Declining Real Estate Property Values Presents Recruitment Challenges for the A/E Industry
-- Building Design & Construction, 1/27/2008 5:35:00 PM
Northborough, Mass., January 24 – Finding Architectural and Engineering talent willing to relocate has always been a huge challenge for A/E firms. Today, however, it’s an even greater challenge due to the depreciation in residential real estate values.
“A/E firms still seem to be having trouble attracting top talent. Today, however, it’s even more difficult due to the slumping residential real estate market”, says John P. Kreiss, President and CEO of SullivanKreiss, an executive search firm serving the A/E industry.
Kreiss says that many people do not want to sell their homes in this market for fear of losing money due to the current depreciation in home values across the country. “This makes it more challenging for A/E firms to identify, recruit, and hire talent in an industry already faced with a dearth of qualified Architects and Engineers”, says Kreiss.
He recommends the following for A/E firms looking to attract top talent:
Avoid relocation as much as possible – It’s expensive and will get even more expensive now that candidates face significant losses from home sales.
Open new satellite offices near the talent – It’s hard to find talented Architects and Engineers in major metropolitan areas, but even more difficult in the smaller markets across the country. Kreiss says that the cost of a small office will likely dwarf the expenses to relocate significant numbers of top staff.
Offer flexible scheduling – Companies outside the A/E industry have been hiring people and allowing them to commute several days a week and work from home the rest of the time. “We haven’t seen a lot of A/E firms do this”, says Kreiss, but it can be an effective way to add talent. We’ve been finding a lot of Architects and Engineers willing to travel, but balk at relocating in this declining real estate market. “
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