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Re-orienting real estate - People and organization: establishing an efficient machinery - EY - India

Re-orienting real estate

People and organization: establishing an efficient machinery

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As a number of promoter-driven “startups” are heading to become “mid- and large-size companies”, they may need to categorically align their policies and processes with their long-term objectives to ensure sustainable growth.

The Indian real estate business is still manpower intensive. A huge portion of the workforce drives construction and a select few steer the direction of a company’s vision.

Despite being one of the largest employers in the country, acquisition of competent talent and retention is a significant challenge for this sector.

With real estate players relying heavily on technology and mechanization, the proportion of unskilled workmen needed at a construction site is expected to reduce. We expect that while the total workforce requirement on a site will go down, the demand for skill levels would go up.

Based on growth estimates for the real estate sector, about 25 million persons are likely to be employed in the space by 2022, an addition of about 11 million from 2012 levels.

The real estate industry is facing many challenges in its people practices:

  • Lack of a well-defined organization design
  • Lack of clarity in standard role definition
  • Lack of a structured performance management system
  • Performance evaluation based on improperly “balanced” key performance indicators
  • Difficulty in retaining quality talent
  • Career paths not properly defined for employees
  • Overall compensation and rewards not properly designed
  • Lack of a structured approach for competency identification or development

In our white papers, we touch upon the following aspects:

  1. Organization structure and manpower planning
  2. Performance management and rewards
  3. Talent sourcing
  4. Career and succession planning
  5. Competency-based HR systems

 


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