Q&A: Human resources VP Karen Power’s hiring strategies

Karen Power, Vice President of Human Resources at Peterson, shares insights into the evolving landscape of talent acquisition and retention in the real estate and development sector. In this Q&A, she discusses the hiring challenges brought on by economic shifts, changing employee expectations, and generational differences in workplace values.

Power also highlights the strategies Peterson has implemented to attract and retain top talent, from fostering a strong company culture to offering flexible benefits, mentorship programs, and professional development opportunities.

SiteNews: What are some of the biggest hiring challenges Peterson and others in the real estate/development sector have faced in recent years?

Power: like many of our peers in real estate, has faced a range of hiring challenges in recent years. The post-COVID job market presented initial difficulties with a shortage of candidates as economic uncertainty made many hesitant to switch roles. Although candidate availability has since improved, competition remains fierce, especially for experienced senior-level positions. Rising construction costs, inflation, and high interest rates have led to project delays, frustrating younger workers and complicating workforce planning. Furthermore, balancing remote work expectations with the industry’s on-site requirements has added another layer of complexity. Finally, rising union pay rates, especially in hotel operations, have significantly increased our operational costs.

What are you hearing from employees and candidates about what they want from a job?

Both current employees and candidates are looking for roles that offer autonomy and the opportunity to share their ideas while working on diverse and interesting projects. They also value a balanced total rewards package that includes benefits like RRSP, HSA, and other perks. Additionally, opportunities for growth are highly important, whether through mentorship, skill-building programs, or collaboration with colleagues. Understanding these wants, Peterson also recognizes the importance of supporting employees’ long-term financial security, which is why we prioritize retirement planning assistance services and matching RSP contributions.

Have you seen a difference in how various generations value a workplace and an employer?

Different generations value workplace and employer attributes in distinct ways. Young professionals often prioritize flexibility, hybrid or remote work options, and rapid career growth. They seek projects that offer autonomy and opportunities for quick recognition. On the other hand, seasoned professionals tend to focus more on company culture, team dynamics, and the organization’s focus areas. Given current market uncertainties, they are more cautious about changing jobs and gravitate toward stable, reputable companies with a long-standing presence, which helps our recruitment efforts.

What sort of adaptations has Peterson made to attract and retain workers?

Peterson has made several adaptations to attract and retain workers by focusing on creating an overall positive employee experience. We bring in talented employees that align with our overall values, we treat them with respect, and we give them the tools and space to grow and learn. We put a lot of effort into creating a strong culture and engagement through this process. To meet diverse individual and family needs, Peterson offers flexible benefits packages, including health spending and lifestyle accounts. Additional perks include tuition reimbursement, a scholarship program for employee’s children, and retirement programs that recognize tenure. At Peterson, we also celebrate significant milestones with meaningful gifts and events, and we take time to volunteer in the community together, fostering a strong culture of appreciation and engagement.

What strategies have you found to be most effective?

Most importantly, we ask for feedback and we listen to our people. We ensure our leaders have an open-door policy that encourages employees to provide feedback, share ideas, and challenge norms. This fosters a culture of openness and innovation. We also run a mentorship program, with 28 mentees in the latest cohort, offering six-month sessions that provide both guidance and skill development. To further enhance growth, we implement cross-training projects that help younger employees expand their skill sets. Peterson Academy also plays a key role by allowing employees to apply their creativity to tackle current problems and explore emerging trends.

How do you make your company stand out from the others in the space and even from other industries?

Peterson sets itself apart by fostering a culture of innovation and enjoyment. Programs like Peterson Academy empower employees to find creative solutions to business challenges, while efforts are made to create an office environment where people truly enjoy coming to work. We also ensure that Peterson’s care for individuals extends to their families with a scholarship program to award children of employees for academic achievement, community involvement and leadership in school/work, and we offer maternity/parental Top Up benefits to support parents. We also welcome partners and children at select events and even dogs are allowed in the office, emphasizing a strong sense of community and balance.

How do you manage/track employee satisfaction?

Employee satisfaction is managed and tracked at Peterson through a mix of formal and informal methods. Stay interviews provide a casual way to understand individual experiences, while the Engagement Committee conducts pulse checks to gauge overall morale. Additionally, we use formal engagement surveys to collect detailed feedback, ensuring a well-rounded approach to monitoring and improving employee satisfaction.

What are some of the main reasons your longest-serving employees have stuck around?

Peterson manages and tracks employee satisfaction by fostering growth, collaboration, and engagement. Employees are given opportunities to take on diverse projects, allowing them to expand their responsibilities and advance their careers. We are always growing and evolving the spectrum of what we do; there is always challenging work and room to grow and employees are faced with stimulating work. Ultimately, Peterson spends time with its employees. Peterson prioritizes a people-first culture, where respect, fairness, and genuine care are foundational. The company promotes collaboration, supports employees in overcoming challenges, and provides various ways for team members to connect and build strong relationships.