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The Need for Diversity and Inclusiveness Leadership in CRE

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In the aftermath of George Floyd’s death, there was a renewed call for diversity and inclusiveness in CRE. It’s clear there is no more room for inequality and exclusivity in our country and in our industry. And fortunately, many leaders in commercial real estate are showing us the way forward.

Diversity and Inclusiveness in CRE

Minorities Speak Up

When the recent protests over inequality flared up, Bisnow reached out to racial minorities to discuss diversity and inclusiveness in CRE. Leading the way, the popular industry news journal opened up a much-needed dialogue with the racial minorities working in CRE to better understand how they feel and what solutions to pursue. The responses provide a unique snapshot and roadmap for improving diversity and inclusiveness in the CRE industry.

First, they asked how it feels right now to be a racial minority in America and in CRE. While some responded with frustration that this even had to be a topic, many others expressed hope that this time was different. Many feel positive change is in the works – not only for commercial real estate, but the nation at large.

Next, they asked what CRE leaders can do to bring about a more diverse and inclusive workforce. Helpful responses poured in. A common response was to praise the various programs and organizations pushing for inclusion, like:

But the primary response was to stress the importance of awareness and dialogue. We cannot pretend diversity and inclusiveness in CRE are not real and valid concerns. Leadership in this area requires meeting the issue head on and then working on ways to solve it.

Other Leadership Examples

Bisnow’s project is not the only example of leadership on this matter. There are other notable members of our industry making firm commitments to diversity and inclusiveness in CRE.

  • CREW Network, long an ally for women in CRE, has introduced measures to encourage diversity, equity, and inclusion (DEI) for the whole diversity spectrum, including ethnicity/race, culture, disability, sexual orientation, religion, and age. We at Building Careers are proud of our involvement with the CREW Network and of the work they do to broaden our industry.
  • CRE Finance Council, the trade association for CRE, described as the leading voice for commercial real estate finance, has issued a strong statement on diversity and inclusion. In it, they stressed the need for proactive leadership and discussed their creation of an endowment to “heighten diversity through increased opportunities within the commercial real estate finance industry.”
  • Another San Diego local, Dustin Sutton, has created a group called the Black Commercial Real Estate Network (BCREN), whose goal is to provide a community of connection, idea sharing, support, and mentorship for Black members of the commercial real estate industry nationwide.
  • The Real Estate Executive Council (REEC) was formed to promote the interests of minority executives doing business in the commercial real estate industry.
  • CBRE, a global leader in commercial real estate services, created an in-depth mission statement dedicated to diversity and inclusion. In the various videos and talking points the mission statement contains, CBRE makes the point that diversity and inclusiveness in CRE isn’t just a good idea, it’s their competitive advantage. They point out that in an industry as diverse as real estate, there is incredible value in cultivating a workforce with diverse backgrounds and perspectives.

The commercial real estate industry has a spotty track record on diversity and inclusion. But there is hope for the future. As leaders rise to the forefront and make the case for a colorful and varied industry, others are listening and following in their path. We can no longer pretend away this problem. But through tackling it head on, we can find creative and enriching solutions for a more colorful and expansive CRE.

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The Importance of Employee Recognition

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To be really effective in your job, you need to know why and how to praise others for their good work. You need to know the importance of employee recognition.

Employee recognition is the timely, informal or formal acknowledgement of a person’s or team’s behavior, effort or business result that supports the organization’s goals and values, and which has clearly been beyond normal expectations. To be fully successful in the workplace at any level, you need to understand the psychology of praising others for their good work, to apply the principles of employee recognition yourself and to encourage others to initiate it in their working relationships.

Appreciation is a fundamental human need. Employees respond to appreciation expressed through recognition of their good work because it confirms their work is valued by others. When employees and their work are valued, their satisfaction and productivity rises, and they are motivated to maintain or improve their good work. Gallup studies show employee recognition is the key factor influencing employee engagement, and therefore organizational performance.

