Does traditional recruitment have a place in the real estate industry?
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Nov 29, 2018
Does traditional recruitment have a place in the real estate industry?
The national talent and leadership manager at Ray White has slammed the role of traditional recruiters as “out of touch” and “outdated”, so we caught up with real estate recruiter Sharon Bennie of Specialist Property Recruitment to see what she thinks.
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Image supplied by Sharon BenniePictured: Sharon Bennie
Ray White’s top recruiter Simon Power says the current recruitment approach of leaders is "deficient and outdated".
“The old method of relying on resumes and interviews to determine candidate fit is no longer sufficient to identify the appropriate person for the position. The impact of poor hiring decisions has deep financial impacts on a business,” Mr Power said.
Real estate recruiter, Sharon Bennie of Specialist Property Recruitment, agrees and says the landscape of recruitment is changing.
"The traditional role of recruiters is already outdated. Well gone are the days of placing an advertisement that’s skewed on requirements of the role and waiting for the applications to flow in," Ms Bennie told WILLIAMS MEDIA.
Pictured: The national talent and leadership manager at Ray White, Simon Power has slammed the role of traditional recruiters as “out of touch” and “outdated”. Image supplied by Ray White.
Mr Power warns that given “artificial intelligence is upon us” computerised recruitment is likely in the foreseeable future.
“Predictive hiring, metadata analysis and intelligent algorithms will soon be all commonplace in recruitment. This has the potential to make our hiring more efficient,” Mr Power said.
“Smart leaders are already preparing by implementing recruitment practices that are based around quantitative data collection. I implore you all to watch this space and start to prepare for the A.I eventually."
But Ms Bennie doesn't agree.
"I don’t think that AI will ever eliminate the human element of the recruitment process, especially in our market because so much of why we choose staff is their emotional intelligence, the ability to build rapport quickly, and a raw gut-feel. That is something that you can only assess face to face," she told WILLIAMS MEDIA.
"At the end of the day, computers can do a large array of tasks better and faster than us. With an increased number of our population online, barriers for privacy reduced and the ability to identify potential hires via search tools and algorithms growing daily, plus databases that can shortlist by identifying text in CV’s, AI will make it a great deal easier and faster."
Mr Power argues that as times change, the way businesses recruit staff should follow suit.
“Times are changing, the way we recruit and select staff has evolved and as leaders, we must evolve to meet the market. Without the right people in place, your organisation’s potential and your ability to lead effectively will diminish. The purpose of every leader is to maximise team results and efficiencies. We commonly refer to this as developing a high-performing team,” he said.
“In order to achieve this, we must not only have the right people in our organisations but also the right people in the right positions," Mr Power said.
A study conducted by Workplace Info Australia noted the actual cost of hiring can be more than 50 per cent of a new employees salary. Furthermore, in a study conducted by the Australia Business Review, it was revealed a bad hire can cost an organisation up to 2.5 times the salary of the employee.
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“As leaders, this is something that we must not only be aware of but actively seek to minimise by making informed hiring decisions. The cultural impact of poor hiring decisions includes things such as the negative impact on team cohesion, a poor reflection on the organisations' leadership; and a negative impact on productivity," Mr Power added.
Ms Bennie contends the cost of a bad hire can be enormous.
"Where there is a hiring manager, a training manager and lost opportunities in a sales or BDM style role, the cost can actually be far greater when you weigh in the wages dedicated to getting a team member up to speed and the opportunity costs of potential lost revenue. There is also the cultural fallout and potential resignations due to turnover within a team," she told WILLIAMS MEDIA.
"Mr Power is largely correct. The landscape of recruitment is changing," Ms Bennie said.
Related reading:
How to work with a recruiter to land a job in real estate
The top 10 questions recruiters ask when interviewing real estate agents
How to retain top real estate talent, according to two leading agencies
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