Build to Rent
How to attract and retain top talent
A new report released by global real estate firm Savills has highlighted the massive growth that is still to be seen in the burgeoning build-to-rent market in the UK – with projections that the sector could be worth almost £550bn when it reaches full maturity. This projected growth means the sector will undoubtedly face major challenges to build and retain the right team. In fact, staff shortages threaten to be a major constraint on the growth and success of the whole sector. To help address the issue and ensure the UK’s burgeoning BTR sector continues to thrive, Deverell Smith has made a series of recommendations for the sector and its engagement with those educating future employees. USP In a candidate-driven market, it is vital businesses competing for the best talent stand out. Understand what your unique selling points are as an organisation. Why should a perspective employee choose your brand over a competitor? This could be the wider benefits package you offer, as well as products and services, or your unique position in the BTR market, as well as your overall vision as a business. offer several benefits. It presents you as an employer of choice, helps distinguish you from your competitors and allows are more competitive interview process to entice to best candidates. Your employer brand goes further than just your logo on your letterhead or well written advertisement, it is defined by how you treat your past, present and future employees. This can include how you conduct your interviews, to how you reject an unsuccessful candidate, etc. P ersonal development Career progression is usually a candidate’s primary motivation when they look to Employer brand Having a strong employer brand can
explore new opportunities. This isn’t limited to a promotion, however, it can also be up-skilling or offering the support qualifications (for example, investing in certificates such as IRPM Build to Rent or ARLA, etc). By investing in your employees, you are investing in your business. This also demonstrates a commitment from you, allowing your employees to feel valued while essentially building your future leaders. rewarding career path, advises Nick Hammond Wider opportunities In order to attract and retain top BTR professionals, it needs to be made clear to those in the job market and within your own company that you recognise their intrinsic As the BTR market looks set to soar, there’s a need to ensure that people see the sector as a
value to your business. People want to add value and they want to make a difference in their roles. Like all housebuilders, BTR providers understand the importance of creating a sense of community where none existed before. While this grows organically over time, there are steps that they, along with their property management company, can take to instil it sooner. From creating more green spaces, to being more environmentally friendly, supporting local business and suppliers, to working with local schools, etc. securing talent early is key for the future sustainability for your business. The more senior employers have to opportunity to pass down their knowledge through on the job training; thus creating qualified employees who can hit the ground running. It also important to encourage more women into the industry. While there have been efforts to increase gender equality in real estate, there is still more that businesses can do internally to help support female staff and help overcome stereotypes. Diversifying BTR Investing in apprenticeships or
Nick Hammond is a senior consultant for build-to-rent at Deverell Smith
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