As real estate talent management specialists, deverellsmith are acutely aware that the ability to balance the needs of attracting and retaining talent, along with fiscal responsibility of your company, is a key priority for anyone who runs a real estate business.
During the current COVID-19 pandemic, with many businesses having to make difficult decisions about their cost base, and labor often being the largest single cost they incur, having a handle on your employee compensation has become even more crucial.
- Pay too much and you could be achieving a poor ROI and put unnecessary strain on your finances, especially when market conditions turn
- Pay too little, or offer an uncompetitive benefits package, and you risk not being able to attract top talent whilst also losing your best people to your competitors
How you choose to compensate your employees can not only have an impact on your finances, and your ability to attract and retain staff, but also on your overall company culture.
Compensating people on the wrong outputs can also be detrimental to your brand reputation and customer service, especially in sales-based roles where individuals might put their own desire for compensation ahead of the customer’s experience.
But finding out what is competitive, and how people can best be compensated to drive output and customer satisfaction, can be tricky!
Businesses in the same sector can operate with very different internal promotion criteria and job titles – one firm’s Managing Director is another firm’s Vice President, with potentially widely different responsibilities and compensation.
Firms like Glassdoor and Payscale have come onto the scene but do they really paint an accurate picture, and give you enough detail and insight to make crucial decisions about your own employee compensation?
deverellsmith’s Compensation Benchmarking service uses a specialist team of Data & Research (D&R) consultants. Our specialists enable data mining across 000’s of industry professionals, extracting the most valuable insights, giving you forensic evidence and clarity of current and future talent pools.
Our service will provide:
- Comfort you are competitive and able to attract top talent with competitive compensation packages
- Reassurance you can mitigate risk of losing staff to competitors based on compensation
- Clarity for key decision making around promotions and internal mobility
- Control and focus to budget and cost planning
- Savings in managing staff costs and avoiding wage creep/over inflation
- Continuity in building staff loyalty and improve business culture
Compensation and Benefits are a key component of talent management within your business but how you communicate this, along with your company’s overall culture, to current and potential employees is paramount too.
Next week Hamish Lowe, Managing Director of our Houston office, will be talking about how having a strong employer brand is crucial to the success of your business.
Chris Long is the Vice President of deverellsmith’s New York office, having spent the past 9 years with the company in London and now the US. During this time he has executed a high number of executive level searches across the real estate sector.
Before leaving to start up our NYC office, Chris also spent 4 years as deverellsmith’s Talent Director, managing all of the firm’s internal recruitment, training and culture development.
During this period, the company enjoyed a period of substantial growth, and was named The Sunday Times 8th Best Company to Work in the UK and the #1 Place to Work in the Real Estate sector by Property Week magazine.