recruitment Archives | Christopher Frederick

Tag: recruitment

New Blood, New Potential: Welcoming the Next Generation of Real Estate Leaders

Posted on October 31, 2014 by peter

Members of the Millennial Generation, usually defined as those born between 1976 and 2001, now make up more than a third of the U.S. workforce, and the oldest are beginning to join the ranks of their companies’ executives. As the recovery in real estate continues, the search for executives in construction, development and CRE will increasingly rely on talent from this group. This makes it more important than ever to understand the challenges and mindset of the people who will be tomorrow’s leaders.

A Tough Start

It’s helpful to understand the broader context surrounding millennials’ careers, and for many it’s been pretty grim. In 2010, when unemployment was at its worst, only 54 percent of adults between 18 and 34 were employed. That’s the lowest percentage since 1948 when the U.S. government began collecting the data. What’s more, a Pew study found that nearly half those going to work each day did so in jobs outside their chosen careers just to pay the bills. As such, another survey in 2011 cited by Jessica Brack at the Kenan-Flagler Business School suggested that 70 percent of millennial workers planned to change jobs once the economy improved. Whether that sentiment from three years ago will actually translate into action as the economy gains strength today is anyone’s guess. But it reinforces the need to attract, retain and mentor potential leaders now, as the brutal business conditions that characterized the early years of millennials’ careers have left most with few qualms about leaving a company that doesn’t fulfill their needs.

Small Differences

When professionals talk about catering to millennial employees, much is made about their differing cultural norms, their use of technology and what’s often seen as a lack of humility compared to their older colleagues. These generational differences are real and can potentially create conflicts in the workplace, but research indicates that the most important career traits of millennials go much deeper than wanting to bring their own smartphones to the office. For starters, money is not the only yardstick. Additional research cited by Brack found that 30 percent of millennials valued meaningful work, while only 12 percent of managers felt the same way. Likewise, only 28 percent of millennials said high pay was important, versus half of managers. Many younger workers don’t just want to be rewarded. They want to be engaged and to have the chance to meet new challenges. Part of that often comes from a more prevalent desire for collaboration, rather than solitary work, than might be the case with other generations. Additionally, millennials seem to desire more coaching and feedback than their older co-workers. A survey by Price Waterhouse Coopers found that 51 percent of millennial employees valued frequent, in-the-moment feedback. Rather than a chore, savvy managers can use this feedback to challenge younger employees, encourage hard work and groom exceptional people for leadership. Their generation, after all, does not lack for ambition: 51 percent of millennial women surveyed by PwC and 61 percent of men believe they will be able to rise to the top of their organization.

The Basics Still Matter

When recruiting younger leaders, it’s also important to keep in mind that the most critical aspects of employees’ relationship with the company change little from one generation to the next. As other human resources professionals have pointed out, employees of all ages tend to desire a reasonable balance with obligations at home and a sense of job security. Additionally, millennial employees say they want a degree of respect, transparency and development potential in the workplace – things that tend to be valued by ambitious people across the workforce. As in the past, tomorrow’s leading real estate firms will be those that maintain an open mind and a dedication to professional development for their younger managers today.

Over more than two decades, Christopher Frederick has helped match the talents of executives with leading companies in real estate. Visit our website at www.chrisfred.com where you can find exclusive job listings for real estate professionals and read more about our one-of-a-kind approach to executive recruitment.

What to Say About Pay: Sharing Salary Information With Prospective Employers Makes More Sense Than You Might Think

Posted on September 30, 2014 by peter

It’s a situation I’ve come across several times in my recruiting practice: A company will ask a promising candidate for his or her current salary, and that professional will decline to provide it, creating an awkward standoff before serious hiring discussions even begin. At first glance, this seems like a sound strategy for employees. After all, you don’t want to “anchor” potential salary negotiations with a figure that is lower than the company might otherwise offer. Nor do you want to scare off a promising opportunity if your paycheck outstrips the current budget for the position. Yet in practice, there are legitimate reasons why being coy about past pay doesn’t always serve job seekers’ best interests.

Good Companies Bargain in Good Faith

The biggest issue is trust. No matter how you chose to approach salary negotiations, they should take place with companies you’ve thoroughly researched and whose reputations you admire. If you don’t believe a company will bargain in good faith, it’s probably not an organization you want to entrust with your livelihood. Good companies realize that they owe their success to talented people. If a business is going to invest in bringing someone onboard, it makes no sense to risk that relationship from the very beginning by being manipulative during the hiring process. Yes, there is a degree of risk in telling a hiring manager exactly what your current boss thinks you’re worth. But in all likelihood, the person conducting the interviews has hired dozens of employees before and has a pretty good idea of what you make anyway. Additionally, he or she will usually be working with a budget influenced more by the demands of the position than by the work history of the current candidate pool.

