5 Signs of Employee Burnout and How to Help

Posted by & filed under Advice, Blog.

Burnout is a serious issue that can affect an employee’s mental, physical, and emotional well-being. It can lead to decreased productivity, decreased quality of work, and even physical symptoms such as fatigue and headaches. As an employer, it is important to be aware of the signs of burnout in order to provide support to your employees and prevent it from becoming a more serious issue. 

Here are 5 signs to indicate that your employee may be experiencing burnout and what you can do to help: 

  1. Decreased productivity and decreased quality of work. If you notice that your employee’s work is not meeting their usual standards, this could be a sign of burnout. You can help by offering additional resources and support to help them manage their workload more effectively. 
  1. Increased absenteeism and tardiness. If your employee is missing more days off work or coming in late, it could be a sign of burnout. You can help by having a conversation with them to see if there are any underlying issues that are causing this and offer support to help resolve them. 
  1. Decreased motivation and lack of engagement. If your employee seems uninterested in their work and lacks motivation, this could be a sign of burnout. You can help by recognising their accomplishments and offering positive reinforcement to help boost their confidence and motivation. 
  1. Increased negative emotions such as irritability and frustration. If your employee is more irritable and frustrated than usual, this could be a sign of burnout. You can help by providing a supportive and understanding environment and encouraging them to take time for self-care. 
  1. Physical symptoms such as fatigue, headaches, and insomnia. If your employee is experiencing physical symptoms such as fatigue, headaches, and insomnia, this could be a sign of burnout. You can help by encouraging them to prioritise their physical and mental health and offering resources such as flexible schedules and time off for self-care. 

In conclusion, recognising the signs of burnout and providing support to employees can go a long way in preventing it from becoming a more serious issue. By offering resources and a supportive environment, you can help your employees feel better and continue to perform at their best. 

VC/Investor Perspectives on the Digital Transformation of the Real Estate Sector

Posted by & filed under Opinion, Webinar.

In an era where technology is reshaping industries across the board, the real estate sector is no exception. The recent webinar titled “VC / Investors Perspectives on Digital Transformation of the Real Estate Sector,” co-hosted by Alex Wiffen, Managing Director, and James Dearsley from Unissu, delved into the critical role of venture capital and investor perspectives in driving innovation and shaping the future of the real estate industry.

Bringing together a distinguished panel of experts, including;

Klara Ritter – Investment Manager & Head of Nordics at PropTech1
Aaron Block – Co-Founder & Managing Partner at MetaProp
Kat Collins – Vice President at 1Sharp Ventures
Luke Graham – Head of Research at PiLabs

Unleashing Innovation: The Intersection of PropTech and Venture Capital

The webinar kicked off with a spotlight on the intersection of property technology (PropTech) and venture capital (VC), highlighting how VC funding plays a pivotal role in driving innovation and fostering digital transformation. The panelists agreed that the PropTech landscape is still in its early stages, with immense potential for disruption. Aaron Block, Co-Founder & Managing Partner at MetaProp, noted that while VC investment in real estate tech has grown, it’s essential to focus on long-term impacts rather than short-term trends.

Data, Analytics, and AI: Powering the Real Estate Revolution

The conversation pivoted towards data analytics and artificial intelligence (AI), showcasing how these technologies are reshaping the way properties are managed, bought, and sold. Luke Graham, Head of Research at PiLabs, emphasised that the real estate industry’s growing reliance on data could transform the way we view and interact with properties. The panellists also stressed the importance of data privacy and ethics in handling vast amounts of user data.

Sustainability and the Urban Evolution

Sustainability emerged as a central theme, highlighting the industry’s drive towards eco-friendly practices. The panelists envisioned a future where urban areas are reimagined to be greener, more sustainable, and technologically integrated. Klara Ritter, Investment Manager & Head of Nordics at PropTech1, underscored the significance of sustainable practices in reshaping not only the built environment but also the mindset of real estate stakeholders.

