griebcw1, Author at Building Careers

Actionable Steps to Establish an Employment Value Proposition

There’s a hot new term in HR that employers are focusing on to hep give them an edge over competitors in the hiring war. In commercial real estate, hiring and retaining superstar talent can be essential to long-term success. So, it makes sense that businesses in this field are asking about how to improve their employment value proposition to attract better candidates.

Just What Is an Employee Value Proposition?

This term is relatively new, but the concept is as old as time. So, just what is an EVP or Employment Value Proposition, and what does this mean exactly? In short, this term envelops the sum total of the value your organization can provide to potential employees. From the salary to the benefits to the workplace culture and employee development opportunities, your company benefits your employees. In exchange, they provide you with their skills, knowledge, and time.

But why should they?

What sets your company apart from all the other organizations in the commercial real estate space? That’s where your EVP comes in. It’s essentially your brand, but measured in the value you provide employees in exchange for the value they provide to the company.

How to Craft an EVP

It’s not as simple as setting a high salary and calling it quits. The fact is, CRE compensation is still on the rise. So, if that’s your only focus, you could be burning through a lot of capital to keep up. There are several key components that make up a vibrant employment value proposition, including:

Compensation
Benefits
Stability
Respect
Location

These form the core of your employer brand and represent a promise to your workforce. To attract high-value candidates to fill your openings, it’s essential to craft an attractive EVP. Here’s how to go about it:

First, identify what sets your company apart. What are your unique selling points? Why would a potential employee want to work for you over another group?
Second, brainstorm to get a grasp on employee needs. What do employees want from a job in your field? How can your company empower people to meet these aspirations?
Next, incorporate your company’s mission and goals. Your employment value proposition should be closely aligned with your values and culture to show potential hires with similar values the benefit of plugging in there.
Then, review for integrity and authenticity. Is your company’s work schedule flexible? If not, don’t say it is.
Next, be tangible where possible. Put your value in their hands. Have you included everything that is relevant to their desired value, like PTO, learning opportunities, bonus structures, etc.?
Lastly, it’s important that your business communication effectively showcases your employment value proposition. Is it relatable? Is it compelling? Bring it to life with testimonials and specific examples.

Review for Success

Now that you have your EVP established and crafted, what next? Well, an employment value proposition isn’t a static thing. It needs to be reviewed and updated often for ongoing hiring success. Measure results and get feedback. This enables you to rethink your EVP and adjust for changing times and needs.

As you follow these actionable steps, you may find your proposition focuses too much on collective benefits and not enough on individual value. Or you may find too much emphasis on material value instead of the non-tangible benefits. Keep adjusting.

This continual cycle of reviewing and improving can help you craft an attractive employment value proposition that gives you a competitive edge for many years.

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Prepping for the “Why Do You Want to Work Here?” Question

Blog, Interview Tips, Job Search, Set Yourself Up For Success

All right, you’re well underway in your search for a new job, and you even have an interview (or a few) on your calendar. As you’re preparing for your interview, you think of one question you just know will come up: “Why do you want to work here?” Hopefully you’re interviewing with a company that has a mission you believe in, but if not, it’s wise to have a good answer for this question before you sit down with a hiring manager. So, what’s the best way to answer “Why do you want to work here?” Keep reading! I’ll share a few tips and scripts to set you up for success when it’s time for you to answer this common interview question.

The Reason Behind “Why Do You Want to Work Here?”

When you’re preparing for a job interview, no matter what the company does, you can expect a few of the same questions. Aside from the classic “Tell me about yourself?” question, another predictable question you’ll hear during an interview is, “Why are you interested in this position?” Employers ask this to find out how much you really know about the company and position and to see if you’d be a good, long-term fit—for the culture and for the position. They’re looking for the right fit just as much as you are, and they want to offer a job and invest in hiring someone who’s prepared and ready to take the reins. They’re also curious about how well you explain yourself and the connections you see between your top skills and passions and what the company needs from its team.