Pay is One Part of the Package

It’s also important to keep in mind the profound impact a job change can have on your life. A 40-mile commute will steal the same amount of time out of your week whether you make $80,000 or $120,000. A promotion at an organization known for grueling hours or a highly politicized culture can easily make being a manager worse than being managed. It’s critical that candidates approach a job opportunity knowing exactly how the move will advance their specific career goals and put them in a position to thrive. Employers want to invest in people who can not only handle their new jobs, but grow into more advanced roles in the future. To that end, showing interest in a job’s challenges, leadership potential, skills development and other opportunities beyond the paycheck is a great way to distinguish yourself from other candidates. Being forthcoming about your current salary is one way to do that.

You Can Still Negotiate

The primary reason my clients will ask for current salaries is to keep from wasting everyone’s time if a candidate’s pay level and qualifications go significantly beyond those associated with an open position. It’s not an effort to begin salary negotiations, as there’s nothing to negotiate before a job offer is on the table. If you feel the size of your current paycheck could hurt your prospects for a lateral career move, use this initial inquiry as a chance to ask your own questions about the position’s salary range and make clear that you’re entering the process with an open mind. If the new position represents a significant salary increase, emphasize why the responsibilities of the job and your unique qualifications justify the raise. Particularly today, after many real estate careers took unexpected detours during the housing crisis, employers are willing to look at the breadth of your career rather than the details of your last pay stub. Keep in mind, too, that the hiring process is usually focused on finding the best candidate, not necessarily the cheapest. I’ve seen plenty of companies change a job’s title, responsibilities and compensation for the right person. Even after you’ve been forthcoming about your current pay, there is always a chance to negotiate for more once you’ve convinced the company you will excel in the position. When the time comes, both you and the hiring manager should enter those discussions focused on your future, rather than your past.

For more than 20 years, Christopher Frederick has helped match the talents of executives with leading companies in real estate. Visit our website at www.chrisfred.com where you can find exclusive job listings for real estate professionals and read more about our one-of-a-kind approach to executive recruitment.

More than Another Sheet of Paper – Your resume deserves a fresh approach

Posted on May 1, 2014 by peter

Today’s executives seeking new talent can reach thousands of potential candidates online, run background checks in seconds and track down former colleagues anywhere in the world on social networks. Hiring has changed, and it’s time for the humble resume to catch up.

Whether you’re looking to stand out early in the hiring process for an advertised opening or are proactively networking for your next job, here are a few ideas to document your work history more effectively.

Set yourself apart

Perhaps you’ve seen the viral resume created by a Northwestern University junior who applied to ad agencies with customized kits of Legos challenging them to “build the perfect account service intern.” Even for professionals in a more subdued field like real estate, this provides a good example of how fresh thinking can give applicants an edge. When quantifying personal talents, responsibilities and accomplishments, bullet points don’t always cut it. But today you don’t have to be a graphic designer to visualize your career in new ways. Sites like visualize.me, resumup.com and re.vu now let anyone use graphics, charts and other visual formats to chronicle career highlights in ways that can prove more compelling than a simple sheet of paper.

Give real examples

Of course, regardless of the format, what matters most in any part of an application is the evidence it offers that a candidate can do the job at hand. Laszlo Bock, who hires about 100 people each week for Google, recently shared his best piece of advice for writing an effective resume: “Frame your strengths as: ‘I accomplished X, relative to Y, by doing Z.'”

That means being as specific as possible. Don’t just say you successfully managed a portfolio of properties for five years. How many units did that encompass, with how many people under your leadership? What sort of NOI growth did you achieve and how did that compare to your peers? What challenges did you face in that position, and, most importantly, what decisions did you make to overcome them? Take every opportunity you can when describing your work history to highlight concrete results achieved through your leadership and knowledge that managers can use to differentiate your experience from that of other applicants.

Give them what they want

Unlike an interview, the written application process offers the chance to research exactly what the company is looking for in advance. Rather than taking the same approach for every position, tailor your resume to the requirements listed in a given job description. If it mentions presentation skills, highlight the frequency and number of your in-person reports to upper management. If it mentions a specific type of property, emphasize your experience in that niche early in the resume, even if it means moving a more prestigious but less relevant job title down the list. Try to use the same terms and language as the employer to describe your work and why it’s relevant to the position. By thinking independently, focusing on pertinent examples in your work history and always keeping your audience in mind, you can change resume writing from a chore to a useful tool that shows why you are the best person for the job.

Stress or Success? Outlook makes all the difference

Posted on February 4, 2014July 12, 2017 by peter

Consider these two descriptions of real estate professionals in management: One relishes the responsibility of brokering deals with millions of dollars at stake. She untangles each snag in the process like a puzzle waiting to be solved. She’s sacrificed and worked hard for years to earn a position of trust, and she arrives at the office each morning ready to take on the challenges that brings. The other executive, meanwhile, has a tense meeting on the calendar with higher-ups who might disagree with her approach. She’s facing some tough calls that will affect real people she knows personally. Every day she’s aware that the risks involved in her decisions could derail not only a big deal, but the reputation she’s worked toward for years. As she watches the sun go down from her office window, she realizes she’s spent the last eight Saturdays at work.