Navigating Challenges and Seizing Opportunities

The discussion didn’t shy away from addressing the challenges that the real estate industry faces in embracing digital transformation. The participants agreed that one of the significant hurdles is the industry’s slow pace in adopting new technologies. Klara Ritter highlighted the importance of realizing that the sector’s transition to a more tech-driven landscape will be a gradual process, requiring patience and perseverance.

Long-Term Vision: Five and Fifty Years Ahead

When envisioning the future, the panelists offered a blend of caution and optimism. The next five years are predicted to witness a consolidation of technologies, streamlining processes, and optimizing the use of data. However, looking ahead to the next fifty years, the panelists anticipate a paradigm shift in urban planning, with technology not just integrated but seamlessly woven into every aspect of our lives.

Lessons Learned and Unforeseen Pitfalls

The conversation concluded with insights drawn from real-world experiences. Kat Collins, Vice President at 1Sharp Ventures, highlighted the potential pitfalls of mistaking short-term product-market fit for lasting trends. She stressed the importance of making decisions that align with the long-term trajectory of the industry.

Embracing the Future with Venture Capital Insights

In the rapidly evolving landscape of real estate, the integration of technology and venture capital presents unprecedented opportunities and challenges. As the webinar concluded, one thing became clear: the real estate sector’s journey toward digital transformation is not just a trend but a fundamental shift that will shape the industry for decades to come. The insights shared by Klara Ritter, Aaron Block, Kat Collins, and Luke Graham shed light on the significance of long-term thinking, innovation, and collaboration in shaping the future of real estate through digital transformation.

As we look ahead, it’s evident that the role of venture capital and investors will remain crucial in fueling innovation, nurturing startups, and driving change. The lessons learned from both successes and challenges will serve as guiding beacons as the real estate industry embarks on a transformative journey, paving the way for a more connected, sustainable, and technologically advanced future.

CLICK HERE TO WATCH

Academics Perspective on Digital Transformation of the Real Estate Sector

Posted by & filed under Opinion, Webinar.

In the ever-evolving landscape of real estate, the fusion of technology and innovation is redefining industry paradigms. To delve deeper into this transformation, the engaging webinar series titled “Academic Perspectives on Digital Transformation of the Real Estate Sector” provides a dynamic platform for insightful discussions and expert insights. Co-hosted by Alex Wiffen, the Managing Director, and James Dearsley from Unissu, the series brings together a panel of distinguished academics who shed light on the intricate relationship between academia and real estate’s digital evolution.

The panel comprised;

Chiara Tagliaro – Researcher & Consultant at Politecnico di Milano
Josh Panknin – Professor at Columbia University, New York
Vitalija Danivska, PhD – Senior Lecturer & Researcher at Breda University, Netherlands
Olli Vigren – Doctor of Science (Tech), KTH Royal Institute of Technology, Sweden

Over four captivating sessions, the panelists unraveled multifaceted aspects of digital transformation, the integration of technology in real estate, and the evolving role of academia in shaping the industry’s trajectory. Here’s a snapshot of the discussions:

PropTech Revolution and the Real Estate Landscape
The series embarked on its journey by delving into PropTech’s powerful impact on real estate. The panelists dissected the ever-growing landscape of PropTech, discussing its influence on property transactions, asset management, and tenant experiences. With insights from diverse academic backgrounds, the experts explored how innovative technologies are reshaping the industry’s operational core.

Harnessing Innovation: Collaboration between Academia and Industry
Explored the synergies between academia and the real estate industry. The panelists unanimously agreed that fostering collaboration between these two realms is crucial for driving transformative change. From case studies to guest lectures, academics play a pivotal role in preparing the next generation of professionals to navigate the digital age.

Metaverse and Its Implications for Real Estate
Diving into the futuristic realm of the metaverse, this ignited a passionate debate on its potential impacts on real estate. The panelists discussed the concept of virtual real estate, exchange of value within the metaverse, and how real-world implications can be translated into the digital realm.

Academic Engagement in Industry Transformation
Concluded with a reflection on the role of academia in supporting industry transformation. The panelists acknowledged the challenges of keeping pace with the rapidly evolving real estate technology landscape while maintaining a robust educational foundation. While acknowledging the difficulties, they underscored the importance of fostering curiosity, nurturing transferable skills, and embracing collaboration between academia and industry.

