BOSTON — Sperry Van Ness International Corporation, a full-service commercial real estate franchisor of the SVN® brand, has just released a new and intriguing report on how employers in the commercial real estate (CRE) industry and beyond, can attract and retain Millennial talent.
The Millennial Commercial Real Estate Career Study (The SVN® Study) was conducted in November of 2015 by SVNIC COO Diane Danielson as part of the company’s on-going efforts to assist their independently owned and operated offices to recruit top talent and diversifying their companies.
For the SVN® Study, members of Generation Y, (born between 1980 and 1995), were surveyed in the United States, Canada and South America about careers, specifically asking about commission-based jobs and what factors they look for when choosing future employers. The SVN® Study found 10 specific recommendations to expand the CRE industry’s undiversified and aging base, including data to support them.
“Business demographics are changing around the globe. Commercial real estate needs to better represent our changing client base in order to better represent those clients in the market. We need to recruit and develop leaders from 100 percent of the population, not just the 50 percent who are men,” says SVNIC President and CEO Kevin Maggiacomo.
Danielson, the author of the study adds, “Generation Y wants to work as hard to advance their careers as any other generation. They are, however, questioning artificial parameters like mandated office hours while at the same time pushing companies to be inclusive, transparent and collaborative.”
The SVN® Study outlines how companies can appeal to Millennials through: expanding commission-based recruiting pools, creating collaborative work environments, diversifying across all levels, ensuring ethical and transparent practices, creating clear paths for advancement, providing flexible work hours and locations, incorporating conscious capitalism and engaging in ongoing dialogues. As the industry eyes the future leaders of tomorrow, the SVN® Study insights will be crucial for CRE firms who want to thrive over the next 10 years.