It’s easy to consider the work experience of the first executive as the definition of success. Likewise, the second person comes off as struggling with a stress-filled position taking its toll. But really, these examples could describe the exact same person. In any career, and particularly in real estate, stress and success are two sides of the same coin.

Perspective counts a great deal in the development of a career and in how it affects your life. Leaders know that anything worth doing comes with a degree of uncertainty, setbacks and struggle. Becoming successful in the long run involves all of these things. The most satisfied professionals, though, use them as a source of motivation. Even when a given situation looks bad, it’s important to consider the circumstances in the broader context of your years-long effort to achieve career goals. It’s tough to remain confident all the time, but consciously managing pressure in the workplace has a significant impact on personal and professional growth.

Everyone does this differently, whether by surrounding themselves with people they trust, escaping into a hobby after hours, or volunteering to help people facing greater challenges. Regardless, successful professionals usually develop a healthy relationship with the demands of a high-stakes job and, above all, refuse to give up, even when the outlook is daunting. Most people in our industry have experienced this first hand in the last five years. As the market collapsed, staying in the game required commitment, faith in the industry, hard work and the right attitude over the long term. In my practice, for example, the challenges of this period led me to branch out into a new approach to executive recruitment as the demand for traditional headhunting dipped. With real estate finally in recovery, we’re now reaping the gains of that positive outlook and perseverance. And I’ve realized that one of the best ways to move forward is crossing the line mentally between feeling pressured at work and feeling successful when diving into the challenges at hand.

For more than two decades, Christopher Frederick has helped place leaders with some of the largest companies in real estate. To learn more about how we can enhance your next executive search, contact Chris Hingle at chingle@chrisfred.com. Or visit our website at www.chrisfred.com where you can also find exclusive job listings for real estate executives.

Step Back to Move Forward – Taking Time to Think Strategically at the Beginning of a Recovery

Posted on July 5, 2013July 12, 2017 by peter

Have you heard the news? May’s construction spending was up 5.4 percent in the trailing twelve months, driven by the strongest residential numbers in more than four years. Bidding wars on scarce properties have reemerged in once-stagnant markets. The Dow Jones U.S. Home Construction Index has jumped 75 percent in the last two years, and some builders are even having difficulty finding enough qualified tradesman to handle all of their projects.

Yet despite the headlines, caution remains the watchword for real estate companies expanding their professional ranks. The beginning of a recovery comes with as many risks as opportunities. Rebounding interest rates, for example, could dampen housing demand. Many effects of the deep federal budget cuts from sequestration won’t kick in until next year. The eurozone, which collectively represents America’s largest trading partner, reached a record-breaking 12.1 percent unemployment rate in May. To the east, concerns about China’s murky banking system and slowing growth offer another potential shock to U.S. markets, job growth and, ultimately, real estate. At the same time, those who fail to act at all risk missing another long climb for U.S. GDP growth and economic expansion. One thing is certain: The decisions of real estate professionals laying out their career plans now will affect their livelihoods for years to come.

Plan, Plan and Plan Some More

Even though we face unknowns in the economy, a well-thought-out career strategy is valuable no matter what direction the market takes. How long has it been since you considered what position you want to hold in five, ten or 15 years? What doors do you see opening as your skills advance, and what opportunities do you see expiring as you move further into a single specialty? Are there things you know you will regret missing if you don’t act, such as starting a business of your own? The simple act of thinking through questions like this, sharing them with your family and discussing them with your mentors can put you in a position to act with confidence when a new job or business opportunity emerges unexpectedly. Build your professional network accordingly. Once sales pick up, new positions will emerge quickly as firms position themselves to expand. Be ready.

Patience Pays

Optimism about the economy and confidence in your career should help you work harder to reach your goals. Just don’t let anticipation built over a long recession push you into rash decisions. Even if you’re dissatisfied with your current work, take a hard look at all the options available before you make overtures to your contacts about jumping ship. Even if an exciting new opportunity emerges, carefully study the company’s prospects and business plan to ensure the position has a high likelihood of getting you where you want to be. Finally, don’t settle. If a position with a moderately better paycheck comes along – even if it’s been a long time since you’ve had a job offer – go back to your long-term plan and ensure the move is worth the risk of missing a better opportunity next month. Those who plan with patience today will find themselves at the top tomorrow.

For more than two decades, Christopher Frederick has used its deep recruiting experience and digital network to help connect the leading people and companies in real estate. To learn more about how we can enhance your next executive search using our unique method of digital recruitment, contact Chris Hingle at chingle@chrisfred.com. Or visit our website at www.chrisfred.com.