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Paradigm shift in the talent acquisition in real estate sector

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Annuj Goel - MD, Goel Ganga Developments

08-Jul-2021

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Articles
An organization needs to be creative when developing a recruitment strategy and should avoid the old-fashioned methods to review when attempting to recruit knowledge based and skilled employees.

Today’s competitive marketplace has redefined the need for structural hiring process as it is critical in organizational success. With the ongoing emergency due to the dreaded second wave of coronavirus, there is an unavoidable question on the business normalization and sales. Real estate organizations are now recognizing the value of retaining the best, skilled employees in order to ensuresufficient market share and elevated growth. Organisations are giving the much needed recognition to skilled group of leaders, technical experts and other key contributors as they are an organization’s most important asset. Real estate companies are working towards making their strategies more integrated as they continue to compete for the top tier talent.Companies are now actively hiring on the basis of the skills and talents of their employees and are discovering that, by attracting and retaining the best and efficient employees, the company can achieve higher than average market share with elevated profits. Employees are being hired as “knowledge assets” who can help companies with unconventional ways to boost productivity.

The current situation calls for knowledge based organizations which is why the real estate sector is enhancing its investment towards the intellectual capital to onboard a core group of leaders, technical experts and key advisors who can drive the sales forward. The ongoing recruitment reengineering is improving the screening process with the help of innovative recruiting techniques which is also geared to attract the skilled generation of candidates. Additional attention is being given to increase employee engagement, while developing strategies focused on knowledge transfer and reverse mentoring. In an effort to address the growing talent shortages in real estate, coupled with the exiting of retirement of workers, aggressive strategies are being adopted and the framework provides a holistic approach to achieving competitive market share while addressing critical talent issues.

The recruiters are working towards advancing their ability to source and screen for the bright talent in order to make sure that they recruit the top-tier talent.An organization needs to be creative when developing a recruitment strategy and should avoid the old-fashioned methods to review when attempting to recruit knowledge based and skilled employees. Offering competitive or above-market compensation packages is currently being used as a high-yielding practice that is attracting proficient candidates.

Conventional hiring practices that include examining resumes, checking references, and conducting interviews are turning into obsolete. Also, the subjective nature of evaluating resumes and answers to interview queries makes these practices less reliable and exposes firms to additional legal ramifications. Consideration of objective measure of performance like the psychological assessment with other evaluation parameters raises the chances for selection of a well trained employee. Behavioral interviews can help to predict the future performance of employees as it provides insights to specific skills and capabilities whereas personality assessments and job knowledge tests can serve as valuable selection, promotion and placement tools.

Happy employees are more engaged employees who are always excited to go the extra mile to help the customer and usually understand how this effort makes a difference on the bottom line. Recruiters should realize that these are employees who emerge as a focal point for informationto the customer. Undeniably, these employees can increase or decrease market share through the level of customer care they deliver.The training and up-skilling models are being implemented on a larger scale to curb the shortage of employable pool. These breakthrough solutions are dramatically enhancing the employee engagement and paving way for sustained productivity.The talent acquisition market is taking steady steps towards innovative evaluation techniques that have been already adapted in the western geographies.