War for talent critical to success in hyper-competitive marketplace – Odgers tells PropCast

Hammond, having recently joined Odgers, is keen to detail the difference search firms make when helping clients navigate an increasingly crowded and competitive arms race for talent.

Specifically, in the case of Odgers, the broad nature of its focus, with high-profile commissions to find people across industries, means acquiring deep knowledge and understanding of what employers really need. Notably, Hammond points out that some of Britain’s most well-known public servants find their path through Odgers. Hammond says, “We are responsible for placing Sir Keir Starmer into the Director of Public Prosecutions role, as well as being responsible for finding Sir Chris Whitty.”

More recently, Hammond himself finds the chief executive of Homes England, in a search that helps clarify the changes he is seeing in the property market.

Describing the property industry’s approach to acquiring talent, he says, “I don’t think that finding people is done incredibly well in terms of measuring adaptability.”

Hammond goes on to make the point that leadership often overvalues technical experience over adaptability and resilience, which he says is increasing turnover, especially at more senior levels. “Chief executives particularly, their turnover is increasing. The amount of time they are spending in their roles is coming down.” Hammond ascribes most of this increased turnover to burnout and fatigue, especially among executives who find the market’s new focus on strategic flexibility challenging.

In the property sector specifically, the fundamental change in how value is both created and perceived causes a sea-change in what skill sets are growing in demand.

Reflective of a market where simple transactions dictate capital flows and allocation, newly placed importance on operational skill changes the kind of search Hammond conducts.

Hammond describes the industry’s transition from the ‘build-lease’ to ‘build-operate’ model as bringing to the fore talent that, he says, “has cross-sector experience and often comes from hospitality.” While previously unorthodox in a traditional property environment, changing market conditions require both leadership and search firms to be more creative in how and where they source talent.

Hammond is also keen to make the point that many businesses fail to recognise that keeping human capital and optimising it is just as important as acquiring it in the first place.

Hammond says of the industry, “We talk a lot about employee value proposition. Why does an employee join your business? Why do they stay?” He goes on to make the vital distinction between superfluous perks that do not address any of the problems employees have today and the creation of a positive underlying culture. Hammond argues, “If you have a workforce who loves and respects working for your company, then they look after your company and look after your customers.”

In trying to answer the question of ‘why join?’ and ‘why stay?’ Hammond makes a compelling case that the search industry is misunderstood. He says, “The recruitment sector is misunderstood sometimes. A lot of people deal with a contingent recruitment agency, which moves as quickly as possible and is incentivised by a commission.” In contrast, Hammond says a search firm “has a moral responsibility to its client, which means being willing to tell boards the correct decision.” At the same time, Hammond is conscious that the importance of a recruitment decision goes both ways. He says, “Putting a senior candidate into one of these positions can be life-changing for them and their family.”

On both sides, Hammond is clear that a good search firm offers, and in some cases insists on, clarity. When things are needlessly done by committee, Hammond pushes back. He says, “You see things done by committee even if it is blatantly the wrong thing to do. Senior people appreciate being told that.”

Looking at where the industry is heading, Hammond says the people best placed to take advantage of the direction of travel are those with a specialist skill set. “Specialist skill sets, for example the Building Safety Act. If you are an expert in building safety, you are absolutely in high demand.” Responding to this does not necessarily mean having a singular focus area, but rather having a range of distinct and useful skills that differentiate you. Hammond suggests, “You should diversify your experience by working purposefully across multiple disciplines.”

Almost as important, Hammond says, is building your personal brand, which is a factor that search firms increasingly value. Hammond says, “We look for people who are engaged with the market, someone who attends major events, sits on panels, sits on boards.” This is in large part because, and perhaps counterintuitively in the context of digital reputation, property is still very much a human and relationship-based business.

On that note, Hammond finishes by offering a clear morsel of wisdom. “Socialise with the sector. Property is a bloody hard place to be, and some of my best relationships are built during the hardest times.”