Technological innovation and the global pandemic have presented Real Estate firms with a unique set of complex challenges as the increased digitalisation of our world has fundamentally changed the way the industry operates. Real estate leaders are having to rethink their existing daily operations and talent acquisition strategies to not only retain and attract top talent but remain competitive and successful in a landscape that is ever-changing.
With technology driving decision making, redefining skills, as well as existing processes and practices, leaders should consider redesigning their talent strategy to keep pace with the ever-digitising world. According to Deloitte, 41% of leaders agree that their company has accelerated efforts to use technology and tools in redefining business process, job roles, and skill requirements, as modernising the recruitment cycle has become imperative for long-term growth and profitability.
Why real estate businesses are digitalising their recruitment process
According to Deloitte, nearly 9 in 10 retail-property-focused investors and nearly 7 in 10 industrial-property-focused investors somewhat or strongly agree that real estate companies need to do more to nurture their talent. Modernising the recruitment cycle and leveraging the benefits of emerging tech is critical for firms if they wish to attract candidates and stay current in today’s market. A poor candidate experience will not only impact the ability to hire high-calibre talent, but it will also have an adverse effect on business profits and reputation in the long-run.
Embedding digital technology and data solutions into the recruitment process, such as applicant tracing systems, machine learning and automation will eliminate manual, administrative tasks and increase operational efficiency in hiring teams. This also enables consultants to spend time on high-value tasks such as building and nurturing relationships, boosting the candidate experience and in turn, improving your employer brand.
Other benefits of modernising the talent acquisition strategy include:
5 ways to attract millennials to the workplace
According to Deloitte, 79% of real estate companies aren’t doing enough to attract next-generation talent into their workforce. To help overcome the ongoing talent shortage, businesses need to look to technological solutions throughout the recruitment cycle and leverage the power of social media and employer branding to attract the next generation of talent. It is important for leaders to recognise that the future workforce is made up of digital natives who have different expectations and needs when it comes to working for or being sourced as a prospective employee for a business. Companies should consider incorporating the following into their talent strategies if they wish to attract and retain their workforce of the future:
1. The latest tech
For example, use virtual reality technology to provide candidates with a real-time experience of what it would be like to work at your business. This will enhance candidate understanding of your real estate company while promoting your employer brand and work culture.
2. Offer flexibility
According to a survey by Deloitte, 46% of millennials and 40% of Gen Zs state that flexibility is the most critical employee characteristic for a successful business. Leaders must adapt to flexible working models, offering their employees more autonomy over where they work and instilling a culture of trust in their organisation.
3. AI and automation
Automate part of the recruitment process to improve candidate experience, such as scheduling interviews and providing regular communication so that they feel kept in the loop and not ignored. Incorporating AI solutions will not only optimise your hiring strategy, but it will also provide prospective employees with a seamless application experience which will in turn strengthen your employer brand and make them want to work for you even more!
4. Enhance talent experience
Real estate companies should prioritise the use of business intelligence and predictive analysis to enhance the talent experience. They should also ensure that they maintain diverse teams, particularly in senior leadership. Not only will this make your business more attractive to prospective next-generation talent, it will enhance the experience for your existing teams by creating an environment that is inclusive, supportive and forward-thinking.
5. Strong employer branding
Having a differentiated employer brand that distinctly details your culture, values and strategic vision is important for attracting and retaining next-gen candidates. According to Deloitte, 7 in 10 millennials feel that businesses focus on their own agendas rather than considering their wider societal impact, and look to prospective employers to see if their core values align with their personal beliefs.
At Foundation Recruitment, we are committed to delivering successful hiring outcomes, high quality service and a positive candidate experience. By keeping up to date with the latest hiring trends, we ensure we have the appropriate practices in place to simplify and improve your resourcing experience and attract diverse talent.
If you’d like to discuss the current market, how to source next generation candidates or scaling your team, please get in touch with one of our expert consultants today – we’d love to hear from you.
Digitise your hiring strategy and source next generation talent with Foundation Recruitment