Set Yourself Up For Success

Ghosting Consequences Can Hurt Your Career

Leave a Comment / Blog, Interview Tips, Set Yourself Up For Success

If you’re guilty of ghosting in the workplace, you may think the consequences will be small or nonexistent. But think again. There are several reasons you don’t want to slight others with your indifference – even in a strong economy.

What is Workplace Ghosting?

In recent years, job seekers in all industries – not just commercial real estate – have increasingly failed to show up for interviews or for their first day of work. Many are even walking off the job without notice. Others ghost their peers and colleagues by ignoring repeated voicemails and emails, thinking it’s no big deal.

But it is a big deal. And it’s getting bigger.

According to a recent study by research firm Clutch, a whopping 71% of job seekers have abandoned a job application with no notice. And nearly half stated it’s reasonable to ghost a company during the application process. Reasons for ghosting include:

  • Accepting a competing job offer
  • Unsatisfactory response from the potential employer
  • Deciding against the role

The prevailing theory as to why ghosting is becoming so prominent is the job market. It’s now a job seeker’s market, and candidates go where they are treated best. A type of nomad economy has replaced the old paradigm of working forty years at the same place and getting a gold watch.

Opportunities abound, so if an interview process grows tiresome, there are second thoughts about an accepted job offer, or you don’t feel like turning in your two-weeks’ notice, you walk. But what are the consequences of ghosting in the workplace?

Negative Ghosting Consequences

1. Diminished Trust

Trust is essential in any career. Brokers must be trusted by their principals. Appraisers must be trusted by their clients. Assistants must be trusted by their bosses to handle the essential responsibilities that make their job so necessary. Trust is directly linked to value. And when you can’t be relied upon to show up or provide notice or follow through, your career value drops.

2. Damaged Relationships Relationships with others in our industry are vital to our career success. The hiring manager you ghosted after the first interview may well be your boss at another job. The recruiter you stopped replying to will remember your name next time you are on the beach.

3. Uncertainty While the CRE job market remains strong, and by all signals will continue strong for the near future, you never know when it will change. Developing and nurturing a reputation of trust and follow-through may not seem that important right now, but it will be vital to your career next time things swing the other way. Just a few years ago, it was the employers ghosting candidates because they had their pick. A few years from now, that could very well be the case again.

Additionally, as employment specialist John Feldmann points out in Forbes, respect and the Golden Rule should be our number-one consideration in the workplace. You might score a really good job by taking an offer after already accepting another. But is that the kind of team member you want to be? Is that the kind of reputation you want? Isn’t your career about more than getting ahead for the moment at the expense of others?

It’s not just about ghosting consequences in the here and now. It’s about being considerate to others, knowing full well that it will come back around to you.

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How To: Stand Out in an In-Person Interview

Leave a Comment / Blog, Interview Tips, Job Search, Set Yourself Up For Success

So you made it past the application, the phone interview…congratulations! Now you’re probably wondering how to stand out in an in-person interview? Coco Chanel says, “In order to be irreplaceable, one must always be different.” Sure, conventionality is safe and familiar, but is it memorable? Not always. But here’s a secret: they’re not mutually exclusive. You can be a traditionally professional candidate while still infusing extraordinary aspects to your interview. Be bold with your approach, and aim to not only be the most memorable candidate, but the best one too. Here are some ways to stand out in an in-person interview that the Building Careers RE team loves!

Stand Out in an In-Person Interview

Nail The “Tell Me About Yourself” Question

This will be one of the first questions you receive, and it’s a stellar opportunity to set the bar really high. Many people struggle with this expansive question, but if you can craft a narrative that speaks to your strengths, experiences, and interest in the job, you will be five steps ahead of the competition.

Find a Common Interest

Connecting on something in common is a great way for your interviewer to remember who you are. If you find a shared interest in documentary films, or maybe a love for a preferred app, take the time to make this connection clear. Just be aware of when it’s time to move on.

Learn more ways to stand out in an interview here: https://www.glassdoor.com/blog/11-unusual-ways-to-stand-out-in-a-job-interview/

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

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

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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6 Ways to Set Yourself Up for Success

Leave a Comment / Ask An Expert, Blog, Set Yourself Up For Success

In the Forbes blogs “The Top 6 Actions That Promote Career Success” by Kathy Caprino, she does a great job at highlighting just that. We loved the article so much, we wanted to share some of the points she made.

Set Yourself Up for Success

#1 You Need to Gain Clarity

Bar none, this is the most important action if you want to achieve anything significant in life. You must understand exactly what you want and what matters most to you – what you’ll give up everything for. It can’t be some vague, nebulous notion like “I want to do something meaningful” or “I want to make a difference.” That’s a great start, but you need to drill down deep and peel the layers to understand what “meaningful” signifies to you, personally and specifically.

The reason so many people fail today to create fulfilling and exciting careers is that they simply won’t do the inner and outer work to determine how best to “connect the dots” – to uncover their unique talents, skills, and passions, and find the right career fit that will draw on those talents and passions. They also won’t do the work to see how they are contributing to and co-creating their problems and challenges. As I learned in my marriage and family therapy training, “greater awareness equals greater choice.” Successful professionals commit to increasing their awareness of who they long to be in the world, how they want to be of service, uniquely, and what’s in the way. When you’re clear about that, and believe you’re worthy of your visions, doors will open and new opportunities for your growth will emerge.

