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Recruiting and Retaining Millenials for Your Appraisal Practice
[fusion_dropcap boxed=”no” boxed_radius=”” class=”” id=”” color=””]S[/fusion_dropcap]oftware, Slack and coffee shops aren’t just hip, they’re necessary.
In December I wrote about the 3 keys to unlocking a successful appraisal practice. One of them- attracting and recruiting Millenials and other top talent. We suggested making collaboration easy, offering flexible hours and paying competitive wages. Sounds simple right? Just offer a big salary and top talent will be knocking down your doors?
Not quite. Now more than ever, the workforce is transparent. Millennials have social media, Glassdoor, and Google to compare job experiences. So while a flashy price tag might catch some eyes, there’s more to compare and contrast. Let’s dive into five opportunities to make changes in your firm that will help attract top talent. Then, offer suggestions for putting these ideas into action.
A Good Salary
But first, let’s not discredit wages. With young people owing more in college debt than ever before, money is definitely on the mind and benefits are just as important. Offering good wages and benefits undoubtedly looks attractive to top talent and keeps your firm current and competitive with industry standards. But if 401Ks and health insurance plans aren’t available, a competitive salary with a Health Savings Account and a Simple IRA are good alternatives.
Balance & Flexibility
Benefits help check the financial box, but to attract and retain Millennials, more is needed. They are demanding things other than just financial stability. Experience is also a top priority. More and more young people are asking for flexibility in both hours and location so they can cultivate the experience of their choice. Luckily the work of a real estate appraiser lends itself well to working remotely. Especially now that we’ve invested in realquantum which allows us to manage comparables, create and share reports wherever we are. Realquantum makes telecommuting easy and allows our employees to balance work with other important factors like traveling and raising a family. Other low-cost (and oftentimes free) programs like Slack, Google Hangouts, and Go-To-Meeting support regular check-ins and real-time communication and collaboration. We want our employees focused on the quality of their service, not what time they get to their desks in the morning.
Leadership & Growth
Cultural perks like benefits and workplace flexibility are quickly becoming the norm for attracting top talent. But there are also a number professional perks that will draw young people in and keep them around. We proudly encourage opportunities for employees to lead, specialize and make lateral movements within the firm. Administrative assistants can become analysts. Analysts can become partners. To an employee, upward and lateral mobility means opportunity. To our firm, it means satisfied team members, less turnover and less time spent hiring and training new employees.
Creating opportunities for leadership, specialization and change are important for attracting top talent. But the opportunities should also come with the resources and support employees need in order to dive into new challenges. We encourage staff to take advantage of personal and professional development opportunities such as continuing education, training and networking events by covering these expenses. If regular expensing isn’t available, consider a yearly stipend for personal development. Prospective employees are thankful for the opportunity and our firm benefits from having eyes and ears in the field, picking up new skills.
Build a Talent Pipeline
Creating a talent pipeline is a helpful way to find top talent. For example, an internship or apprenticeship is an excellent way to attract and retain Millenials and younger people. It also creates a bridge that connects your firm to university programs. With locations in Kansas City and Lawrence, our firm has a number of opportunities to connect with post-secondary programs. We’ve found that asking staff to connect to alma maters is a great place to start. If internships aren’t a possibility, consider building a relationship with a collegiate program by offering to talk to classes, table at career fairs and attend networking events.
Strong firms regularly ask the question- what does our future look like? It’s clear that finding and maintaining top talent is an important part of any answer. Future generations of employees are changing the way we think about work and at Keller Craig. We feel strongly that appealing to young people will only better our practice. By making small changes to strengthen the firm’s culture and by providing special professional opportunities, we can appeal to younger audiences and attract top talent to ensure long-term success.
What is your firm doing to attract top talent? Share your ideas with us on LinkedIn!
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