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How Heads of Asset Management Can Attract Skilled Professionals
03 Apr, 20241-2 minutes
In this blog, you will learn:
- What role Heads of Asset Management play in recruitment.
- Why it’s important for Heads of Asset Management to attract skilled professionals.
- How Heads of Asset Management can attract skilled professionals.
- How Spencer Clarke Group can deliver expert Property and Asset Management recruitment services.
Thanks to the fast-paced nature of property and asset management, experienced and skilled professionals are vital for delivering exceptional results.
From ensuring legal compliance, to navigating the complex financial intricacies of asset management, skilled individuals are the backbone of the industry and Heads of Asset Management play a crucial role in recruiting them.
However, as the sector continues to evolve, there is increased demand for professionals who can adapt to industry changes, showcase innovative thinking and deliver results.
In our latest blog, we’re discovering how a Head of Asset Management can attract skilled professionals to their team.
What role do Heads of Asset Management play in recruitment?
During the recruitment process, a Head of Asset Management is responsible for defining the requirements of the team to determine their staffing needs, a task that is often undertaken alongside the HR team.
Depending on the requirements of their team and the structure of the organisation, a Head of Asset Management might recruit for positions including Asset Managers to develop strategies for maximising asset value or Compliance Officers to ensure that the regulatory requirements related to asset management activities, are always adhered to.
However, depending on the structure of an organisation and whether it is in the private or public sector, there can be differences within the recruitment process, especially when it comes to the regulatory environment and budget constraints.
Often, the public sector is subject to stricter regulatory requirements than the private sector and therefore the recruitment process might involve additional steps to ensure regulatory compliance.
Public sector organisations are also typically subject to budget constraints and approval requirements, which might result in a more rigid hiring process. In comparison, private sector organisations might be afforded more flexibility when it comes to budget availability and hiring decisions.
Interviewing and selecting candidates is an important responsibility for a Head of Asset Management; they may conduct a job interview themselves or join a panel of senior members to interview a candidate.
Being able to evaluate a candidate's skills, experience and cultural fit is crucial for a Head of Asset Management to successfully hire a professional who will succeed in the role and fit into their team.
Why is it important for Heads of Asset Management to attract skilled professionals?
The requirements of an asset management team are typically varied and usually include strategic planning (to make sure that assets are in alignment with an organisation's objectives) and financial analysis (to assess the performance of assets and risk management). Therefore, professionals working within asset management must have a varied skill set and be able to adapt to the task at hand.
As within any profession, it’s vital that a Head of Asset Management is able to attract the most suitable candidates, such as a Research Analyst, Risk Manager or an Operations Specialist, when advertising a position.
In order to drive performance and deliver results, a Head of Asset Management must attract candidates with exceptional skill, experience and expertise to their team. As a result of doing so, they are more likely to make better investment decisions, deliver high quality work and drive exceptional performance when managing assets. For example, strategic investment decisions are essential for ensuring that capital is allocated across different asset classes such as equities and commodities.
A skilled candidate should also have an advanced understanding about the implications of risk management on making sensible investment decisions. They should be able to balance risk and return appropriately and ensure that investments align with the objectives of investors. As a result, they will help to drive exceptional performance amongst an asset management team.
However, if the risk and return trade-off, which is an investment principle suggesting that the higher the risk, the higher the potential reward, is miscalculated, this could result in financial losses and portfolio underperformance within asset management. These factors can have a detrimental effect on an asset management team and lead to a decrease in investor confidence.
Property and Asset Management recruitment specialist, Chris Wilkinson, says “It’s really important for Heads of Asset Management to attract skilled professionals so that their team can be innovative, adapt to industry changes and meet investors requirements.”
Chris continues “Passionate individuals often bring fresh perspectives, creative ideas and important problem-solving abilities to a role.”
By hiring strategically, a Head of Asset Management is able to select candidates who will help their team adapt to changing market conditions, identify new investment opportunities and implement strategies that will help them stay ahead of their competitors.
For example, a Head of Asset Management is likely to recruit an individual who keeps abreast of market trends and regulatory changes within asset management. By doing so, they are able to help the team make informed decisions and identify emerging opportunities ahead of their competitors.
A recent market trend includes an increased spotlight on Environmental, Social and Governance, which refers to a set of criteria used by investors and organisations to measure the sustainability and ethical impact that an investment has within a business.
Sustainability criteria is becoming increasingly important to investors and regulatory bodies, such as the Financial Conduct Authority, who have emphasised the importance of these considerations. Therefore, professionals who stay abreast of important trends, like sustainability, are a greater asset to a hiring Head of Asset Management.
Recruiting skilled professionals also provides opportunities for Heads of Asset Management to provide mentorship, professional development and career advancement. As skilled professionals progress throughout their career, they are able to showcase the skills and expertise needed for junior team members to also develop successfully.
Building a team of committed and skilled individuals is also essential for the sustainability and growth of an asset management team.
