The past two years have been an exciting time for the Real Estate market. The covid-19 pandemic changed how many people thought about living and working, which made people think of the commercial real estate sector and its relevance in the future.
Commercial real estate has also adapted quickly to come out with innovative ideas and solutions related to new workspace norms and advising organizations to maximize their real estate portfolios. We heard and read about work from home, wellness programs, sustainable workspaces, environment awareness, etc. To summarize, Covid will change the perception of organizations from a future employee’s perspective.
While work from home or remote working is the new norm, it might not be sustainable for organizations to continue with it forever. It is a hybrid work model which may be sustainable in the long run and can be brought as an added benefit to employees.
This work from home also allowed the organizations to think about roles categorized into office or remote and helped them tap into the talent hidden in the Tier-2 & tier-3 cities. With improved technical infrastructure and internet availability, it is easier for companies to go out & explore these talent markets.
Talent availability and hiring trends in the real estate sector; it is wise to say that it will see a massive shift in the perception of this sector by top talent. The rising demand for good and quality properties across asset classes has given confidence for companies to enter this space which earlier restrained themselves with consumer goods or allied services.
Students from top universities and colleges are interested in joining this sector due to its consultative work model and par perks & benefits. This sector which was earlier perceived to be dominated by the family business is seeing a surge in various world-class funds & investment houses setting up their shops in the country. This helps the candidates get exposure from global companies and assists in defining the future of the real estate sector in terms of employment and talent attraction.
We have also seen interest from top talent from diverse backgrounds and industries, showing their interest in exploring opportunities in the real estate space. India is on the verge of another revolution of infrastructure development, which gives a lot of impetus for Real Estate to develop world-class cities & workspaces. This will again generate demand for good talent across the domains like Finance, Investments, Construction, Design, and Workspace consultants. Since real estate is already the 2nd highest contributor in terms of employment, it will keep on attracting world-class talent & has a lot of scope in terms of career development.
The industry now needs to focus on adapting Diversity and Inclusion with a sharp focus to enable diverse ideas & solutions to their clients. Technology will also play a crucial role in attracting the best of the talent to their floors (physically or remotely).
– By Appaya Chenanda, National Director, People and Performance, Colliers India
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