Solutions to the growing HR challenges in the real estate industry in India

According to a survey report by IBEF (Indian Brand Equity Foundation), in India, the real estate sector is the second-highest employment generator after agriculture. Real estate market cap in India is most likely to stand at US $1 trillion by 2030, which is quite a long jump from US$ 200 billion in 2021. By 2025, it is expected to contribute 13% to the country's GDP, pushing it up on the global index. 

Human resource endeavours in the real estate sector that require immediate attention -

Attracting and recruiting top talents

While the real estate sector typically has the highest employee turnover, its average turnover in the last couple of years has touched near 28% (as per the survey report by IBEF for 2022).

However, despite this aforementioned employee turnover rate in the real estate industry, some problems still prevail. While real estate companies invest big in recruiting young specialists, they often fail to bridge the gap between the candidate's eligibility and job requirements, eventually leading to poor on-site performance. 

Solution -

Real estate professionals are in dire need of mentorship program to attain motivation, hence encouraging improved on-site performance. Outsourcing your HR functions ensures the employment of skilled, industry-specific candidates who are self-motivated to achieve greater output at work. 

 

Handling Payroll

Real estate sector has always been a different business with multi-structured payment systems within one organization. One has to be fully aware of handling payroll challenges of all renditions and sizes. Whether it be shorted paychecks or wrongly calculated pre-tax deductions, both are major red flags in a real estate company or any other company per se

Solution -

When you outsource your payroll efforts to the best staffing company in India, you ensure that your employees' finances are in good hands. 

Workplace issues

An inhospitable work environment and increased pressure to bring in more sales make real estate agents quit their jobs, causing understaffing in the workplace. 

Solution -

A third-party staffing company in India offers temporary staffing or contract-based recruitment to manage fluctuating workloads. 

Health and Safety issues

Most real estate agents easily agree to work odd hours in order to get buyers into homes and have the properties sold on or before the deadline. Therefore safety becomes a concern.

Solution -

A staffing company in India categorizes the shift timing based on the job applicant’s preferences and concern for their safety. 

Attrition

Like any other business sector, real estate is also prone to employee attrition as companies experiment with new ideas, and a vast majority of existing staff fail to deliver on a job. 

Solution -

Staffing companies provide businesses an opportunity to have a workforce with all the necessary skills, qualifications, and experience mandated to deliver on jobs and also have a downsized overall cost of training staff from scratch to fill the positions. 

Temporary workers

Real estate companies often have to deal with employees taking an extended leave of absence or requirements such as growing a team of agents or hiring resources based on short-term projects. In such circumstances, considering temporary staffing is an ideal decision. 

Solution -

Involve the best staffing company in India with hands-on experience in hiring employees on temporary payroll, however, with agreed-upon remunerations and other employment perks.