There is no doubt that 2024 has seen several changes in the market and hiring within the Leasehold sector. With this in mind, Joe Peat, Senior Consultant in Leasehold Management at deverellsmith has put together some transformations he has been seeing and how this has altered how we attract top talent.
A shift back to office working
As the UK leasehold property market navigates the post-pandemic shift towards in-office work, retaining top talent demands a strategic balance between traditional practices and modern employee expectations.
The push for full-time office returns risks distancing talent that has grown accustomed to the autonomy and flexibility of hybrid working. I’m seeing candidates who have moved from London due to the flexibility previously provided and are now being asked to come back into the office. This has caused them to move and look for opportunities elsewhere, and businesses are potentially losing top talent.
To address this, I would suggest businesses continue to focus on fostering a workplace culture that emphasises employee engagement, and professional growth alongside a work-life balance. Offering competitive salaries and providing support for employee travel - whether through subsidies, allowances or convenient office locations - can significantly enhance employee satisfaction.
Candidate demands
The above leads us to the current top demand from candidates at the moment which is competitive salaries.
With rising living costs and a competitive job market, employees seek remuneration that reflects their skills and industry expertise. Additional benefits such as retention bonuses, travel support, and pension contributions are also highly valued.
deverellsmith offers complimentary salary benchmarking snapshots for clients looking to hire within the industry, supporting businesses to gain a competitive edge in the industry and determining the best way to remunerate and reward your employees.
Increase in acquisitions - advice for retaining your top talent
In the first quarter of 2024, M&A activity in the UK increased by 7% compared to the previous quarter. A big acquisition in the industry recently saw Odevo acquire Encore Estates.
Retaining employees during an acquisition in the UK's leasehold sector requires a proactive approach to communication, engagement, and support. Acquisitions often bring uncertainty, so transparency about the process and its implications is essential to build trust.
Below is advice for retaining your employees during an acquisition:
Communicate transparently and early
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Clear, honest, and frequent communication is essential during an acquisition. Outline the reasons for the acquisition, its benefits for employees, and any changes they can expect. Address concerns promptly and keep employees informed of key milestones to foster trust and reduce uncertainty.
Offer competitive salaries and retention incentives
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To mitigate the risk of losing top talent, ensure salaries remain competitive and consider offering retention bonuses. Demonstrating financial commitment to your employees shows their value in the evolving organisation and encourages them to stay through the transition.
Support career development
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Highlight new opportunities the acquisition creates for career growth. Provide training, mentorship, and clear pathways for advancement within the restructured organisation to reassure employees of their professional future.
2024 has ushered in transformative changes across the leasehold sector, reshaping how businesses attract and retain talent. From navigating the complexities of a return-to-office culture, addressing evolving candidate demands, and managing the impacts of increased merger and acquisition activity, it is clear that a strategic, employee-centred approach is paramount. By fostering transparent communication, offering competitive remuneration, and emphasising professional growth, businesses can position themselves as employers of choice in a rapidly changing landscape.
If you would like more information about the best ways to attract and retain the best talent in the market, you can head to our website, or get in touch with me to discuss in more details.
This article was written by Deverellsmith.
