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LEADERS ARE SEARCHING FOR ANCHORS AS THEY STEADY THEIR CORPORATE SHIPS IN RESPONSE TO THE NEW NORMAL BROUGHT ABOUT BY RECENT ECONOMIC CHALLENGES. FORTUNATELY THE FORECAST IS BRIGHTER AS EMPLOYMENT STABILIZES. BUSINESSES RECOVER AND ORGANIZATIONS STRATEGICALLY GROW THEIR WORKFORCES. A RECENT TALENT SURVEY BY AON HEWITT SHOWED THAT 45 PERCENT OF RESPONDENTS ANTICIPATE SLIGHTLY TO SIGNIFICANTLY GREATER HIRING VOLUMES IN THE COMING YEAR. WITH AN INCREASED FOCUS ON THE QUALITY OF CANDIDATES.
This increase in hiring means that companies are now competing on the basis of the skills and talents of employees. Companies are discovering that by attracting and retaining the best and brightest employees, they can achieve higher-than-average market share and elevated profits. As a result, the word "talent" is now being more narrowly defined as a core group of leaders, technical experts and key contributors who can drive a business forward. Companies that have systems and processes aligned to business outcomes are adapting and doing well navigating the waters of talent acquisition. The real estate industry is in a talent crisis largely due to a reduction in available talent, a fragile platform to retain outstanding talent, escalating employee turnover and fragmented human resource strategies-including compensation and benefits.
To succeed in this new world, companies such as those in the real estate industry must develop an integrated talent management framework that closely ties to business performance. Organization leaders must pay greater attention to employee engagement-which will increase customer satisfaction, reduce employee absenteeism, reduce workplace accidents and increase employee creativity and productivity-all of which combine to make a more profitable enterprise. Employee engagement is one of the few determinants of profitability that is largely within an organizations control, so a fully integrated talent management framework becomes crucial for the organization as a whole.
EMPLOYMENT TRENDS
The U.S. Department of Labor predicts U.S.-based employers will need 30 million new, college-educated workers in the next decade, while only 23 million young adults are expected to graduate from college between now and 2020. Fast-breaking technological breakthroughs in products and services will create a demand for new jobs requiring complex skills. Employees in highest demand will be technologically literate, globally astute and intellectually curious.
Meanwhile, as baby boomers leave the workplace, they are taking with them the depth...
