The Candidate is in Control!
What has become readily apparent in 2013 in the primary real estate markets on the West Coast is… the candidate is in control! The switch from the employer holding the majority of the negotiation leverage to the candidate holding the leverage began early this year. Employers beware – you will need to be aggressive in your negotiations with candidates. RETS handled 110 searches in Q1.13 (bar graph) – this is the highest number in the 12-year history of the firm – representing a 24% increase in searches handled to Q1.12. The pace of new searches in April and May 2013 followed at the same level as Q1.13.
The available pool of candidates interested in interim positions continues to dwindle as talented, unemployed professionals are re-hired. The demand drivers for interim recruiting are: 1) due diligence needs for acquisition/disposition activity; 2) companies with open positions that they are unable to fill in a timely basis; and 3) employers faced with employees having short to medium term medical conditions. “The RETS team is operating at an all-time high YTD 2013 in terms of interim recruiting. Now is a great time for professionals who would like to do interim/consulting work. For employers, you need a recruiting firm to reach this limited group of talented professionals,” says Kent Elliott, a principal/partner of RETS Associates.
DIRECT AND EXECUTIVE RECRUITING
REITs and well-capitalized private firms continue to be very active in hiring. “The clients that have a defined hiring process, move in an efficient manner and have the ability to structure a competitive compensation plan are the ones that are hiring the top candidates who are seeing multiple offers,” says Jana Turner, a principal/partner of RETS Associates. “An employer’s ability to offer long term stability and upward mobility makes these firms attractive to employees.”
1. Demand from employers to hire asset managers and financial analysts is 50% higher YTD 2013 (May 31) than 2012.
2. There has been a 68% increase in searches in Silicon Valley YTD 2013 (May 31) compared to 2012.
3. Demand for interim talent continues to be extremely strong with a 25% increase in billable hours YTD 2013 vs. 2012.