Almost a year ago, I wrote my most read blog to-date … Out with Millennials: You Can Thank Me Later. In it, I argued that we needed to stop using the “M” word because the negative connotation wasn’t doing us any good. And, that —since this generation is well on its way to dominating the workforce— we should make an effort to get to know them better. We decided to focus on their fresh perspective and unique gifts, ditch the “M” word, and to get back to work.
With progress in technology and data accelerating, the commercial real estate industry is changing quickly. But smart commercial real estate professionals aren’t looking for new jobs...they’re adapting. In order to stay relevant, CRE professionals need to think beyond the “this is the way we do things” mindset and get creative in their approach to marketing, leasing and managing assets.
Will a robot take your job? It might sound like a question out of a sci-fi movie (it probably does because it is) but, it’s quickly becoming reality. While I’m a futurist at my core, in my heart I feel that robots should only take jobs we CAN’T do. I believe they should support us to be better … not to be gone!
A recent McKinsey article suggests that over the past twenty years, academic insight and real-world experience have demonstrated that when companies channel their competitive and collaborative instincts, embrace diversity, and recognize the needs and emotions of their team members, they can reap dividends in performance.
According to the Harvard Business Review, change management has been a recognized discipline for over half a century. Yet, despite the unbelievable investment companies have made in tools and training, most studies show that 60-70% of organizational change projects fail —and this failure rate has gone unchanged for decades. The saying failure is not an option as you can see is not working here.
If you’re a regular reader, you know that I like to help empower the commercial real estate community with all things technology —I love to share what I’m learning, what I’m using, and what I’m hearing. Almost to a fault.
This excerpt from a recent NewCo article really struck a chord with me. It said — “A job is just the beginning. To win talent, companies must compete on purpose, authenticity, and with a message that resonates. Millennials are now the largest force in the global economy, and they have a markedly different view of work: purpose and “making a difference in the world” are central in their work-related decisions.”
The unbelievable speed at which technology is infiltrating our daily lives has created an era where customers are empowered. They can browse and purchase what they want, where they want, whenever they want. We are so much more demanding now that we have a voice that can travel through social media and make an impact on product and services. In fact, today’s consumers expect companies to quickly innovate in accordance with their changing preferences, as a new study by Salesforce suggests that 70% of consumers agree that technology has made it easier than ever to take their business elsewhere.
A recent TechCrunch article suggests that if businesses don’t pay attention to the growing AI trend, they’ll find themselves playing catch-up for years. I couldn’t agree more! We are at a “tipping point” —as Malcolm Gladwell wrote so elegantly in his bestselling book. A timely and great read for where we stand in the evolution of our industry.
In 2006, Google hired Stacy Sullivan as Chief Culture Officer, and the C-Suite was changed forever. Okay … that might be a bit dramatic, but bringing someone into the C-Suite whose sole duty was to keep a watchful eye on culture was revolutionary at the time. They were disruptors. They knew that not only was technology changing at the speed of light, but people were to.
Doesn’t it seem like we’re always talking about Millennials? If you had any doubt —we should be. They’re impacting everything from the workplace to grocery shopping … I’ve even made a proclamation not to use the “M” word any more because, frankly, I’m sick and tired of hearing the word. That’s how important they are.
In any company, the C-Suite often has high hopes for data and analytics integration —as it’s just good strategy and can have a positive impact on revenues, margins and efficiency. But, a recent McKinsey Global survey suggests that the involvement and buy-in by senior executive leadership is more crucial to the success of these programs than one might think.
You know marketing is a key driver of success for your business in commercial real estate, but do you know how to measure it?If you haven’t figured out how to quantify your marketing efforts, you are at a massive disadvantage.
Richard Branson once said, “We have two ears and one mouth, using them in proportion is not a bad idea.” — I think we can all benefit from reading that sentence again.
Whether you’re a C-Suite executive or are trying to move up the ladder, brilliant ideas can be found in the most unlikely places —and you won’t hear those ideas unless you’re listening.
The emergence of Pokemon Go has drawn a lot of attention to the potential of augmented reality and other technologies that seem to blend the real and virtual worlds. These ideas have been floating around for a while, but it looks like practical uses are being found that will have an impact on all of us, beyond gaming. And they take the market by storm. I was out to dinner with my daughters and when we left the restaurant they started chasing the Pokémon and it ended up that there were over 50 kids running around in virtual world. (Some not even looking for cars when crossing the street!)
Larry Schachter has spent three decades in the real estate industry. For the last fifteen years, he’s held senior technology roles at Tishman Speyer, Acadia Realty Trust, and CompassRock Real Estate LLC (the former manager of Stuyvesant Town/Peter Cooper Village in NY). Larry recently took on the role of Principal in the New York Office of Open Box Software. Open Box has a 15 year history of providing custom software and technology services exclusively to the Real Estate industry. The company is based in Cape Town, South Africa.
The one economic reality that so many twenty-somethings are facing is student debt. Americans currently owe $1.3 trillion in student loan debt, spread out among about 44 million borrowers. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year. These people will start their careers with an Average monthly loan payment of $351.
You may not have noticed yet, but Amazon just reinvented the entire retail and payments experience with the introduction of Amazon Go. The system combines technologies like Artificial Intelligence, machine learning, sensors, and image recognition to eliminate things like checkout lines and shoplifting. Next up … robots will push your cart and bring the groceries to the car, and maybe even shine your shoes when you're there! (Remember the movie I, Robot?)
The way we work is in the process of transformation (or maybe even in disarray). Uber, Airbnb, and other freelance gigs are becoming more common, expanding our ideas about just what it means to have a job.
Does creative office design make you better at your job? The answer depends on who’s doing the creating. A flexible work environment can boost productivity and also aid in retention, but only if the people who work there feel some sense of control and autonomy.