A framework for talent management in real estate

Abstract

PurposeThe purpose of this paper is to propose talent management, in today's competitive marketplace, is critical in organizational success. Real estate organizations are now recognizing the value in attracting and retaining the best, brightest employees in order to achieve higher than average market share and elevated profiles. In the era of the knowledge worker, “talent” – narrowly defined as a core group of leaders, technical experts and other key contributors – are quickly becoming an organization's most important asset. As real estate companies continue to compete for the top tier talent, their strategies must become more integrated.Design/methodology/approachBased on review of existing literature and expert panel interviews, a framework for integrating talent management strategies focused on multiple generations.FindingsThere is clear evidence that innovative recruiting techniques must be geared to attracting the new generation of workers. Additional attention should be given to increasing employee engagement for Generation Y, while at the same time developing strategies focused on knowledge transfer and reverse mentoring.Practical implicationsIn an effort to address the growing talent shortages in real estate, coupled with the exiting of retirement of workers, aggressive strategies must be adopted and the framework provides a holistic approach to achieving competitive market share while addressing critical talent issues.Originality/valueThis paper provides real estate practitioners with strategic systems and processes to attract and retain talent in an increasingly competitive market. Practical strategies are presented with a holistic framework.