A successful team is able to ensure that consistent results are delivered and that changes in market conditions are met, whilst remaining resilient in the face of any challenges, such as supply chain disruptions or demographic shifts.
For example, shifts in supply and demand must be met, however an oversupply of properties in a particular location, leading to increased competition amongst property owners, might result in lower rental rates and occupancy levels. A successful team however, should be able to deliver consistent results despite this challenge.
How can Heads of Asset Management attract skilled professionals?
There are a number of ways a Head of Asset Management can attract skilled professionals to their team, including:
- Create opportunities for professional development.
- Foster a positive work culture.
- Promote a happy work-life balance.
- Implement employee engagement initiatives.
Create opportunities for professional development
For local authority interim positions, the contractor will be expected to invest into their own professional development; as the contractor works across different assignments, they will naturally gain extra knowledge and experience which will improve their CV.
However, to attract permanent employees, one strategy is to provide opportunities for professional development. This includes opportunities to pursue industry recognised certifications in order to build credibility within the profession.
Qualifications could include those offered by the Royal Institute of Chartered Surveyors that specialise in areas such as investment, valuation and facilities management.
Asset management professionals might choose to pursue the RICS Diploma in Asset Management which covers topics such as sustainability and portfolio optimisation.
Opportunities for professional development are also available in other forms such as industry conferences like the Asset Management and Maintenance Conference and Exhibition and seminars specialising in the property and asset management industry.
These events are all excellent sources of additional learning for candidates looking to enhance their skills and expertise.
Foster a positive work culture
Cultivating a positive and collaborative work environment is essential for any workplace in order to attract skilled individuals. How a Head of Asset Management treats their team, will reflect strongly on their overall work ethic and positivity in the workplace.
It’s essential for asset management professionals to feel fulfilled within their position, even if this is on an interim basis. Despite interim contracts sometimes only lasting a few months, it’s still important for Heads of Asset Management to ensure their team members feel happy at work and experience job satisfaction.
Best practice would be for a Head of Asset Management to encourage collaboration amongst leasing, maintenance and finance departments. They could do so by organising property walkthroughs with people from each team, who can collaborate and jointly assess property conditions and improvements.
Encouraging cross-functional collaboration is a great way to improve overall property performance and create a positive and inclusive work culture.
Encouraging team members to think innovatively and find creative solutions to asset management challenges is also critical for creating a positive work culture.
For example, innovative thinking is essential for the implementation of smart building technologies, such as a Building Energy Management System. The implementation of such technology can enhance tenant satisfaction and as a result of this, asset management professionals are likely to feel a high level of job satisfaction.
Recognising and celebrating team success is also vital for attracting skilled professionals. Whether it’s successfully identifying risks associated with real estate investments or developing and executing exit strategies for real estate assets, celebrating successes is essential for fostering a positive work culture.
Promote a happy work-life balance
Promoting a happy work-life balance means ensuring that individuals working within asset management teams are able to switch off from the job when not on work time.
Recognising that property and asset management can be demanding is essential.
For example, the challenges associated with managing a diverse portfolio of properties, adhering to complex regulations, maintaining positive tenant relationships and optimising the financial performance of properties, can result in a very busy and sometimes stressful workload for asset management professionals.
For this reason, Heads of Asset Management should ensure that all team members are afforded the opportunity to completely switch off during annual leave and weekends.
The wellbeing of their team should always be a priority for Heads of Asset Management.
Implement employee engagement initiatives
In order to attract skilled individuals to a team, it is best practice for Heads of Asset Management to make employee engagement initiatives an important part of their workplace culture.
For example, a Head of Asset Management might choose to implement a tenant engagement strategy aimed at improving tenant satisfaction and collaboration between tenants and property managers.
Folkestone and Hythe District Council have implemented a tenant engagement strategy to ensure they are working with tenants and making a positive difference within the community.
Should improvements be seen, a Head of Asset Management might choose to reward asset management professionals and as a result of this benefit, be able to attract skilled professionals to their team.
As a result of being rewarded for their success, asset management professionals are likely to experience greater job satisfaction.
A workplace that fosters a positive culture will be more enticing to jobseekers than one that makes little effort to acknowledge and reward the hard work of its team members.
How can Spencer Clarke Group help Heads of Asset Management attract skilled professionals
As specialists in Property and Asset Management recruitment, our team of consultants are on hand to provide support and expertise to local authorities, private sector organisations and housing associations across the United Kingdom.
Our consultants operate a meticulous search methodology to identify and source talented and qualified candidates who will contribute to the overall success of your project.
Our expertise and thorough understanding of the market set us apart and have enabled us to become a dependable supplier of permanent, executive and senior interim contractors.
To discover more, reach out to our Principal Consultant, Chris Wilkinson on 01772 954200 or submit your vacancy now.
Who is Spencer Clarke Group?
We are an energetic recruitment agency with a passion for transforming the recruitment experience. From the way we conduct business, to the culture in our office in the North West, we believe in having a positive influence and creating meaningful change.
We operate in two sectors:
In eleven specialisms:
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