Leadership Team Effectiveness and US Real Estate in 2023
In this week's Hanover Talent Insights:
?? Richard Waddell explains why focusing on team effectiveness is important
?? discover what Mohit Kohli sees happening in real estate investment in 2023
Is Your Leadership Team as Effective as It Could Be?
My colleagues and I have recently noticed an increase in demand for?team effectiveness?facilitation and development. We’ve been doing a lot of work with boards and senior leadership teams on effectiveness and team performance, and it’s given us pause for thought.
Why, right now, are we experiencing this demand? I believe one key factor is our emergence from a global pandemic. We’ve gone from working in a virtual space back to the office, and we’re simply not as used to operating in-person or in a team capacity as we once were. We may be working in a team of people we haven’t even met.
We’ve also become used to challenging each other in video meetings, but it’s vastly different in a boardroom.
To take it a step further, I would say that we’ve seen more conflict in teams for this reason. People have simply been more willing to challenge each other when sitting behind a computer, and when that’s translated into real life, it can lead to unproductive conflict.
Statistics showing that online collaboration tools are a force for good abound. According to one survey,?83% of professionals?depend on technology to collaborate. And I absolutely agree - digital tools are essential to collaboration in our modern workplace.
But they can’t take the place of creating an effective team when you’re all in the same room.?
Why focusing on team effectiveness is important
There are a number of reasons why focusing on team effectiveness is important, especially at senior level amongst teams that will drive the whole business forward.
As I’ve mentioned, one reason is simply that teams aren’t spending enough time face-to-face in order to work on how to be effective. In a hybrid environment, it’s easy for teams to drift.
Secondly, the recent and current jobs market has seen a lot of?movement at senior level. You’ve probably got a number of new team members, and they naturally don’t know each other all that well. (At the opposite end of the spectrum, however, you may have a team that has worked together for years and has become insular or too inward-facing.)
Added to that, the pace of modern business makes it harder to build relationships and trust. It’s tempting to focus on the day-to-day, whatever is right in front of you or something that’s taking priority at a given time, rather than taking a step back and focusing on your team as a collective. But relationships and trust are key to effective teams - with that in place, everything works more smoothly.
You may also be finding that as the?age profile of your senior leadership team?is shifting, with millennials coming through to take on more senior roles, the way they think and lead is different to baby boomers. This plays out through different leadership and communication styles underpinned by potentially conflicting values.
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Discover 6 benefits to your organisation of strong senior team effectiveness on the Hanover website.
Real Estate Investment Predictions for 2023
One of the safest statements we can make about real estate right now, both commercial and residential, is that it’s turbulent and volatile.
We’re straight off the back of a global pandemic, followed closely by what can only be described as a tumultuous 2022, into a period of rising inflation (6.45%?as of January 2023), increasing costs to finance real estate purchases and?cap rates?that are under pressure from hiking interest rates.
Challenges abound, both for individuals looking to get into or move upwards in the housing market, and real estate investors. But where there are challenges, there may also be opportunities, and I’ll explore a few of those below.
5 real estate investment predictions
Looking at our current state of play and the impact this could have, here’s what I see happening in real estate investment in 2023…
1. Workplaces will change
There is content and statistics seemingly endless about how the pandemic has changed the workplace as we know it. Businesses have reprioritized, working life has generally become more flexible, and there’s more digitalization evident.
Moving forward, the 2023 trend seems to be for specific locations and specific asset types when organizations are looking for new premises. Many of the older buildings in New York City, for example, are being converted into family residences (the Hanover office is one such example), rather than office space.?
Businesses are now looking for quality over quantity in terms of both location and building size and type - after all, there may be fewer people in the office at any given time. There’s also more emphasis on building sustainability - green credentials are increasingly important - and?wellbeing?amenities, such as fitness facilities.
We recently published our "2023 Leadership & workplace predictions" report.
If you want to read the full report:?CLICK HERE