Learn More: https://www.forbes.com/sites/kathycaprino/2012/11/13/the-top-6-actions-that-promote-career-success/#286883bc1811

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10 Ways to Increase Employee Retention

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

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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How To Make Your Resume Awesome By Adding Any Of These Powerful Action Verbs

Leave a Comment / Blog, Resume Ideas, Set Yourself Up For Success

Most resume bullet points start with the same words. Frankly, the same tired old words hiring managers have heard over and over—to the point where they’ve lost a lot of their meaning and don’t do much to show off your accomplishments.

So, let’s get a little more creative, shall we? Next time you update your resume, switch up a few of those common words and phrases with strong, compelling action verbs that will catch hiring managers’ eyes.

No matter what duty or accomplishment you’re trying to show off, we’ve got just the resume action verb for you. Check out the full list on The Muse, and get ready to make your resume way more exciting!

To Read More Follow This Link: https://www.themuse.com/advice/185-powerful-verbs-that-will-make-your-resume-awesome

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Stuck In Your Career? Here’s How To Stop ‘Proving’ And Start ‘Improving’ Instead

Leave a Comment / Blog, Set Yourself Up For Success

Putting some thought into whether you have a fixed mindset or a growth mindset can help you understand why you may be stuck in your career. The ability to take and apply feedback to improve your performance is essential in growing and succeeding in your career.

“Based on overwhelming research confirming that it is much easier to change a person’s behavior than to change their attitudes, we’d recommend that anyone wanting to move toward a growth mindset begin by asking for feedback from colleagues. Start with small doses and gradually increase the amount and frequency. You will learn that the information you gain is beneficial, and that your willingness to ask for feedback elevates you in the eyes of others.”

Read the article here: Stuck in Your Career? Here’s How to Stop ‘Proving’ and Start ‘Improving’ Instead

Published by Joseph Folkman in Forbes.com on Oct 13, 2019,

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How to Ask for a Pay Raise and Totally Get It

Leave a Comment / Ask An Expert, Blog, Set Yourself Up For Success

How should you ask for a raise in such a way that you actually get it? You’ve worked hard, you see your value to the company, now how do you convince your superiors of this and actually get the raise you deserve?

The Industry is Heating Up

The economy is doing well, and the commercial real estate sector is thriving right now. Whether you are an executive assistant, analyst, project manager, or some other position within the CRE space, chances are you’ve seen the industry consistently growing and wondered if you will see a piece of it.

According to PayScale, wages for the commercial real estate sector have grown 2.4% in the last year and 14.4% since 2006. More businesses are opening and expanding, and they need commercial space. The American consumer is spending more, which translates into higher demand for CRE professionals and their services.

This means there are more opportunities for growth and expansion for current operations. And a study by Deloitte shows CRE investors are planning in increasing capital investment in US markets 13% in the coming year and a half. This begs the question:

Have you experienced this kind of growth in your personal paycheck?

The First Step to Asking for a Pay Raise

Perhaps you’ve considered asking for a raise for a few months but just don’t know how. You might think that if you ask for a pay raise, you might be seen as money motivated or even put your job at risk. But getting paid what your worth is a fundamental part of being a professional. If you’re making your company money, you are entitled to a portion of that pay.

So what’s the trick? How do you ask for a pay raise and successfully get it?

First, ask yourself a few questions. Timing is everything. Is your company profitable? Or are they a startup? We’ve already seen that the CRE industry is growing, and investors are increasing their capital outlays. But what about your firm?

If so, then ask yourself if you truly deserve this raise. Whether you need it or not is irrelevant to your manager. What matters is that you have truly excelled in your job. Have you met all your responsibilities and then some?

Then ask yourself what other professionals in your profession and at your level are making. Before you ask for a pay raise, check Glassdoor.com to get a feel for what you should be paid for the value you provide. CEL Associates also produced a 2018 survey regarding compensation ranges in the industry. Building Careers summarized this data as well.

Lastly, ask yourself if you’re truly happy at this job. Perhaps you would rather explore new options. But maybe you do enjoy working here and simply want to feel compensated for what you bring to the table.

The Ask

So you’ve asked these crucial questions and determined now is the time to ask. You have your number in mind, and the meeting has been scheduled. Before you step into your superior’s office, here’s what managers and the experts say is the best way to execute the ask.

  1. Practice Before the meeting, practice your key points, and anticipate questions or counterpoints. Be confident and know what you want to say.
  2. Explain Your Goals Your manager understands you have an existence outside the company. Sure, you’re here to do your job, but you also want to grow in your career. Explain your goals frankly to your supervisor and how your job fits into those long-term plans. Then ask for feedback.
  3. Provide Numbers Explain the value you have contributed to the company. Use specific numbers to prove you are making a difference and truly profiting the business. Numbers are very convincing.

4. Prove Achievements and Successes

Examine your current responsibilities versus what you were hired for. Are you taking on

additional responsibilities or going above and beyond on your current ones? Be able to demonstrate

and articulate this. Referencing your original job description is a good starting point.

5. Discuss Your Future Value

Show loyalty to the company and interest in achieving more for the team. In doing so, you are

reminding your manager that it is a candidate’s market, and you are choosing to stay with this

company. You don’t have to be here. 6. Ask Specifically Use a specific number when you ask for a pay raise. You’re not just whining about getting paid too

little. You have a specific amount you believe you are worth and that the company can afford to pay

you. Ask for it. And if you receive any pushback, don’t hesitate to ask for more responsibilities by

name. Specificity shows this is a very real value proposition, and not just a theoretical.

As a professional in the CRE industry, understand your place in the business and just what you contribute. Expect to receive value for the value you contribute. And communicate this expectation clearly at the right time and in the right context. You can ask for a pay raise in such a way that giving it to you is simply good business.

Sources:

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