Employee recognition is the principle of social proof in action, a term pioneered by social psychology professor Robert Cialdini. He defined the principle in this way: “We view a behavior as correct in a given situation to the degree that we see others performing it.” Employee recognition embodies the principle by showing to others in a tangible way that a person’s efforts have been outstanding.

The Research

Yet Gallup analysis in 2016 found only 1 in 3 US workers strongly agreed they had received recognition or praise for doing good work in the past 7 days. Gallup consultants recommend that recognition should be given weekly in broad terms to those who deserve it – and in a timely way so the employee knows the significance of their recent achievement and to reinforce company values.

Two Aspects to Employee Recognition

  1. The first aspect is to actually see, identify or realize an opportunity to praise someone. If you are not in a receptive frame of mind you can easily pass over many such opportunities. This happens all too frequently.
  2. The other aspect is, of course, the physical act of doing something to acknowledge and praise people for their good work.

Read More: https://cuttingedgepr.com/employee-recognition-important/#:~:text=Employees%20respond%20to%20appreciation%20expressed,or%20improve%20their%20good%20work

Contact Us: https://www.buildingrecareers.com/contact

Contact Carly Glova: CGlova@BuildingRECareers.com

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3 Ways Small and Medium Businesses can Do Well During COVID-19?

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COVID-19 has caused unprecedented disruption to many Small and Medium Businesses and large businesses across the world. In a bid to contain the spread of the novel coronavirus, many governments globally have mandated the practice of social distancing.

Because of this, remote working has become the new norm. While it might be easier for sizable businesses to weather the storm and adjust to the changed mode of working, Small and medium businesses are at the worse end of the curve — primarily due to the unpreparedness.

The world — and business — has never seen anything like the COVID-19 virus. Yet, we need not despair — it’s not too late for Small and medium businesses. You can not only survive — but thrive in such uncertain times. Here is a 3-step guide that is simple yet effective for Small and medium businesses to ensure business continuity.

1. Must Have Appropriate Infrastructure

Infrastructure is the first thing that leaders and managers need to address to get their employees ready. Likewise is the case for small and medium businesses. Given below are specific infrastructure requirements that must be put in place in specific situations:

Hard Infrastructure

Situation 1: Remote working already implemented

  • Equitable and thorough distribution of work is necessary. Employees with access to laptops and mobile devices should not be unfairly overburdened with work.
  • Employees with laptops must be able to dial into their organizations easily.

Situation 2: Remote working yet to be implemented

  • Small and medium businesses must make sure that they provide functional laptops and mobile devices to employees who do not have their own.

Soft Infrastructure – Common to Situation 1 and 2

Technology has an indispensable role to play in the successful execution of remote working. Hence, based on the specific needs and requirements, all small and medium businesses must encourage the use of such tools.

  • Artificial Intelligence (AI) meeting tools such as FreJun that enable teams to have effective conference calls and provide detailed meeting minutes.
  • Messaging tools such as Slack.
  • Project management tools like Asana to help achieve team outcomes.
  • Apps such as Trello to help organize data.

Every small and medium businesses must understand that putting the infrastructure in place is just the first part. What is more important is preparing the employees to smartly and effectively use this infrastructure towards efficient delivery of end goals.

Read More: https://readwrite.com/2020/04/26/how-can-small-and-medium-businesses-smbs-thrive-in-uncertain-times/

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Post COVID CRE Hiring: Good, Bad, or Ugly?

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There’s no denying that the past few months have been hard on commercial real estate. But where do we stand now? What will post COVID CRE hiring look like in the months ahead, as we rebuild and move on? Are we getting back to business as usual? Is it a total loss? Or can we expect a little of both?

According to many experts in commercial real estate, the COVID-19 crisis created a mixed bag of both challenges and opportunities. There’s plenty of bad news, but also a lot of good.

If you make a living in the CRE field, you may be wondering what hiring will look like now that everything has changed. Let’s open up that mixed bag, and see what the future may hold for the industry.

CRE Hiring Post COVID: The Mixed Bag

The hiring freeze that occurred this spring was unprecedented. Employers laid off millions of workers, and the US unemployment rate hit 20% in April. According to data from Indeed, job postings are lower this year by nearly 34%. The biggest hit sectors were tourism and hospitality, which were devastated by the lockdowns. Retail is hurting, too. Many believe the US is falling into a deep recession at this very moment, and that the rest of the year will be rather bleak.

