CROSS TALENT HIRING – AN INCREASING TREND IN THE REAL ESTATE SECTOR

Author: Team Piramal Realty

In an age, where corporates are competing to hire the best talent, boosting employer brand value has become critical. ‘Integration’ being the key differentiator in aggressive businesses as well as service providers, frugal hiring has rapidly moved towards cross-functional absorption. The aim of this practice is to attract a diverse set of problem-solving abilities and innovation.

The Growing Trend of Cross Talent Hiring

Rooting from this stance arises the need for fresh perspectives and multi-functional domain expertise. A diversified talent employee ecosystem not only ensues an interesting ideation mix. It also facilitates a change in the way teams think and function. 

Surveys across Asia have shown that many professionals are willing to change industries if suitable roles are offered. Real estate industry has already stepped up in seeking candidates from diverse talent pools, which have proved to be highly beneficial businesses.

Cross Talent Hiring in Real Estate Sector

The real estate sector employs over 50 million people and contributes 16% towards India’s GDP. As per the National Skill Development Council (NSDC), real estate and construction sectors are expected to require over 66 million people by 2022. However, the lack of qualified professionals continues to remain a challenge. An 80% shortage of skillsets exists across professional levels. 

For example, only an expert would be able to properly guide a buyer who is looking for real estate developers in Mumbai and their top projects.

Cross Talent Hiring Across Different Industries

Even though filling employee spaces is still a concern, hiring trends have witnessed a paradigm shift. This trend is seen not only in the recruitment process in one sector but across industries.

Today, both job seekers and employers are diverging into newer directions and are willing to step into newer avenues. Expertise in construction and planning are critical requirements of the real estate industry. And because both professionals and employers across industries acknowledge this, a lot of movement has been witnessed in this segment. Professionals working in architecture and design firms are willing to move to realty. This is because, some want to see a stable career growth graph, others aspire to see themselves in strategic managerial positions. 

Change in Real Estate Industry Dynamics

The real estate industry has seen an interesting change in dynamics related to product offerings and customer expectations. For instance, when an individual or family decides to buy a home, it is much more than a huge investment.

Buying a home is an emotional decision and a lifelong investment. To cater to a service offering like this, the sales & customer-relationship management team should be capable of taking customers through this decision and help them make the right choice. Hence, employers are seeking experts from the hospitality industry and the automobile industry. Furthermore, they are also looking for professionals belonging to the luxury and premium retail space. These professionals add their diverse expertise in relationship management and take potential customers through a unique decision-making experience. 

The Growing Interest to Find Career Opportunities in Real Estate Sector

Marketing professionals planning to expand their product knowledge or brand management skills are also considering roles in the realty industry. This is because, today, even real estate firms are not only using traditional marketing tactics. They are also stepping into the digital and experiential marketing space.

Real estate firms are increasingly using technology like augmented and virtual reality to give potential buyers an interactive experience. It provides them with enhanced satisfaction for their real estate investment. This trend is attracting marketers from FMCG, FMCD, and E-commerce spaces too. Now that real estate is regulated by RERA, there is a lot of scope for legal professionals. This is opening avenues for diversified job roles. 

Traditional vs Modern Approach

Traditionally many stick to a particular sector throughout their career. They have reaped rich dividends apart from becoming subject matter experts in those sectors having a diverse experience brings in a different perspective of looking at things. At the same time, someone who is moving to a new environment should be open and willing to learn newer aspects. They should also be able to adapt quickly.

A Final Word

Cross-talent hiring will continue to direct HR patterns. It is indeed a mutually beneficial experience for both employers and employees, especially those who constantly want to be a part of the learning and unlearning process. 

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Team Piramal Realty
Founded in 2012, Piramal Realty, the real estate development arm of Piramal Group is one of India's leading developers with 17 mn sq. ft of residential and commercial under development in and around Mumbai. In 2015, Warburg Pincus and Goldman Sachs two of the world's most respected private equity investors invested $235 million dollars for a minority stake in the company. Piramal Realty aims to be the gold standard in design, quality, safety and customer centricity in both residential and commercial real estate. Piramal Realty's developments, while being cutting edge and contemporary, focus on embracing a more intuitive definition of luxury, which celebrates nature, greenery, space, light, ventilation, art, culture and community living.

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