How to Answer “Why Do You Want to Work Here?”

This is one of the most popular interview questions, which is good news because you know it’s coming. You can research and prepare a great answer ahead of time—one that will set you apart from other job seekers and position you as an excellent candidate for the role.

So, when you’re planning how to answer “Why do you want to work here?” keep these points in mind:

1. Talk About the Company’s Mission

It’s easy enough to explain why you’re looking for a new job, but if you can explain why you’re excited about the company’s mission, you have a better chance of standing out in the interview process. Research the company’s mission and vision statements on their website for more information.

2. Be Honest About What You’re Looking For

But not too honest. You don’t want to bash your old company and use this new opportunity as an escape hatch. Instead, explain how this new role could be a great fit for your long-term career goals. Keep it positive. Review the job description and see how your skills and goals match up with what they’re looking for.

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How To Hire the Right Candidate

Ask An Expert, Blog, Employers, Interview Tips

Is the candidate sitting in front of you right for this job? How do you know if you are going to hire the right candidate? How do you know when market conditions are so volatile, it’s hard to predict all the qualifications and attributes you’re going to need six months or one year down the road?

As the world of work is changing — constantly reorganizing, fragmenting, and requiring market reconceptualization – you’ve got to ask the right interview questions as well as internal questions to see if the candidate has the attributes you need to grow your business and adapt to constant change.

Tips To Hire The Right Candidate

Old command and control work environments didn’t demand the kind of flexibility, adaptability, and broad business knowledge that new dynamic work environments do. Desirable candidates, even ones who have the right qualifications, must be flexible, rapid, and eager learners. Here are some questions you need to ask.

Are They Highly Adaptive?

You want someone who is fleet on their feet in adapting to changes in the work environment, since right now change is the only constant in most organizational systems. Can the candidate offer you examples of how they were able to grow, shift, and evolve to workplace change in their last position? Adaptability, the capacity to take on new roles and embrace new ways of thinking, are critical when the winds of the economy swirl.

Do They Ask Worthy Questions?

Everyone knows you need to come to a job interview having researched the position. But once they’re in the interview, what do they “hear” about the business or your work? Are they able to listen, synthesize and ask thoughtful questions about the heart of your business? Great interview questions from the candidate can tell you a lot about how a candidate thinks and whether they will be able to diagnose a market problem as it is occurring, and respond to it.

Are They Curious?

What else do they want to know? Are they lit up with questions? In a new book about curiosity, Todd Kashdan notes that curiosity is about “appreciating and seeking out the new. Instead of desperately seeking certainty, it is about embracing uncertainty.” Because a great employee now needs to be a great learner, being voraciously curious is key to high productivity and breakthrough thinking.

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2023 Business Women of the Year Awards

Leave a Comment / Awards and Recognition, Blog, Building Careers

Congrats to Building Careers’ very own Carly Glova on being awarded a Business Women of the Year 2023!

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Feeling Stuck In Your Career? Let’s Change That.

Ask An Expert, Blog, Set Yourself Up For Success

According to a study by Oracle, more than 75% of people feel “stuck” personally and professionally. There are a wide variety of reasons you might feel stuck in your career. Maybe you’ve worked in the technology industry for years when you don’t even have a passion for it. Or you’ve remained at the same company for decades because the pay and benefits are great, yet the work doesn’t energize you. As time goes on, those “golden handcuffs” slowly tighten. You may even feel like something is missing or holding you back from having greater satisfaction. If you’ve been struggling with the feeling of being stuck in your career for a while, it’s a sign that it’s time to do something about it.

Yet, change is always difficult, even if it’s for the better. That’s because humans don’t like uncertainty. We’re hardwired for survival and prefer to know what’s coming next. Over time, too much uncertainty causes anxiety and eventually turns into full-blown fear. But uncertainty can be redefined to work in your favor. As Eckhart Tolle wrote in his book, A New Earth: Awakening to Your Life’s Purpose, “If uncertainty is unacceptable to you, it turns into fear. If it is perfectly acceptable, it turns into increased aliveness, alertness, and creativity.”

