First-of-its-kind Survey for Real Estate Indicates 71 Percent of Millennials Actively Searching for a New Position, Despite 60 Percent Claiming to be Satisfied with Job
NEWPORT BEACH, Calif. – November 18, 2014 – RETS Associates, the premier commercial real estate recruiting firm on the West Coast, announced the findings of its inaugural Millennials in Real Estate Survey, revealing that growth potential within a company was the highest-ranked consideration among millennials when considering a new position, even ahead of compensation and location. More than 160 diverse millennials (born after 1990) who work in the real estate sector across the nation were surveyed on their position, career advancement, qualifications and more.
“In every other age category, compensation is the clear top consideration during job search; however, millennials have a different outlook,” said Kent Elliott, principal of RETS Associates. “Employers in real estate will need to understand how to encourage and facilitate job growth among today’s generation of workers or risk losing the top talent, as millennials are prone to keep their options open through interviewing and networking.”
Survey results indicated that more than 70 percent of respondents said they have been actively pursuing a new job, and 50 percent claimed to have gone to at least three job interviews in the past year. “Less than five percent of the respondents were unemployed, meaning that the millennials who were surveyed are looking while they have a position,” added Elliott.
When asked how long they foresee staying with their current employer, 49 percent of respondents indicated less than three years, with 26 percent expecting less than one year. However, more than 60 percent said they were satisfied with their current position despite actively looking for better offers and participating in job interviews.
“The survey results demonstrate an interesting duality that most millennials seem to be satisfied with their current position, but their expectations for longevity at their employer are low,” said Elliott. “It seems to indicate that millennials simply accept the fact that they will move on from a job in a shorter timeframe, which puts the onus on employers to offer high-performing millennials the incentives and opportunities for growth that will promote their retention.”
About RETS Associates:
Founded in 2002, RETS Associates is the West Coast’s premier firm specializing in the recruitment and staffing and placement of interim, permanent and executive positions in the commercial real estate and financial services industries. RETS Associates’ clients include REITs, developers, investors, pension fund advisors, operating companies and real estate services firms doing business in property management, facilities management, corporate services, and brokerage sales and leasing. For more information on RETS Associates, please visit www.retsusa.com.