NRT: Selecting for Success at Every Level
NRT, the largest broker of real estate retail services in North America, with over 1000 offices in the United States, initially tapped TalentQuest to determine the cause of a core challenge the organization was facing: why the individuals they had recently hired did not seem to be the right “fit” for the real estate agent role, or, occasionally, for the company itself.
They realized the importance of building a strategic and specific selection process at the office level to foster the committed performers who would contribute to the organization’s continued growth. By determining what success looked like at NRT, they could identify the specific personality variables critical for success and their ideal candidates.
Stage 1: The Real Estate Agent
TalentQuest partnered with NRT to identify their top performers and created Peak Performer Profiles™ based on their critical characteristics. Peak Performer Profiles are benchmarks, or standardized, unified performance expectations based on the personality traits and inherent characteristics of the most highly effective performers in each position. They allowed NRT to objectively evaluate and compare candidates to ensure smart hiring decisions. With their new customized selection tool, branded as REAP (Real Estate Assessment Profile), they were equipped to swiftly and objectively assess new candidates. Applying a Similarity Index (SI™), a specific subset of factors that was the most predictive of success, TalentQuest provided NRT a measure with which to benchmark candidates.
Through consistent application, they ensured the best candidates with the highest likelihood of success were selected, positively impacting both departmental and organizational productivity.
The results? TalentQuest and NRT analyzed the 450 sales associates’ earnings performance over the year and discovered that those who scored a Similarity Index of 90 earned 133% more than those who scored under 90. Furthermore, candidates with a SI™ of 80 or higher earned over twice as much as those with a lower SI™. NRT then launched this new agent assessment process nationwide as the first layer of their talent management foundation.
Stage 2: The Branch Manager
The tangible value of selection had been established and a trusting partnership between NRT and TalentQuest had been formed. NRT then broadened their scope, realizing the potential value of applying the similar selection processes to the branch management role. TalentQuest reviewed existing processes at the management level and identified specific opportunities for improvement. By creating a core competency model for the manager position, TalentQuest designed and built an assessment center for incoming candidates.
NRT selected 15 high performing manager candidates based on the assessment tool, and the candidates completed a one-day assessment process wherein each participant engaged in real-life simulations and role-play. Candidates were immersed in on-the-job scenarios in order to demonstrate how they would apply their skills and management style to difficult situations they might face. The individuals were measured on specific competencies and particular behaviors identified as predictors for success in the role itself.
The results? The sustainable value of this process was clear— NRT was now equipped with processes to expand their management talent and bench strength across their operating companies.
Stage 3: The Regional Vice President (RVP)
NRT was committed to prioritizing talent management processes across their entire organization. They then decided to take a closer look at their Regional Vice President position, the senior position to whom the branch managers reported, again engaging TalentQuest for best practices. NRT recognized the RVP position was one wherein individuals were struggling to quickly gain the skills and experience to be effective in the role; therefore, NRT hoped to expedite the process and timeline.
TalentQuest partnered with NRT to design an accelerated leadership development program. TQ determined the competencies required for success, created assessment methodologies to identify high potentials and designed a customized development program.
From the 60 candidates in the assessment center, 17 were selected to enroll in a yearlong leadership development program, targeting the skills critical for success in the RVP position. The program featured quarterly events with senior management, experiential training, and interaction with external knowledge experts. Participants also engaged in an action-learning assignment wherein they embarked on a strategic organizational challenge and spent a year with an executive to formulate the problem, create a solution, and present the results to the larger executive team.
The results? Over the course of the program, five of the original 17 were promoted into an RVP role and a higher number were deemed ready to assume that role when positions became available. After the successful launch of the program, NRT now manages the processes and assessment centers internally, according to their workforce needs.
Across the key positions, NRT incorporated TalentQuest competencies into their own performance management systems and initiated 360 Feedback processes to ensure individuals were receiving the critical, valuable feedback from team members with whom they most closely and consistently interacted. Now that the right employees were being selected, NRT wanted to ensure they were providing the tools for these individuals to be effective managers and leaders.
Selection was the first step in building the foundation for talent management. With rigorous, comprehensive, and proven processes securely in place, NRT was equipped to address the entire spectrum of talent management for their employees— from selection and assessment to development. They consistently applied objective evaluations to ensure the candidates with the highest likelihood of success were selected, which ultimately would positively impact departmental and organizational productivity, amongst other critical metrics.
An integrated talent management approach is a sign an organization is prioritizing the entire talent management lifecycle. The lifecycle starts with assessments, which triggers the criticality of performance management and succession planning, all in support of the ultimate goals of developing and retaining employees. NRT elevated the importance of establishing an employee brand that employees would gravitate to; one that would attract and retain the industry’s best and brightest.