But in the commercial real estate sector, it’s not all bad news.

While most companies have reduced new hires, others are looking for new talent to help them navigate a difficult market. This is the time for talented professionals and innovative leaders to thrive.

Respondents to the Spring 2020 NAIOP CRE Sentiment Index provided a slightly negative outlook on a handful of CRE fundamentals, except for employment within their own firms, which they expected to remain consistent.

Also, there is now more opportunity for contract and remote-work positions than before. Self-starters and entrepreneurial talent will have more value in the coming workplace. Post COVID CRE Hiring will be much more flexible. Of course, relationships and networking will remain the currency of the realm.

In a recent BisNow interview, real estate consultant, Bernie Ocampo, predicted there will be greater demand for some CRE markets like distressed investments, asset management, accounting, and property management. CRE professionals in these areas can expect a competitive hiring field. Ocampo pointed out that, while assets may change hands, there will always be a need for management of those assets.

What CRE Hiring May Look Like Long Term

So some sectors are definitely hurting, while others will be in greater demand than before. But will hiring overall rise or fall in the months and years ahead? In the BisNow article, Jana Turner a principal for RETS Associates, reported her hiring has continued strong. And she believes the long-term projections for Post COVID CRE hiring will rise after a brief pause, stating:

In the last recession, hiring was slow. Here, companies have not canceled searches. Many are just on hold…Retail will definitely be getting hurt but there are a lot of deals out there.

Indeed, there are deals to be made in the new CRE landscape. The future of CRE hiring is to be found in the rising demand for multi-family housing, high-value real property. There will likely be higher vacancy rates and some stalled construction, but some markets may actually experience higher levels of construction and demand. Jobs will be created especially in lease negotiations, legal services, special servicing, and appraisals.

In spite of all the doom and gloom in the news, there is reason to believe the outlook for post COVID CRE hiring is not crashing, but merely changing.

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Is Your Office Liable if an Employee Catches the Coronavirus?

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Depending on where they are located, offices are slowly and cautiously welcoming back employees after the shutdown. Likewise for retail stores and restaurants.

In the vast majority of cases these openings have been accompanied by stringent measures to protect the health and safety of workers and visitors. But is that enough to protect a company from liability if someone catches COVID-19 within their premise?

In fact, it is only half of the battle, Saul Ewing Arnstein & Lehr attorney Louis P. Archambault tells GlobeSt.com. Companies not only have to follow the necessary guidelines to safeguard their buildings from COVID-19, but they also have to ensure compliance with those measures, he says.

At the same time, visitors to these establishments—shoppers in a grocery-store for example—must do their part to act responsibly, Archambault continues. That means wearing masks, practicing social distances and adhering to local guidelines as well. “As human beings we have a responsibility to each other,” he says. For the less altruistically inclined, he warns that individuals not taking these steps could lose out on potential claims should they do get sick.

It has been argued that in a lawsuit it would have to be proven that a person caught COVID-19 in a particular building, on a particular day etc. Archambault argues this is an easier case to make than many might expect. Between our mobile devices, private security cameras and other tracking and tracing methods, there are enough records available to determine who was within six feet of an infected person, he says.

“Businesses absolutely need to take this seriously. But let’s say that despite their best efforts, someone catches COVID-19 at their building. If they have been following the guidelines and are actively enforcing them, they can show they have minimized the risk and potential exposure to people. Then it becomes much harder to prove that a duty was breached.”

What Guidelines Apply?

In a way, Archambault says, much of this is basically premises liability 101, only now companies have new guidelines to follow. It is important to follow the right ones, though, starting with those that have been issued by the CDC. There are also county-specific guidelines for location and business type that must be followed as well. In addition, OSHA has released guidelines for workers that must be adhered to. Finally, there have been a slew of guidelines released by industry associations, brokers and leading companies. The latter don’t necessarily have to be followed but it would be good to be aware of them and comply when possible, Archambault says.