Stop Feeling Stuck in Your Career

You need to make a critical decision. Do you want to settle for the life you have now or take action to create the life you deserve? If you’re ready to break free, here are some ways to stop feeling stuck in your career.

Gain Some Perspective

One of the first things you should do is determine why you feel stuck in your career. Is it because you always seem to be passed over for a promotion? Or maybe your salary and benefits are so attractive that you find it hard to leave—even though you don’t feel challenged. Whatever the case, do some soul-searching, so you understand what is potentially lacking in your life.

Understand Your Values

People are happier when their value system aligns with their careers. In fact, job satisfaction is determined more by how your values align with your work environment than by any other factor. Therefore, it is important to analyze your work values to clarify your priorities.

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How to Weather a CRE Recession

Blog, Industry Insights

It’s no secret that things haven’t been great for commercial real estate for over a year. Since at least 2022, a cooldown has been in the forecast. Higher interest rates and other developing factors have led many to ask if a recession is coming for the CRE industry and the US economy at large.

In the world of CRE, recession could mean anything from a collapse to minor correction. Understanding the trends and how to stay ahead of them could be critical. Here’s what we think you should be paying attention to.

Is Commercial Real Estate Facing a Recession?

The US commercial real estate market is valued at around $21 trillion USD, but it faces challenges amidst rising financing costs and increased vacancies. Historical patterns suggest the market may be moving through denial, migration, and potentially panic phases.

Transaction volumes have decreased over 2023, and spreads between buyer and seller expectations have widened. Notably, the office market, estimated at $3.2 trillion, faces a significant shift due to remote work trends, with approximately half of office buildings currently occupied.

The 2020 crisis changed the way we work, introducing new patterns into real estate demand. This was exacerbated by changes in retail demands, leaving vast office spaces underutilized. Of course, this poses a risk of foreclosures, layoffs, and economic downturns, impacting property values.

However, while these factors are certainly not good, they don’t mean the sector is crashing. Is a recession on the horizon? Quite possibly.

Nevertheless, some point to positive signs like the robust millennial population, the global economic influence of the US market, and the potential for lifestyle revolutions through remote work, technology shifts, and others. These all indicate potential resilience in a downturn.

How Would CRE Be Impacted?

Recognizing fundamental shifts is crucial for navigating the CRE landscape. There is much reason to believe a recession is developing in the near future. It may be severe, mild, or it might even be years away. But whatever challenges exist, systemic strengths and optimistic prospects for the future suggest the risk lies more in missing strategic moves than in an imminent recession or market collapse.

If a recession does come due to increased interest rates, it will likely come in the form of a moderate downturn driven by weakened fundamentals and higher capital costs. But it will have far reaching ramifications. Lower asset values may also play a role.

The impact on the office sector could be significant, as hybrid working trends reshape demand, requiring adaptation in cities and the real estate industry. However, certain sectors, like data centers and industrial real estate, may show real resilience.

While a recession could mean reduced real estate investment and leasing activity, there are also positive signals. The market is not over leveraged, there is a strong balance sheet, and growth drivers such as the digital economy and reshoring of manufacturing can minimize damage. That said, it will likely continue to be a buyer’s market – something CRE professionals have not seen for a decade.

Geopolitical improvements, such as the end of the Ukraine-Russia war, could ease the recession’s impact, with falling commodity and food prices and increased stimulus in the Asia-Pacific region. Still, there is risk going forward, and CRE firms should be cautious. A 2024 recession could reshape the CRE landscape, impacting asset values, demand patterns, and investment dynamics.

Resilience Measures You Can Take

Whatever the future holds for commercial real estate, there are some common-sense steps to help you weather a storm.

1. Keep Cash Flowing

Make sure you’ve got some cash on hand or easy access through credit lines when banks tighten up during tougher times. Having a financial safety net to cover gaps and grab opportunities that may pop up can set you up for success in a CRE recession.

