structure and a career path, and actively encourage new Millennial recruits to learn and evolve are what will appeal to this demographic.
James Nicholson, the ANZ managing director of recruitment firm Robert Walters, came to a similar conclusion, “millennials derive greater satisfaction and expertise from practically-driven, face-to-face training such as on-the-job learning and mentoring, as well as international career opportunities. Where possible, employers should incorporate these pathways into their employees’ training and development programs.”