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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.