“I would recommend checking with trade organizations. They are working to take all of those general guidelines and convey them to members and that can make it easier from an enforcement perspective.”

Also, he adds, it can help a business not feel so alone if trade association is helping.

Read More: https://www.globest.com/2020/05/28/your-office-has-reopened-are-you-liable-if-someone-catches-covid-19/?kw=Your%20Office%20Has%20Reopened.%20Are%20You%20Liable%20if%20Someone%20Catches%20COVID-19?&utm_source=email&utm_medium=enl&utm_campaign=nationalamalert&utm_content=20200528&utm_term=rem&enlcmp=nltrplt4&slreturn=20200502084634#

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The Best Work From Home Tips During the Coronavirus

Leave a Comment / Blog, Employers, Set Yourself Up For Success

In the midst of the new coronavirus pandemic, many companies are implementing voluntary or mandatory work-from-home policies. That means lots of us are dealing with an unusual challenge: working from home for the first time, full-time.

Even if you’ve done it before, working from home because of coronavirus might feel like a whole new world. Since we don’t know how long it’ll last, here are some of the best work from home tips to help you make sure that you’re successful!

1. Defined Your Work Hours

Just as you designate and separate your physical workspace, you should be clear about when you’re working and when you’re not. You’ll get your best work done and be most ready to transition back to the office if you stick with your regular hours. Plus, if your role is collaborative, being on the same schedule as your coworkers makes everything much easier.

If you live with other people, this separation is even more critical. Communicate with the people you live with to establish boundaries so you can cut down on distractions during the workday—and then disconnect and give the people you care about your full attention. Having a separate time and space to work will allow you to be more present in your home life.

2. Create A “Commute” To Work

Your commute not only gets you to and from work—from one physical location to another—but it also gives your brain time to prepare for work. Just because you’re not traveling doesn’t mean you shouldn’t carve out equivalent routines to help you ease into your workday.

Maybe you usually read or listen to music on your commute. You can do that at home. Or maybe you can spend some time with a pet or loved one. You can even add in a workout (preferably at home because of the new coronavirus, but see what is being recommended where you live) or spend some time on a hobby (again, make sure it’s appropriate given the health recommendations where you are).

Read More: https://www.themuse.com/advice/coronavirus-work-from-home-tips

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Unlimited PTO: The Pros and Cons

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There are three paid time off options to offer your employees: traditional, flexible, and unlimited. While there are pros and cons to all three options, unlimited PTO is a swiftly growing trend for many of the most competitive companies. Here’s everything you need to know about this popular policy.

The Pros:

Easier for HR departments

It’s important to note that paid time off is not purely vacation. This can include bereavement, sick days, vacation time, parental and family leave, short or long-term disability, and holiday pay– and keeping track of each of these allotments can become a logistical nightmare for HR departments. With unlimited PTO, while there should still be a system in place for approving time taken off, HR departments will not be bogged down with tracking and reinforcing hours taken and hourly limits of each category.

It’s surprisingly cost-efficient

Assuming employees don’t abuse the policy (which hasn’t historically been an issue– check the “con” list below for more information on this), unlimited amounts of PTO can save your company money. When there exists a specific amount of time that can be taken off, many employers will have to pay out the vacation days that aren’t used by the end of the year (or the end of employment, in some cases). With unlimited PTO, you will not be expected to pay out your employees for any vacation days not taken.

It’s a recruitment tool

As aforementioned, many larger and competitive companies are offering this PTO policy as an attractive recruiting tool. Unlimited vacation sounds good to everyone– including top candidates. In fact, in a recent PTO survey, 51% of participants indicated they would take a job for 10% less pay (all else being equal) if unlimited PTO was available.

Learn More: https://www.zenefits.com/workest/unlimited-pto/

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The Cost of a Bad Hire and How to Get it Right

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Every hiring manager knows there is a cost to making a bad hire. There are indirect and direct costs – both very real and tangible – associated with bringing someone on your team who just doesn’t fit. But few in the CRE industry have ever stopped to calculate just what those costs are or put the thought into getting it right the first time.

