A common misconception when it comes to the hiring process is that compensation is the most important attractor. However, this is one small piece of a much larger puzzle, says Tim Shine, principal at Shine Associates.
Through observations from clients and candidates, Shine Associates, a Boston-based exclusively retained search firm dedicated to the real estate space, has gleaned that compensation is actually ranked third, fourth and sometimes even fifth for some jobseekers. Instead, when choosing whether or not to accept a job, what Shine refers to as “softer issues” within an organization are often a bigger consideration.
“Most people think that in order to retain talent, the number one concern of most candidates is compensation, but that is typically not the case,” explained Shine in a video interview conducted with IREI earlier this year. “Typically, our candidates are looking for a career path. They're looking for communication. They're looking for upward mobility. They're looking for a lot of those softer issues within an organization, so that they can really take full advantage of their career path.”
According to Shine, the responsibility of attracting and maintaining good talent falls on the employer. When it comes to attracting new talent, Shine noted, employers need to make sure the candidate really understands the position they are applying for, as well as the overall context of how they fit into the organization.
In addition, employers need to have a well-honed interviewing team and develop good questions to maintain consistency about what they are looking for from their employees. Shine also encourages employers not to lose sight of the excitement factor—that is, make sure the person is excited about the position, as well as what their career trajectory will look like in joining the firm.
The art of retaining existing talent requires as much effort as attracting it. Shine urges employers to practice good communication and provide constant feedback about how employees are performing with an organization. Above all, he advises employees to remember that people are the most important assets of a company.
“Most of us are in the acquisition business—we know what it's like to acquire a new piece of property, and we take that very seriously,” noted Shine. “We need to do the same thing when we're hiring what is our number one asset, which is our employees within the firm.”
Watch Time Shine’s video interview: