The commercial real estate labor market is going strong, and job candidates have plenty of opportunities to choose from. And thanks to this tight labor market, job seekers are disappearing from the hiring process, without a word, at higher rates than ever. This trend is happening across all industries and occupations, causing CRE market analysts to ask: Is this the new normal in a competitive job market?
According to the US Bureau of Labor Statistics, unemployment in the real estate industry hit an all-time low in May at 1.9% and is now sitting at 2.3%. This is even lower than the national current unemployment rate which is hovering at 3.7%. Additionally, the commercial real estate industry has seen employment growth of 2.7% on average over the past five years and is projected to continue this trend.
Due to the strength of the CRE job market, we are seeing a surge in “ghosting.” According to Urban Dictionary, ghosting can be defined as, “the act of suddenly ceasing all communication with someone, in hopes that they will ‘get the hint’ and leave the subject alone, as opposed to simply telling he/she is no longer interested.” We see candidates losing interest in a job and bailing out of the interview process without giving any notice! And it’s not just young, inexperienced professionals driving this trend. The median age of candidates who ghost is 34, and 70% are employed in full-time positions, according to a recent Indeed survey. One of the most common reasons for job seekers “ghosting” is because they received a better offer with competitive pay and compensation.
Ultimately, workers are gaining confidence in their abilities to find a new job with today’s record-low unemployment rates. However, job seekers must beware that even though the job market is great right now, it won’t always be this way. Employees beware… ghost an employer and you’re putting your reputation and personal brand on the line. No matter the circumstances, it’s important to remain professional and to be as communicative as possible.
So….. To all job seekers,
Once you’ve received your ideal job offer or if you’ve had a change in heart, make sure to take the time to make the “break-up” call or at least send an email! This brief courtesy will go far, and it’s worth it in the long run. Whatever you do, don’t just ghost & NOT show up. The last thing you want to do is burn bridges, especially in an industry like commercial real estate where relationships and connections can be critical to your success in the future.
Berkeley Davis, Managing Director, About Berkeley