Graduate Attribute Requirements for Real Estate Consultancies Perspectives
Graduate Attribute Requirements for Real Estate Consultancies: Perspectives from Human Resource Managers Paul Royston and Joanna Poon School of Architecture, Design and the Built Environment Nottingham Trent University, UK ERES 2011, Eindhoven, Netherlands
2
Summary • Introduction - Employability • Why employability is important? • Why HR managers? • Results of previous research – knowledge, skills and attributes • HR managers perspectives • Relationship between size of employer and discipline • Commercial awareness • Importance of commercial awareness • Conclusion 3
Employability • Definition (Confederation of British Industry): “a set of attributes, skills and knowledge that all labour market participants should possess to ensure they have capability of being effective in the workplace – to the benefit of themselves, their employers and the wider economy. ” Confederation of British Industry (CBI) (2010) Employability and work experience – a quick guide for employers and students. CBI, London. 4
Why employability is important? • Employers – want suitably equipped employees • Graduates want to be employed • Universities – produce employable graduates, value for money, attract new students • Governments want to enhance employability – economic growth and competitiveness 5
Why HR managers? • Previous research on comparative study of real estate graduates’ and employers’ requirements and perception • 639 recent graduates (0 -5 years experience) • 62 employers • 72 characteristics: • knowledge (31) • skills (20) • attributes (21) • Five UK course directors (RICS accredited real estate courses) • Extend to get further perspectives from HR managers from international real estate consultancies and agencies 6
Previous research: knowledge Graduates feel they acquired Employers feel graduates require 7
Previous research: skills 8
Previous research: attributes Graduates feel they acquired Employers feel graduates require 9
HR managers perspectives • Alignment with results of previous research – broad agreement • Give prominence to soft skills over technical knowledge • Attributes – very important. Difficult to train/educate • Following areas highlighted as needing development: – technical report writing – commercial awareness • Following areas very significant for employment: – – – – integrity and honesty arrogance and over-confidence (negative) commercial awareness client care working under pressure second languages (German, French, Spanish, Chinese) motivation (one response) 10
Relationship between size/type of employer and discipline International real estate consultancies, e. g. JLL, Colliers, CBRE Soft skills Regional Surveying Practice, Lincoln, England Technical knowledge 11
Commercial awareness “…. commercial awareness is about being able to talk to clients, finding out what they want, why they want it, what they will do with it and what they are prepared to pay, and then delivering it in the way they want. To do that you need to understand how organisations work, the issues they face and the role of people within them. " (Stoakes, C, All you need to know about commercial awareness) • Real estate HR ‘definitions’: “aware of the bigger picture, understanding new trends and understand how this impacts upon service to clients” “understand the cost of providing services including consideration of time inputs” 12
Importance of commercial awareness • One of the top 3 recruitment selection criteria • Tested at various stages of application process • Graduates insufficiently prepared • Difference between bachelors and masters 13
Number of RICS accredited degree courses in the UK and worldwide (2003 -09) 14
Number of student starters for RICS accredited degree courses (2000 – 2008) 15
Conclusion Implications: • Employers – want variable mix of technical knowledge and soft skills • Government – wants employability developed in graduates to justify financial commitment • Universities – getting the balance right - technical knowledge and soft skills • Employability has risen to the top of the agenda 16
- Slides: 16