2. Lighten the Load

Don’t let high debt levels knock you out during a downturn. Deleverage, even if it means selling assets. This creates resilience and increases flexibility.

3. Smart Loan Moves

Refinance any existing debt to give yourself more runway. Push those big payments five to ten years down the road so you can handle any bumps along the way. Try to negotiate upfront on what happens if things don’t go as planned.

4. Hold Off on Big Projects

Don’t dive into major projects that need lots of cash. When banks stop lending and owners can’t refinance debts that come due, it’s smart to have wrapped up big projects in advance to minimize risk exposure. You don’t want to be delivering a big project in the middle of a crisis.

5. Bet on the Winners

Focus on investments that can weather the storm. Stay away from properties that might become obsolete, like old industrial spaces and offices with less-than-ideal features. Keep an eye on developing industry trends and changes happening in the industrial, retail, and office spaces.

In short, take steps now to minimize the blow of a downturn or recession.

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How To Explain Your Career Change in an Interview

Ask An Expert, Blog, Interview Tips, Set Yourself Up For Success

There’s a pervasive and convincing lie circulating through colleges and workplaces everywhere: You get an education in a certain field (formal or otherwise) and then work in that field until you retire or collapse on your desk one day. A career change is not an option.

Unfortunately, this belief causes a lot of distress for people who desire a career change. They believe they’ve invested their resources in a certain area, and shifting to a new field means starting from scratch. Yes, this process often does mean backtracking at least a bit. But it’s not like you revert to being a newborn. Making a change simply means applying your knowledge and experience to a new area and filling in the gaps as needed.

How to Positively Explain Your Career Change

Thankfully, landing an interview means you succeeded in selling your experience on paper, so you’re well on your way in the career-changing transition process. Now, your job is to help an employer see the value that your experience will bring to the team. Read on to see how you can do exactly that.

1. Know Your Worth

If you’re going to convince a new employer you’re the best candidate for a job, you have to believe it yourself first. When you value yourself, you start to describe your work history and experience in another language. Start by writing out everything you do, in detail. Include all of your tasks and your accomplishments. This will help you to see your experience in a fluid way that can apply to many settings. You weren’t a “customer service representative for Caris’ Cupcake Emporium;” you were someone who “assisted customers with orders, promoted new products and services, and addressed customer complaints professionally.” Learn to spin your past positions in this way, and you’ll find it much easier to explain how your work history lends itself to the transition you’re seeking.

Examples paint a picture of your experience and abilities for an employer, versus answering questions with a hypothetical, “Well in that situation, I think I would…” With a career change in particular, examples help an employer understand how your experience fits into a new role.

So when asked about working with customers, for example, incorporate an anecdote about your interactions with people from your current or previous jobs, even if those people weren’t customers, per se. Then, explain how you would put that experience to work in your new role. The skills you used to manage conflict with a co-worker or to explain a difficult concept to management are the same ones you would use with customers, after all. If asked about problem-solving, talk about a time you actually worked through a conundrum or came up with an innovative solution. Even if the industry was entirely different, the ability to think critically and problem-solve speaks volumes of your competence level. When you provide examples, an employer knows you’ve actually done the things you’re claiming, and that ought to give you a leg up in the interview process.

2. Provide Evidence of Experience

Go out of your way to show an employer—literally—that you’re capable of taking on this new role by bringing evidence with you. This might include sample work, training certificates, or a mock grant proposal, marketing plan, or something else that makes your abilities concrete. Are you shifting into a writing-heavy field like communications or journalism? Bring writing samples. It’s OK if you haven’t written a news story; a well-written annual report still demonstrates your mastery of language and ability to weave complex details into a coherent whole.

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Looking to Support Your Working Parent Employees? Here’s How!

Blog, Set Yourself Up For Success

Working parents are still struggling post-pandemic. According to Pew Research, about half of them said the pandemic has made it harder to manage childcare responsibilities. Working mothers in particular, reported experiencing professional hurdles such as feeling like they couldn’t give 100% at work or needing to reduce their work hours due to parenting responsibilities.

