'Building capacity': How has talent acquisition changed in the real estate sector?
The real estate sector is on a spectacular growth trajectory as it is expected to be a $1 trillion market by 2030, according to India Brand Equity Foundation’s (IBEF) research.
By 2025, the industry will contribute 13% to India’s GDP, and this will have a direct positive impact on employment opportunities. But how will the scenario play for its employees and what do they need to take opportunity of this growth?
Mayank Ruia, Founder & CEO MAIA Estates says the real estate industry accounts for 6-7% of the economy and it has a direct impact on approximately 250 sectors. “This will surely bolster the economic growth of our country, and create serious employment opportunities,” he adds.
“Real Estate industry has been witnessing steady growth and as one of the largest employment-generating sector, we are expected to contribute significantly to the country’s economy,” adds Urvi Aradhya, CHRO, K Raheja Corp.
Both also go on to sketch the employment opportunities and requirements in this regard.
Changing talent acquisition strategies post-pandemic
The real estate sector has seen incredible growth post the pandemic. Owning a home with multiple facilities and amenities is no longer a luxury, but a necessity. However, the pandemic has significantly impacted expectations, purchasing power, and the buying behaviour of homeowners, resulting in higher demand for human capital in this industry.
“Developers are strategising and strengthening their teams by investing in the right talent to lead and build various departments, which will eventually allow them to scale and expand their business,” says Ruia.
MAIA Estates, which was founded less than seven years ago, saw an overall increase of 36% in their hiring demand, in comparison to last year. Their workforce has doubled in strength over the last two years alone and continues to increase to scale the business.
Technology reshaping talent needs
With a global shift in the industry where artificial intelligence, machine learning, and data mining have come to the forefront of all businesses, the real estate sector is also using these tools to gauge customer behaviour, trends, historic data, and such other details to define marketing spends and ROIs.
“There is an increase in demand for personnel that are tech-savvy and digital-first. Real estate businesses adapt technology in every function and department and therefore human capital is focused not only on knowledge and culture-fit but also innovation and technological advancements that they can bring to the firm. In comparison to even as early as five years ago, the talent needs in the real estate sector have changed dramatically, owing a lot to the demand created by digital disruption,” adds Ruia.
A study by Naukri highlights that the real estate industry has shown a significant jump in hiring intent as it grew by over 66% compared to last year.
"In terms of hiring, the real estate industry has maintained a growth momentum and has recorded sterling performances compared to other industries. However, on the flip side, the lack of qualified professionals continues to remain a challenge. An 80% shortage of skill sets exists across professional levels. Many organisations are leveraging cross-talent hiring across different industries. They are also upskilling talent through training to fill these gaps,” says Ruia.
Aradhya says with the advent of new-age technology, talent acquisition has witnessed a sharp shift. Young and tech-savvy workforce are finding their way into the industry. "The upskilling of the workforce is also important in helping employees to keep up in a competitive world.”
“A revolutionary change to look forward to in 2023 would be the diverse and inclusive work culture. We endeavour to create a more sensitised workplace for colleagues who are disabled or LGBTQ+ community,” she adds.
Ruia notes that a strong hiring outlook, an extensive use of workforce models which helps forecast and understand future hiring needs, an ever-evolving hiring process, an inclusive work environment and great potential to shape young leaders will disrupt this industry.