Tag Archives: Indian real estate employment

Job loyalty low; realty professionals open to poaching

Posted on by Track2Realty

Job loyalty is lowest in real estate; professionals wait for rival companies to poach, finds Track2Realty Survey.

Professional loyalty in real estate, Competition in real estate job, Dissatisfaction with real estate job, Indian real estate employment, RICs School of Built Environment, Track2Realty, India real estate news, Indian property news, Indian realty news When the going was good the developers did not bother much about the quality of talent; nor did they ever took a conscious call to introspect from the inside of the company and work their way out to create a competitive professional culture.

No wonder, they could never be able to attract talented people willing to invest their skills and knowledge towards the business objectives; something that could give them competitive advantage when the odds were not in favour.

The result is, as Track2Realty pan-India survey among the real estate professionals finds, not only the job loyalty is pretty low among the professionals in the sector but also most of them are open to poaching. It is hence no surprise that there is an overall culture of secrecy in most of the real estate companies.

It seems there is an overall culture of not trusting the employees on part of the management. As many as 45 per cent of the employees are not comfortable with the presence of spy cams in the office and 15 per cent feel the overall work environment breeds loss of trust by either side.

But what could give a comfort to the developers and justify their working environment is the realization among as many as 40 per cent employees that some sort of spying is necessary since the nature of the business is very sensitive and sale leads can be easily transferred otherwise.

“The overall employment experience is not conducive to attract and retain employees, be it salary and benefits, company culture and values, career opportunities, job challenges, creativity and leadership style. The entire employment experience is that of survival for money,” says Ankur Garg in Bangalore. (Name change to protect identity on request)

The researchers in this survey even asked the most pertinent question; something that is critical to both the real estate employees as well as the employers. Since the job loyalty is pretty low in the sector, how many of the employees would be ethical as and when the rival company poaches on them.

No less than 74 per cent of the professionals say they are open to joining the rival developer if the offer is tempting; only 16 per cent assert they will not join the rival realty company; rest 10 per cent are not sure about it or do not wish to comment.

“That is pretty common here and both ways it hurts the developers. One is that he fails to retain the talent that knows the business operations and he has to hire a new one which at least kills the time. And then, the rival company gets the best of trade secrets and marketing leaks,” says Sheetal Sharma in Mumbai. (Name changed).

The real estate jobs really lack the confidence and loyalty of the professionals. The majority of them join the sector only for some more money and their brand loyalty, commitment and satisfaction level is increasingly dropping. It is not that the work culture and the overall eco system in which the business of real estate operates are helping the cause of the ‘brand employer’ in the sector either.

As a matter of fact, the developers in their collective consciousness need to change the overall eco system to attract and retain the best of the talent; something that can change the employees’ outlook towards the sector and employers and help them perform to their potential.

Many of the respondents in this survey maintain that the developers have failed to understand that what the professionals look for in the first place is ‘Reputation’. The study in other sectors that the professionals change jobs less for better salary than due to work culture. Irony is that in real estate, professionals join the sector itself only for money as the developers have failed to emerge as the work place to look for.

“The worth of an employee is the price point in terms of compensation, where the lowest CTC (Cost to Company) amounts to the better candidate. Worse, even the work culture within the sector is claustrophobic, to say the least. How do you expect an average middle class guy like us to be loyal to such employment,” questions Anupam Agarwal in Noida. (Name Changed).

For this survey a total sample size of 500 professionals was targeted. Out of these 412 samples were finally zeroed down and considered for analysis. Rest 88 respondents were not considered for evaluation since they either gave incomplete questionnaires or were rejected for non-seriousness and contradictory responses with regards to their choices & concerns.

Some of them even admitted that their grouse is against the employer due to absence of expected salary hike and pink slips given to them.

A year of job cuts, stagnation and depression; talent gap to widen

Posted on by Track2Realty

Track2Realty Exclusive Realty Job Survey-I

Real estate job, real estate career, Property sector employment, Indian real estate employment, Career with real estate, Developer as employer, India real estate news, Indian real estate newsmagazine, India property market, Track2Media Research, Track2RealtyDespite of the high work pressure, unprofessional work culture & depressing environment, it has been the fat pay packet that was a magnet for the professionals to join real estate. However, the slowdown has exposed the professionals to a new reality check where job cuts are across the board, career growth is stagnant and it is increasingly getting depressive for the professionals to continue with a job in the sector.

In a pan-India survey among the real estate professionals Track2Realty finds that the talent gap that is afflicting the sector will widen in the year ahead.

Bearish sentiment in the Indian real estate is not just due to the slow sales but overall eco-system seems to be bearish to the extent that the professionals across the departments of various developers are looking forward to not just change the job but the sector itself. More importantly, they cite depressing work environment as number one reason to look for change.

Other compelling reasons are stagnant job, no salary hike and expected job cuts. It sounds like double whammy for a sector that till recently promised to be the best pay master but the change in market dynamics indicates that the talent gap will be one of the most challenging part of the sector ahead.

Eight out of ten real estate professionals across the country, as many as 82 per cent, are looking for a change immediately. More than six out of ten, 64 per cent, are even looking forward to change the sector. The sector fails to pass as a brand employer on the five desired index of professionals: work-life balance, job security & growth, compensation benefits, management and job culture.

Close to seven out of ten, 68 per cent say there is no work-life balance with a real estate job; 22 per cent find it difficult and only 10 per cent are happy with their work-life balance as a real estate professional. Even more number, 84 per cent deny the job security & growth in the sector; while only eight per cent are satisfied and remaining same number of respondents is not sure about it.

Compensation benefits till only recently was the biggest job magnet for the sector. This magnet now only attracts close to four out of ten, 38 per cent professionals; while 48 per cent find better avenues having emerged in other sectors and 14 per cent are not sure about it.

Management practices of the real estate employers are not encouraging for 66 per cent of the professionals; while only 14 per cent are happy with leadership in the sector and rest 20 per cent maintain there is room for improvement.

Overall, when it comes to job culture, nearly all the respondents seem to dismiss the work culture, including the behavior & attitude of co-workers that is all pervasive in the real estate. 84 per cent are extremely dissatisfied with the job culture in the real estate and only 10 per cent have no major grievance; while 6 per cent are not sure whether other industries offer any better job culture.

These are findings of pan-India survey by Track2Realty, the real estate market tracker. The purpose of the survey was to understand how the real estate has managed to attract talent in the last fiscal year; whether there has been some major change with the perceptions and aspirations of professionals in the Indian real estate that often claims to be among the best paying sector. Satisfaction Index of real estate professionals has been found to be even lower than last year.

Track2Realty conducted this survey in ten cities-Delhi, Gurgaon, Noida, Mumbai, Pune Kolkata, Bangalore, Chennai, Ahmedabad and Bhopal between Dec 1 and 12.

A structured questionnaire that was based on the seven key indicators of work-life balance, job security & growth, compensation benefits, management, job culture, performance of the year 2015 and job market in the year ahead was given to respondents who were mostly between 25-55 years of age with at least 5 years of professional experience.

To make the respondents representative of the sector at large, employees/ex employees of ten top real estate companies in each city were also interviewed.