Do you know what you stand to lose by bringing the wrong CRE professional onto your team? Some estimates range as high as $840,000 per bad hire. Have you thought through what it takes to make the right hire and avoid those costs?

Let’s break it down piece by piece to help you avoid the cost of a bad hire and invest in only the right talent for your team.

The Direct Cost of a Bad Hire

The direct cost of making a bad hire is pretty easy to calculate. How much are you paying them in salary, incentives, and benefits? Multiply this by the amount of time they worked ineffectively and unprofitably for you.

Do they have a $100,000 annual package? Did they manage to burden your organization for two years before getting cut? Then you’re out $200,000 in compensation you could have invested elsewhere. That’s $200,000 you could have applied to profitable channels and personnel that instead you wasted on someone who wasn’t a team player or couldn’t cut the muster.

It stings, doesn’t it?

The Indirect Cost of a Bad Hire

The indirect costs are bit trickier to establish, yet they’re very real costs that hurt your business. And they usually are far more substantial than the direct compensation costs.

  • Time: You’ve spent time interviewing, hiring, and training. And it was all for nothing. That’s time you will never get back.
  • Productivity: This is different from business to business, but it usually looks like reduced time to market, missed deadlines, misdirected efforts, extra training time, etc.
  • Employee Engagement: Studies show that the cost of a bad hire includes decreased employee morale and engagement. While difficult to quantify, engagement is crucial to team success. And a bad apple can zap it right away.
  • Opportunity: Great CRE companies are built on extraordinary people – personalities who make the difference and create and leverage opportunities. A bad hire means so many missed opportunities for growth, better insights, new perspectives, relationship connections, and more.

How to Make the Right Hire

So how do you get it right and avoid the cost of making a bad hire? What does it take to find that rockstar for your team who will be a net gain for your business for many years to come? Here are a few tips:

  • Hire for culture and attitude, not skills. Remember, skills can be taught. Find someone who has the right outlook and cultural fit for your organization.
  • Ask interview questions that actually work. Stay away from the cute questions that don’t really get to who this person is, how do they think, and are they in line with your values. What kind of animal they see themselves as is irrelevant.
  • Do your due diligence. Candidates always look best up front in the interview process. Call their references. Dig into their past achievements. Verify everything.
  • Don’t make snap decisions. Consider all the data. Don’t rush the process. If need be, partner with a qualified recruiter who specializes in your field. The savings you will incur making the right hire will more than offset their fee.

The cost of making a bad hire is crippling. Your business can’t afford a mistake this big. Invest in the future of your business with a foolproof hiring process.

Sources:

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10 Ways to Increase Employee Retention

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If you’re one of the many businesses that sees high employee turnover as a problem, you’re probably wondering what you can do to retain your most valued personnel. In an increasingly competitive business world, top talent is in high demand. Here are ten tips that will help you increase employee retention.

Generate a Good Working Atmosphere

Finding employees who will feel a strong bond with your company starts with creating an environment that attracts those employees. Your company culture should match the type of employee you want to employ, whether you opt for a by-the-book, strict workplace or a more casual, laid-back atmosphere.

Flexibility is Key

Workers have expressed a preference for flexible working conditions. If you expect your best employee to answer his phone when a client calls at seven o’clock on a Friday night, you should also understand when that employee comes in late one morning or needs to take off early.

Learn More: https://www.inc.com/john-rampton/10-ways-to-improve-employee-retention.html

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Diversity vs. Inclusion: There’s a Difference!

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CRE Insight Journal does a great job explaining the difference between diversity and inclusion. They invite Patti Digh, founder of the School of Inclusion + Activism, to talk about this topic and she wants to make one thing clear: diversity and inclusion are not the same things. While the two concepts work hand-in-hand and should both be pursued, there is a clear distinction between the two. In order for companies to both diversify their staff and create a culture of inclusion, they must know what they are trying to achieve. Digh helps explain the differences and gives reasons why both concepts should be on a leader’s radar.

Learn More: http://leader.creinsightjournal.com/the-difference-between-diversity-and-inclusion-patti-digh/

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