CROSS TALENT HIRING – AN INCREASING TREND IN THE REAL ESTATE SECTOR
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, with an aim to attract a diverse set of problem solving abilities and innovation. 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, but 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.
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, lack of qualified professionals continue to remain a challenge. An 80% shortage in skill sets exists across professional levels.
Even though filling employee spaces is still a concern, the hiring trends have witnessed a paradigm shift in the recruitment process 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 key requirements of the real estate industry and because both professionals and employers across industries are acknowledging 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, while some want to see a stable career growth graph, others, aspire to see themselves in strategic managerial positions.
The real estate industry has seen a very interesting change in dynamics as far as product offerings and customer expectations are concerned. For instance, when an individual or family makes a decision 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, the employers are seeking experts from the hospitality industry, automobile industry and 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.
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 but are 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. 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, thus opening avenues for diversified job roles.
While traditionally many stick to a particular sector throughout their career and 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 and be able to adapt quickly.
Cross-talent hiring will continue to direct HR patterns and is indeed a mutually beneficial experience for both the employers and employees, especially to those who constantly want to be a part of the learning and unlearning process.