Training
However , one of the main barriers faced by real estate companies in building a strong cyber protection program is an overall lack of resources , especially when it comes to C-suite level information technology talent that have knowledge and experience in the real estate industry . This has led many companies to consider outsourcing this function , including seeking Virtual Chief Information Security Officers ( vCISOs ) to lead the development of an integrated cybersecurity program and response plan . Outsourcing this function can significantly reduce the cost associated with hiring a fulltime CISO , while ensuring expert , unbiased cyber counsel around controls , standards , regulatory compliance , and risk management .
How to attract qualified talent
Increased compensation In the wake of Covid , talent across industries has more leverage than ever before . Two of the critical areas of business that are suffering the most in real estate include the management level and maintenance and support staff due to more wage competition in a struggling economy .
The Bonadio Group ’ s study found that professionals across the real estate industry expect an increase in salaries of five to 20 percent when compared to 2021 . Due to increased competition , coupled with inflation , real estate companies must be willing to significantly increase payroll costs going forward to remain attractive to the industry ’ s top leaders . While this is easier said than done , it is advantageous for leaders to take a closer look at their staffing priorities and where new talent is critical so they can be strategic in their hiring efforts .
Diversity , Equity , and Inclusion initiatives ( DE & I ) When asked to comment on two of the most critical issues faced in the industry , participants of Bonadio ’ s industry study identified diversity equity and inclusion initiatives as a priority in real estate . The study found that 55 percent of participants are recognizing social issues such as DE & I and 67 percent believe that the real estate industry has equitable representation .
As the job market becomes more competitive , DE & I plays a major role in the perceived culture of an organization . A real estate company that has a diverse C-suite / management team may be more attractive to emerging talent than a company seemingly lacking in diversity . Approaching hiring with a thoughtful , inclusive outlook on the future of your organization can make all the difference in finding the right people .
Overall , the real estate industry has seen a rebound since the beginning of the pandemic . However , strong , sustainable growth requires the right leaders . Addressing the staffing issues faced by the industry through listening to the desires of talent will allow companies to avoid common risks and reap the benefits of fostering a strong team . ■
For a list of the sources used in this article , please contact the editor .
Nancy Cox www . bonadio . com
Nancy Cox is Partner at The Bonadio Group . She specializes in financial statement assurance and consulting related to the real estate industry , as well as employee benefit plans . She serves as leader of the real estate industry team and co-leader of the employee benefit plan firm-wide team . Nancy is also a member of the Bonadio 401k Plan Committee and the Bonadio Board of Directors . Founded in 1978 , The Bonadio Group is a nationally ranked Top 50 CPA firm offering accounting , tax , and consulting services to clients of all sizes . The Firm ’ s professionals deliver practical , proactive , and innovative solutions to help clients reach their financial , compliance , management , and personal goals .
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