Even as the country has returned to pre-COVID protocols, working parents and employees with family responsibilities are still dealing with COVID complications, such as long absences from work and school when someone in the family gets COVID. This is in addition to everything else that parents and caregivers are juggling.

If you’re looking for ways to retain and support your working parent employees and caregivers, here are some benefits you might consider:

Flexible Options

It can’t be stated enough: flexibility is crucial for anyone managing responsibilities outside of work, whether that’s children, aging parents, or even a pet. Unless you’re a business that requires dealing with customers or on-site work, giving working parent employees the freedom to complete their work on a schedule that works for them is a key benefit.

Stipend for Remote Work

A stipend that allows your workers to purchase supplies that make it easier for them to work remotely can increase their efficiency at home and make things easier. For instance, a parent working from home could benefit from things like a divider, noise-canceling headphones, a good microphone, or even a seat cushion that makes their chair more comfortable.

Offer Flexible Time

COVID-19 hasn’t gone away completely and may have a resurgence. With COVID absences requiring at least five days at home, workers can go through their sick days in record time. For instance, an employee may have to leave work just to pick up a child from school who’s tested positive for COVID.

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Explaining the Employment Gap On Your Resume

Blog, Interview Tips, Resume Ideas

You took some time away from your career, and that’s OK. Maybe you tended to a sick family member, catered to your kids, pursued another degree, or traveled the world. Whatever it might have been, you’re now ready to jump back into the workforce.

Not so fast.

If your resume reveals an employment gap, expect hiring managers to inquire.

Of course, what seems like a simple question will be paired with a simple answer … right? You know why you took that time away from your career. But can you clearly explain your decision and how it worked to your advantage? After all, you’re vying for a job against candidates who might boast more recent experience.

Instead of getting caught in a bind of stress and fumbling your words (we’ve all been there), enter your interview prepared to master your employment gap explanation.

Here are six tips to help you overcome the inevitable “What have you been up to?” interview question.

1. Exercise Discretion

If not properly prepared, a moment of panic could lead to you to divulging way too much information.

Does someone who’s been sitting behind a desk for 10 years straight, want to hear every detail of your six-month adventure through Asia? Does he or she need to know how you afforded it? Or that a brutal breakup sparked it? Probably not.

Nor does the hiring manager want to know the nitty-gritty details of the diapers you’ve changed or how awful little Tim is before bedtime.

If you’ve faced challenges and were forced to take a gap in employment due to tragedy or hardship, be careful here too. Sometimes people — especially mere strangers — don’t know how to respond when it comes to grief, so spare them. And you certainly don’t want to break down in tears during your interview. Try to keep those details to yourself.

2. Provide Clarification

You definitely don’t want to overshare, but don’t cloak yourself in mystery, either.

Instead, find the right balance. Explain you took time off to spend with your kids, needed to decompress after several high-pressure years in your field, or that you faced little choice and owed it to your mom to help her out. There’s no shame in that.

By explaining why you elected to call it quits for a while (without oversharing), a hiring manager will likely feel more comfortable knowing what happened — and that you didn’t just run away.

Important note: Remember there’s a difference between explaining and justifying. Don’t get stuck feeling like you have to justify why you stepped away from your career. You’re not out to prove anything.

3. Tell Them About Your New Skills

Unfortunately, changing a diaper in under a minute doesn’t count as a new skill set (though that is a commendable feat).

Be sure to mention any volunteer work, classes, certifications, or even conferences you attended during your employment gap. If none of those options are relevant, know you probably picked up a new soft skill.

General soft skills to discuss during an interview include communication, adaptability, problem-solving, and critical observation. Remember to show, not tell. Offer concrete examples and situations that show how you learned to better communicate or how you became more comfortable adapting to unexpected situations.

Being able to show you’ve grown during your employment gap is respectable, so don’t forget to highlight it.

