{"id":1004552051,"date":"2021-09-30T10:14:20","date_gmt":"2021-09-30T18:14:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004552051"},"modified":"2022-12-07T17:24:15","modified_gmt":"2022-12-08T01:24:15","slug":"digital-solutions-to-the-great-resignation","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/digital-solutions-to-the-great-resignation\/","title":{"rendered":"Digital Solutions to the Great Resignation"},"content":{"rendered":"<p>The \u2018great resignation\u2019 is the term I\u2019ve heard many use to describe what\u2019s been happening in parts of the workforce. As my colleagues in human capital have put it: \u201cThe war for talent is over and talent has won.\u201d<\/p>\n<p>The number of conversations I\u2019ve had with clients in the real estate industry and from real estate fund sponsors in banking and insurance points to a very \u2018right-here, right-now phenomenon.\u2019 And that is, many people are starting to reject the sort of unfulfilling, low-value-add, manual work that has long fueled the processes of many real estate organizations.<\/p>\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color has-background\" href=\"https:\/\/mydigitalpublication.com\/publication\/?i=723410&amp;ver=html5\" style=\"background-color:#00aeab\" target=\"_blank\" rel=\"noreferrer noopener\">READ THE GUIDE<\/a><\/div>\n<\/div>\n\n\n<div id=\"attachment_1004543298\" style=\"width: 410px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/John_DAngelo.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004543298\" data-attachment-id=\"1004543298\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-cdo-stack-blockchain-and-real-estate\/john_dangelo-5\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/John_DAngelo.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D3&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1537782719&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;70&quot;,&quot;iso&quot;:&quot;500&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"John_DAngelo\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/John_DAngelo.jpg?w=800\" class=\"wp-image-1004543298\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/John_DAngelo.jpg\" alt=\"\" width=\"400\" height=\"310\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/John_DAngelo.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/John_DAngelo.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/John_DAngelo.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-1004543298\" class=\"wp-caption-text\">John D&#8217;Angelo<\/p><\/div>\n<p>We\u2019ve been an industry that has preferred to add human capital to do redundant manual work than to invest in systems, automation and process excellence. We\u2019ve used human capital as the putty to fill the gaps in processes and systems.<\/p>\n<p>So, what does this have to do with the digital officer? The trends we\u2019re seeing point to one of three actions or outcomes.<\/p>\n<h2><strong>What can employers do?<\/strong><\/h2>\n<p>The first is to try and find new \u2018putty\u2019 to replace the old. It turns out, this \u2018putty\u2019 is getting more and more rare\u2014digital natives who make up an increasingly large percentage of the workforce are simply not willing to work in the same way as we\u2019ve always done it.<\/p>\n<p>The second is to prompt companies to ask: \u201cShould we even be doing this work in the first place? Is there someone we can write a check to who can take the headache off our plate?\u201d There often is, and as such, there has been a recent spike in outsourcing routine, rules-based work to external service providers. (As an aside, I\u2019m a little burned out, but my friends who run outsourced real estate services businesses are crispy-fried.)<\/p>\n<p>The third is to invest in automation and transformation to eliminate manual workarounds. Getting back to the question of what this has to do with the digital officer, it\u2019s this last response that\u2019s most relevant to the CDO.<\/p>\n<p>It\u2019s relevant because there haven\u2019t been many, if any, digital or finance transformation examples in the real estate industry. If you\u2019re wondering why, go back a few lines to the part about the industry being comfortable with traditional processes or throwing people at the problem, rather than <a href=\"https:\/\/www.commercialsearch.com\/news\/in-cre-its-time-to-flock-to-technology\/\">improving efficiencies through technology and automation<\/a>.<\/p>\n<p>For the last few years, I\u2019ve been envious of colleagues who have helped companies in other industries truly transform the ways in which work gets done through automation and \u2018clean sheet\u2019 process design. Finally, in the last few months, I\u2019ve been having conversations with leaders in our industry about what finance and digital transformation can and should look like.<\/p>\n<h2><strong>At a turning point<\/strong><\/h2>\n<p>We\u2019ve reached a tipping point where the pain of acute, unplanned attrition has resulted in no other choice but to act. It\u2019s pushed leaders who have known there is a \u2018better way\u2019 to operate, but who have been complacent with low turnover and people willing to do the work, to finally act rather than kick the metaphorical can down the road.<\/p>\n<p>Either way, interest in and evidence of actual finance and digital transformation in the real estate industry is upon us. I don\u2019t really care what caused this to happen, and I\u2019d rather not see rushed and disruptive change, but if the \u2018great resignation\u2019 is what it took to get this party started, then so be it.<\/p>\n<p>In the aggregate, I don\u2019t believe we\u2019re going to see a significant reduction in the total number of people doing work in our industry. Rather, I think we\u2019re going to see a significant shift in how <a href=\"https:\/\/www.commercialsearch.com\/news\/mark-zandi-on-the-recovery-and-real-estate\/\">people who work in our industry<\/a> spend their time. The shift is going to be, in a large way, from often low-value-add manual work\u2014commonly described as \u2018swivel chair\u2019 work\u2014to higher-value thinking and analyzing activities.<\/p>\n<p>In the end, this shift of human capital should result in better run assets, a more fulfilling work experience, greater returns for investors and further innovation.<\/p>\n<p>+++<\/p>\n<p><em>John D\u2019Angelo is a managing director with Deloitte Consulting and leads the real estate industry sector for Deloitte Consulting in the US. With over 33 years of experience as a management consultant to the global real estate industry, John has helped some of the biggest names in real estate leverage technology and use data to optimize and transform their operations.<\/em><\/p>\n<p><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=723410&amp;ver=html5\"><em>Read the October 2021 issue of CPE.<\/em><\/a><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insights on the new talent war from John D\u2019Angelo of Deloitte.<\/p>\n","protected":false},"author":1119,"featured_media":1004543298,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39191,1521],"tags":[32782],"class_list":["post-1004552051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-cfo-corner","category-digital","tag-deloitte"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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