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The strong surge in the U.S. economy during the final months of 2014 continues to fuel the growth in RETS’ business as 2015 begins. Even the traditionally slower December-January time frame remained active, and RETS finished the year with a record-breaking total of more than 450 searches.  The strong economic recovery, which began gaining visible traction in 2011, has opened fresh opportunities for both job seekers and the organizations in need of top talent. A look at the five-year patterns shows that specific search segments within the industry have varied, but overall demand in most markets has grown at a healthy rate.

The robust job market has had two dramatic effects as firms compete to hire the best candidates: compensation packages have increased dramatically,  and the selection process must be speedy and efficient. Top candidates are receiving multiple offers, so companies must define and refine their candidate selection process and be prepared to move quickly.

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Through the first five months of 2014, RETS has surpassed all previous hiring metric records in our 13 year history!  In the past, the number of job searches were typically lighter during the first and last quarter of the year, but since 2010, RETS has seen a 248% increase in its Q1 job searches – that is an additional 87 searches in one quarter. Our record also indicates that our overall number of searches have almost doubled from 2010 to 2011 and then increased an additional 21% from 2012 to 2013. This confirms that the economy is continuing to grow and business opportunities are flourishing.  A few highlights:

DIRECT AND EXECUTIVE RECRUITING

Going into 2014, RETS has continued seeing a rise in direct (permanent/full time) recruiting; in fact, in comparison to this time last year, there has been a 32% increase in the total number of direct hire positions being filled. “It is clear that the market for talent is extremely active and those clients that have a defined and efficient hiring process are the ones that are securing the best talent,” says Kent Elliott, a principal of RETS. “A perfect example of this is a CFO search that RETS completed in the Bay Area (May 2014). The client interviewed 5 candidates over a three day period, narrowed it down to two candidates, and then the selected candidate accepted the offer within a couple of days.”

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RETS ended 2013 with a bang as it was one of their busiest years yet! Throughout the companies’ 12 year history RETS has consistently seen a decrease in searches starting after Thanksgiving and lasting through the end of the year. This was the first year that no drop-off in hiring was witnessed and business continued without skipping a beat. RETS ended 2013 at an all-time high and closed out the year with 434 searches compared to 360 in 2012…an increase of 21 percent! Hiring has continued to increase for the past two years and the company has tracked the uptick in searches dating back to April of 2011. This past year RETS concluded Q.4 13 with 91 searches, compared to 73 in Q.4 12, showing that the economy is continuing to improve.

DIRECT AND EXECUTIVE RECRUITING

Going into 2014 RETS has continued to see a trend in hiring financial analysts and VP level positions. In 2013 RETS completed 47 financial analyst searches, marking a 50 percent increase from 2012. RETS’ 2^nd annual Financial Analyst Survey also concluded with twice the number of participants from 2012, giving the company a deeper understanding of the expectations financial analysts have for their careers. Along with financial analyst positions, RETS has also seen a rise in hiring VP level candidates in construction and development.

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Across the board, this year has been the busiest in the 12-year history of RETS. Our clients, whether publicly traded or privately held, have aggressively hired to fill open and newly created positions. Through Q3.13, RETS has overseen 344 searches, which represent a 20 percent increase compared to the same period in 2012. In September alone, we conducted 50 new searches, our highest number for a single month ever! In response to tremendous growth in search volume in the Pacific Northwest, we established a beachhead in Bellevue, WA to serve clients in the region.

INTERIM RECRUITING

There has been ongoing strong demand for interim recruiting. Total hours billed through Q3.13 is 33 percent higher compared to the same period in 2012. The property management segment continues to be the highest demand for interim recruiting as a direct result of the increase in acquisition/disposition activities in the market. Clients have turned to interim recruiting to handle just-in-time delivery of talented professionals to fill positions for three to six month periods. “Since March, we’ve seen a dramatic rise in the number of interim recruiting searches, as the economy continues to improve,” says Kent Elliot, a principal/partner of RETS Associates.

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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  – 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.

INTERIM RECRUITING

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.

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Despite a Presidential election on the horizon, ongoing economic uncertainty, a broad emphasis on debt reduction and the threat of a fiscal cliff, hiring for real estate positions in the western U.S. in 3Q12 was very strong with approximately 100 new searches from clients. RETS averaged about 100 searches from clients in the first three quarters of both 2011 and 2012. Hiring typically slows down in Q4 (64 searches in Q411 and 74 in Q410). Given the aforementioned influences, Q412 is projected to match Q411 and Q410 levels.

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In the past 12 months, there has been a jump in the demand for financial analysts; however, there has been some is connect between what the real estate industry expects in regards to financial analysts and what actually drives and motivates today’s analysts. RETS Associates conducted a 10 question survey among financial analysts ranging from entry level to senior analysts.

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