According to the most recent National Association of Realtor’s report, millennials are the future of CRE technology. The main reason behind this is that millennials are more in touch with current technology and innovation. Because of this, millennials are in high demand and for companies that want to remain relevant in the industry, it is important to know what millennials bring to the table and how to attract them.
What Happened to the Talent Pool?
In recent years, a trend in the industry has been to look outside for technology talent, fueled by an increase in the demand for data and analytics expertise in nearly every industry. In short, the talent pool is running dry. This has created a type of position that is hard to fill as well as retain. As a commercial real estate brokerage, it’s important to maintain a consistent staff of technologically-inclined individuals, since the databases and software used by brokers and agents are integral to the success of any given transaction. Keeping those systems up and running smoothly should be a main priority and you’ll need to hire top CRE tech talent to stay relevant for long in the industry. As a result, the battle for finding and keeping good talent has become much more cut-throat than ever before.
Why Millennials are More Relevant
Millennials are driving a paradigm shift, according to the report. This shift focuses on an increased pace of innovation, a high demand for better data, more complex metrics, greater capabilities, and more intelligence. All of these components of the changes in the industry lead to more dependence on millennials as a job group. This generation is highly integrated into all of these components of the paradigm shift because they are better educated in technology as a whole and tend to be early adopters. Millennials are certainly playing a relevant role now for the industry, but their youth means they will also be its future. This trend towards hiring millennial talent isn’t just relegated to the commercial real estate industry, but rather has spread across all corners of the business world. This has lead to much more competition and learning the importance of providing more than just a decent salary (e.g. perks, opportunities, etc.) to potential applicants is crucial.
What Millennials Want
Millennials are a generation that are still a mystery to many companies. In terms of work style, they have many preferences that are different from other generations. Now more than ever, CRE brokerages need to understand what millennials want so they can craft more attractive job offers. Millennials do not just look at the job as their deciding factor. Instead, millennials are more interested in learning about the perks of the job. Benefits like having a relaxed work/life balance, an open remote work policy, and a culture of innovation and collaboration are more important to a Millennial applicant than to any previous generation. They want to have some flexibility in where they will work every day, whether it is from home or in the office and if they will be able to collaborate. They want to know that they will get good health insurance and a way to save for retirement. It is not just about the job and the salary. For millennials, it is about much more and to be successful in attracting this young talent, this is a key component that must be understood.