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Who’s on First

Deloitte recently published an important report, “Closing the Talent Gap in the Real Estate Industry…Strategies to Attract and Engage Generation Y”. For those of you who are confused as to what age the Y group is, it’s the nearly 50 million people born between 1982 and 1993–the largest generation since the baby boomers. A critical statistic highlighted in the report is that, of the four million people who comprise the real estate work force (according to the US Census), the “Older Baby Boomers” represent one million of them, with another 1.4 million in the larger Baby Boomer category. What all of this means is that a huge portion of our industry is beginning an important generational transition, and, per the report, Gen Y will fill the gap. However, there is another side to this story: I recently read that in the 1980′s, one in 15 people reported to someone younger than them; yet today, this statistic is one in 5. While this is not as big a story as the larger issue of the generational shift, it nonetheless poses a significant management issue that will need to be addressed as younger managers are challenged by establishing their credibility with the more “seasoned” members of the organization who now report to them.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
Job Opportunities
THE BOZZUTO GROUPGeneral Manager(JERSEY CITY, NJ) The company is searching for a manager to oversee the day-to-day operation of Liberty Towers apartments in Jersey City, NJ.

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