In summation, the webinar series offered a panoramic view of the intricate interplay between academia and the digital transformation of the real estate sector. By blending their research, insights, and practical experiences, the academic experts underscored the significance of preparing the industry for a future where technology is not an option but a necessity. Through active collaboration, education, and fostering a curiosity-driven mindset, academia is poised to be a catalyst for a more innovative, tech-savvy real estate sector.

As the series concluded, it left attendees with a clear understanding that the journey toward a digitally transformed real estate landscape is both a challenge and an opportunity—a journey in which academia’s role is not only pivotal but indispensable. With this event serving as a catalyst, the industry stands poised to navigate uncharted territory, driven by the insights and expertise of these academic pioneers.

CLICK HERE TO WATCH

Brexit – Is The Damn About To Burst!?!

Posted by & filed under Blog, Industry News, Opinion.

I speak to lots of businesses across the property sector, I’ve had different feedback on how the market has been. Lots have reported that property sales have been particularly challenging throughout the year, particularly as we have got close to each Brexit deadline. For example, we’ve seen the lowest October rise in house prices since Oct 2008 (https://www.theguardian.com/business/2019/oct/21/lowest-october-rise-in-uk-house-prices-since-2008-financial-crisis)

Of course, uncertainty over Brexit has been the key reason we have seen this affect on the market.

This has also caused a number of property developers to push back launches throughout 2019 as they also wait for a decision in Parliament that will bring some confidence to the market.

How this affects the labour market…
As everyone presses “pause” the labour market also stalls. Less opportunities are available so fewer people are moving to new companies.

Despite the fact there are fewer opportunities, we still have a very “candidate-short” market. However, although finding top quality people for your organisation is still extremely difficult, there is less competition for candidates right now as businesses wait to see what happens in Westminster.

Creating a backlog…
This is creating a backlog. The development launches that have been postponed are still there. Companies growth plans are waiting to be realised, they have just been put on hold for a decision.

What happens when the damn bursts?
Once some sort of decision is made – whether it be the current deal presented by Boris Johnson, or a slightly tweaked one from Jeremy Corbyn, or referendum between one of these deals and remain. Then EVERYONE will be looking to hire, ALL at the same time.

This will mean finding, and even more importantly, securing top quality people will be even more challenging than it is right now. There will also be upward pressure on salaries and the offers required to secure those people.

Therefore, the savvy business leaders will be looking to snap up the top talent that is available right now before everyone is in the market.

Just as in property, the time to be active is when demand is down. That’s the time to maximise your investment.

Are Millennial’s a waste of time?

Posted by & filed under Blog, Opinion.

I come across numerous senior people within business lamenting the lack of commitment from millennials. They are seen as a generation with a chip on their shoulder; as those who simply do not know how to graft; people who will give up at the first sign of adversity.

“The kids today aren’t like we were…”

They are thought of as “snowflakes”, as people who are easily offended and who are going to be up in arms at very little.

But is this really true?

Of course, there have been changes in society over the decades and there are some differences in attitude that have developed over the years, but to say a whole generation of people now lack the drive, graft and commitment, is totally inaccurate.

Of course, there are some people who are spoilt and ungrateful – the perennial victims, but there always have been. However, now these people are more likely to have their demands fulfilled.

And I do feel that there is a broader change in behavior in general.

There is definitely a trend towards people changing employment more swiftly and there is certainly a greater demand on businesses to improve their packages and working environments, but this isn’t because people have suddenly become ungrateful in nature.

it’s environment rather than upbringing that is changing behaviour…

The reason we see this change of behaviour, I feel, is because we have had record levels of employment across the economy, even in spite of Brexit. This means people have numerous opportunities available to them. There isn’t the same fear that losing your job means you’ll have no income and won’t be able to pay your rent/mortgage.
Highly talented people can quickly find a new (and potentially better) role.

