The Real Estate industry in India is slated to be a $180 Billion opportunity by 2020. The growing population, overall economic growth of the country, rising income levels and increased foreign investment, has led to a heightened need for improved infrastructure across urban, semi-urban and rural India. This demand for real estate together with increased regulatory vigilance is leading to an unprecedented manpower requirement in the space.
This skill gap has increased the need for real estate firms to implement strategies that enable them to retain, manage and reward their existing employees. With high employee churn as a result of the growing competitive framework, real estate companies need to focus on their talent management strategies in order to retain their competitive edge. It is essential that real estate talent managers focus on the following:
- Develop a more organized approach towards talent acquisition, management, retention and reward
- Focus on Employee Development through mentorship and training programs
- Work on establishing a strong employee reward and incentive program
- Demonstrate a clear career growth trajectory for employees within the organization
The real estate sector has traditionally been viewed as a fragmented and unorganized sector with firms being largely owner driven. Today with real estate companies acquiring scale, getting more professional in their approach and larger players/funds developing businesses in the space, it is imperative that companies communicate a professional outlook to potential recruits and existing employees.
Companies are also increasingly aware of the importance of recruiting and developing good quality talent to meet the demands of the evolved real estate buyer of today. Real estate companies across the board are now approaching reputed management schools, as well as real estate focused programs such as ours at REMI- The Real Estate Management Institute, to recruit trained and professional talent to assist them with meeting their business objectives.
Employee Development is at the core of any talent management strategy and we at REMI are increasingly approached by real estate companies to conduct training programs across employee segments- Induction Programs for their New Recruits training them on the Technical and Business Skills required, as well as Continuing Professional Development Programs for their existing Managers and Senior Leaders to enhance leadership and ensure that they consistently remain abreast of the key trends and changes in the industry.
Demonstrating a strong career growth trajectory within the firm, establishing a clear employee evaluation and goal setting framework, as well as having a robust rewards and incentive program are now essential to reduce employee churn across real estate companies.
As it has been repeatedly said, “Employees are your biggest assets” and real estate companies are now increasingly realizing the significance of strong talent management strategies. We at REMI, have been established with the mission to skill people for the real estate and allied services sector, and in turn support companies in this sector by increasing the supply of trained professionals and enhancing industry development towards “Building” a Better Future.
The Real Estate Management Institute- REMI is a leading institute that provides certification programs, executive courses and customized training workshops specially designed for the Real Estate Industry. REMI offers an international curriculum that trains students and professionals in global best practices through its collaboration with IREM®, USA.
REMI is the Preferred Education Partner of MCHI-CREDAI, the most prominent and recognized body of developers in the Mumbai and MMR region.
For more details visit www.remi.edu.in