what employers want! where are the jobs emerging? compensation strategies for the new economy
DESCRIPTION
2010 ULI Fall Meeting Presentation October 13, 2010 1:00 pm to 2:15 pmTRANSCRIPT
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What Employers Want!What Employers Want! Where are the Jobs?
Emerging Compensation Strategies for the New
Economy
Wednesday, October 13
1:00 p.m. – 2:15 p.m.
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Overall Employment ContextOverall Employment Contextor How Bad is It?
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J b L i P t WWII R i
Employment Context
Job Losses in Post-WWII Recessions
3Source: www.calculatedriskblog.com
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Hires and Separations
Employment Context
Hires and Separations
4Source: www.calculatedriskblog.com
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Real Estate Market Optimism & Warning SignsOptimism & Warning Signs
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Real Estate Market: Attractive Yields
6Source: PPR/Cornell Real Estate Conference
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Real Estate Market: Recovery of Fundamentals
7Source: PPR/Cornell Real Estate Conference
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Real Estate Market
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Real Estate Market: Pipeline of Residential Distress
9Source: www.calculatedriskblog.com
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Real Estate Market: Housing Returns in 2014?
Source: U.S. Census Bureau/John Loundsbury 10
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Real Estate Market: Negative Equity & Debt
11Source: www.calculatedriskblog.com
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Real Estate Markets: Negative Equity by State
12Source: www.calculatedriskblog.com
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Real Estate Market: Home Equity Extraction
13Source: www.calculatedriskblog.com
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Employment Indicators
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Employment Indicators: Consumer Spending
15Source: PPR/Cornell Real Estate Conference
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Employment Indicators: Signal More Job Creation
16Source: PPR/Cornell Real Estate Conference
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Employment Indicators: Worker Productivity & Employment
17Source: Bureau of Labor Statistics/CEL & Associates
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Employment Indicators: Job Openings = Trailing New Hires
18Source: Bureau of Labor Statistics/CEL & Associates
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Job Barometer
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Nationwide Job Postings by SourceJob Barometer
Nationwide Job Postings by SourceFebruary 2008 – September 2010
Source: Cornell University Program in Real Estate/SelectLeaders. New postings of commercial real estate positions on key job boards from February 2008 to September 2010: Base= 14,670 postings. 20
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Monthly Trend in Job PostingsJob Barometer
Monthly Trend in Job Postings
Source: Cornell Program in Real Estate/SelectLeaders 21
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S l tL d P ti 2006 P t
Job Barometer
SelectLeaders Postings 2006-Present
22Source: Cornell Program in Real Estate/SelectLeaders
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Job Barometer: Applications per Job Posting
23Source: Cornell Program in Real Estate/SelectLeaders
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Job Postings by Business Field
Job Barometer
Job Postings by Business Field
24Source: Cornell Program in Real Estate/SelectLeaders
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W kl J b P ti b S t
Job Barometer
Weekly Job Postings by Sector
25Source: Cornell Program in Real Estate/SelectLeaders
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Job Postings by Selected States
Job Barometer
Job Postings by Selected States
Source: Cornell Program in Real Estate/SelectLeaders. New postings of commercial real estate positions on key job boards from Feb. 2008 to Sept. 2010. Base= 14,670 postings
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Education & Retraining Link:The College Premium Imperative
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Unemployment and EducationEducation Link
Unemployment and Education
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Education Link
Real Estate, MBA & Law Compared
Source: MBA data provided by the Graduate Management Admissions Council's (GMAC) Global MBA® Graduate Surveys administered to US MBA's from the graduating classes of 2000-2009. Real estate data obtained from the graduate programs in real estate at Cornell University, MIT and the University of
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the graduating classes of 2000 2009. Real estate data obtained from the graduate programs in real estate at Cornell University, MIT and the University of Southern California for 2003-09. Law data obtained from Nat’l Assoc. of Legal Career Professionals (median starting salary by year.
Courtesy: Cornell Program in Real Estate
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Education Link
Cornell Compensation Trends sinceTrends since
2005
May 2010May 2010 Compensation Data
30Source: Cornell Program in Real Estate
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Education Link: 2009 Salaries for Law Graduates
31Source: Association for Legal Career Professionals
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Trends in CRE Employment
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Squeeze on the MiddleTrends
Squeeze on the Middle
33Source: CREW Network /Cornell Program in Real Estate 2010
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Trends
Disparate Gender Impact in Unemployment
34Source: US Bureau of Labor Statistics
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Projections & Strategies for Commercial Real Estate Employmentfor Commercial Real Estate Employment
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Projections & Strategies: Job Recovery Scenarios
36Source: PPR/Cornell Real Estate Conference
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Projections & Strategies: Employment Growth by Area
37Source: PPR/Cornell Real Estate Conference
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Projections & Strategies
What Employers are Looking for• Skill re set in Commercial Real Estate• Skill re-set in Commercial Real Estate• Re-engineering of today’s real estate company• Multi-tasking multi-use multi-sectorMulti tasking, multi use, multi sector• Luxury to focus on “fit”• Contingent work (assessing the rent factor)• Net hiring factor
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What Employers Want!What Employers Want! Where are the Jobs?
Emerging Compensation Strategies for the New
Economy
Wednesday, October 13
1:00 p.m. – 2:15 p.m.