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How Technology is Reshaping CRE

Leave a Comment / Blog, Industry Insights

Currently, the commercial real estate (CRE) sector is undergoing a profound transformation fueled by a technological revolution moving at breakneck speeds. In recent years, these innovations have not only streamlined operations but have fundamentally reshaped the way professionals navigate the industry.

From optimizing processes to making more informed decisions, CRE technology is playing a pivotal role in the evolution of the industry. This article explores key insights and perspectives on the role of new technology and how it is shaping an reshaping the present and future of CRE.

The Rise of AI

Artificial Intelligence (AI) is emerging as a transformative force in the commercial real estate (CRE) industry, reshaping traditional practices and revolutionizing decision-making processes. And the adoption of AI in the CRE sector is becoming increasingly prevalent, with notable impacts on operational efficiency and strategic growth. AI’s role in data analytics stands out as a game-changer, providing professionals with valuable insights into market trends, tenant behaviors, and investment opportunities.

But what’s really interesting is that the infusion of AI is not merely a supportive tool. It goes deeper, representing a true paradigm shift and offering nuanced perspectives that empower professionals to make informed decisions in a rapidly evolving market.

AI has profound ramifications for property and facilities management, helping with analyzing building functions and layouts, systems management, and other organizational tasks. Property managers are directly impacted by this cutting-edge technology, allowing them to streamline their tasks from security to efficiency to tenant engagement. Even commercial brokers can leverage AI to help with lead generation and prospecting.

The integration of AI in predictive analytics is key as well. This and other CRE technology advances are allowing investors to navigate market trends, assess risks, and strategically position themselves for success in the competitive landscape of commercial real estate. And in spite of skepticism among some, others are realizing that the strategic growth harnessed through AI is proof positive that AI is steering the CRE industry towards a tech-driven and data-centric future.

Proptech

Proptech, or property technology, is a buzzword you may have heard recently. And no wonder, because proptech is playing a transformative role in reshaping the commercial real estate industry. Proptech refers to the use of technology-driven solutions and innovations to enhance and streamline various aspects of the real estate industry, spanning property development, management, leasing, and investment.

One notable area experiencing this transformative shift is property management, where the integration of proptech is streamlining processes and improving overall efficiency. Professionals can effectively showcase properties and reach a broader audience, marking a shift from traditional practices to more tech-savvy and strategic approaches.

Proptech’s impact extends beyond operational efficiency to sustainability. Smart building technologies, a subset of proptech, is contributing to energy efficiency and environmentally conscious practices within the industry. The focus is on data-driven decision-making and providing accurate and real-time information to enhance the decision-making processes. This in turn aligns CRE practices with broader environmental considerations.

This dual impact on efficiency and sustainability positions proptech as a pivotal force in driving the future evolution of the commercial real estate sector, offering innovative solutions to meet the demands of an ever-changing market.

A Perspective on CRE Technology

What’s interesting about current CRE technology breakthroughs is that these are not mere assists. The technological evolution within the commercial real estate industry is dynamic and transformative. From proptech solutions to the integration of AI and data-driven decision-making, technology is propelling the industry forward. Greater transparency, efficiency, and collaboration are now possible on a broader scale.

And it goes without saying that CRE professionals must embrace these innovations to stay competitive and navigate the ever-changing landscape effectively. Looking ahead, the synergy between technology and commercial real estate promises exciting possibilities, driving efficiency, sustainability, and strategic growth in the sector.

These technologies are forever reshaping the industry, making new things possible and old things easier. It’s really an exciting time to be in CRE!

Sources:

 How AI And New Technologies Are Revolutionizing CRE Investing (forbes.com)
 How Technology is Changing the Commercial Real Estate Industry – Lumicre Group
 How Proptech is Reshaping the CRE Industry (matthews.com)
 Sustainable Building Design Trends Shaping the Future of CRE – Building Careers (buildingrecareers.com)
 (12) The Role of Technology in Commercial Real Estate | LinkedIn
 CRE Future: PropTech and Smart Building Innovations (partnersrealestate.com)

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