Rapid innovation of working environments…

With so much choice available to millennials (and all the other generations in employment), ensuring you have the culture and environment to retain your best people is fundamental to business success.
The availability of numerous opportunities coupled with advancements in technology is driving innovation in the work place – the rise of collaborative workspaces, flexible working hours and work from home opportunities, reflect this.
This is a great thing – and if you don’t move with the times you will be left behind.

There are still frustrations for business owners…

Even with the improved working environments, the huge amount of opportunity available to job seekers still means if it very difficult to hire and retain the best people in the business.

Companies need to build a long term “people strategy”. Proactive forward planning, thorough in-depth calculated assessment, and robust internal appraisals and 1-1 procedures in essential to maximising retention.

Do you agree? Really interest to hear peoples thoughts on this topic…

If you are interested in discussing your own recruitment strategies with one of our consultants (whether when growing your team or planning your personal career growth) please feel free to get in touch.

Cost Per Hire – Guess The Cost Of Hiring a Negotiator In To Your Business…

Posted by & filed under Advice, Industry News.

IMPORTANT – Before reading through the costs calculated below, have a guess as to how much you think an empty Sales or Lettings negotiator seat might cost an Estate Agency or Property Developer…

Write it in the comments below and see if you’re close!

So, I’ve been doing some workings on the cost per hire for Sales people within the Property sector.

Here are the potential costs of what might go into securing a suitable Sales Negotiator, Lettings Negotiator or Property Consultant…

  • Assuming that the position will remain open for 2 months and it will take this person 2 weeks to be fully integrated into the company – (based on a conservative £10k / month target) lost revenue – £25,000.
  • Job Advertised across multimedia platforms– cost of £1500
  • 600 CV’s will be received and need to be reviewed:
    • Typical review time is 3 minutes per resume – 30 hours of time.
  • 25 phone screens will take place (15mins / screening) – 6 hours, 15 minutes of time.
  • 8 face to face initial interviews will occur – 8 hours of time.
  • 3 face to face, 2nd, more detailed interviews will occur – 3 hours of time.
  • Background checks and reference checks will take – 2 hours total of time.
  • Hiring Manager earns £100k per year or £48.08 per hour (assuming only one person is involved in the hiring decision). Time invested of 49.25 hours = £2367.94.
  • Training and two-week ramp up of new employee – £1,500.

Total cost: £30,367.94

But wait…

I haven’t included the time lost from the core responsibilities of the hiring manager; they could be devoting a whole extra week per hire to generating revenue for the business.
Or they could be spending more time with the existing team to develop them and increase productivity and retention. This, in turn, would reduce the need to recruit.

Then, of course, you must also take into account the bad hires, people who aren’t right. These are the people who also take a wage out of the business and don’t generate revenue!
If you lose 1 out of 4 people hired at the end of their 3-month probation that would be £30k in lost revenue PLUS their wage cost of £4500 (3 months at £18,000pa) = £34,500 in total.
Spread that over the 4 placements = £8,625 / placement extra for each hire.
If that turnover is higher, I know many property companies and estate agencies where the turnover rate is as high as 1 in 2, that’s £17,250 extra/placement!

This makes the total cost per hire = £38,992.94 (or £47,617.94 if there’s a 50% dropout rate)

Of course, the biggest cost here is the loss of revenue – £33,625 / placement and the cost of bad hires.

So you want to see the best people as quickly as possibly but it’s important not just to hire anyone as you will be going through the whole process again, at more cost. Of course, recruitment companies can help but make sure you pick the right one – but before going down that route see my blog “recruitment agencies are a waste of time!”

The most important thing is getting the RIGHT person and do all you can to keep your BEST people. If you would like more information or advice on interviewing and selection as well as the best ways to increase retention – feel free to get in contact with me (alex@cherrypickpeople.com)

Really interested to hear if your guess on the cost per hire was close! And if you have anything to add or feel I’ve missed anything in my calculation please comment!

If you are interested in further reading on this topic here is an article posted in the Telegraph, it’s not specific to property sales people, however they calculate similar costs across various sectors…

http://www.telegraph.co.uk/finance/jobs/10657008/Replacing-staff-costs-British-businesses-4bn-each-year.html