Track2Realty picks up top real estate employers of 2015.
To say that Indian real estate has failed to emerge as attractive employers would be stating the obvious. In one plain expression the job market of real estate could be defined as ‘fatal attraction & lower retention’.
When the Track2Realty survey tried to find as to which are the top ten employment worthy developers the real challenge was to broad base the study and apply scientific methodology to find what makes these developers the job magnets.
The researchers spoke to a cross section of real estate professionals to pick the top 10 employers and understand what makes them a relatively desirable employer. In an opaque sector where professionalism is a far cry, talking about the desirable brand to work with nevertheless amounts to walking a tight rope and prone to be termed as ‘Devil’s Advocate’.
However, the survey noted that at least some of the leading companies are showing intent to improve the level of professionalism and emerge as ‘Employer Brand’ since the developers are realizing the cost of high attrition rate and the lack of talent in the market. Such developers may be few and far between but they definitely show the way forward.
The aim of the study is to be a constructive critic that also tries to find out the aspiration level of the professionals in the sector. And hence, the researchers did not talk to the top management of these companies where the developers’ blue-eyed boys are calling the shots within the organization.
Rather, mostly mid management level employees were interviewed to understand what makes them stick to these jobs at a time when the realty jobs have both perception issues and the lack of professionalism. More importantly, what has bothered them the most to be so disheartened and disillusioned with the sector.
The Top Ten employers in Indian real estate in the year 2015 have thus been chosen by the respective vote of confidence by the professionals. These are the companies to have managed to ensure that the professionals stay engaged, if not as happy & satisfied as with other sectors. But they at least have the employees on board who have spent at least over a year with the same realty firm and are planning to stay for some more time.
It would be equally fair to put a disclaimer here that the research team could approach only top 10 real estate companies in the major real estate markets. These companies were shortlisted, based on their size, financial figure, employee strength and overall brand worthiness to pick up the Top 10 Employers.
The process may have kept a small developer with a handful of projects but good track record of being an employer out of the contention to figure as a quality employer.
But since the reliable data within the sector has been a challenge, such an exhaustive study has its own limitation as well. We also therefore understand why this kind of study is normally not done in the Indian real estate.
What probably would not be music to the ears of the developers is that the study finds that brand reputation is not the job magnet for real estate professionals. What this also suggests is that brand loyalty is missing in the sector and the professionals are open to be poached by the competitors or change the nature of the job given the opportunity.
Since the sector is weathering crisis at many fronts, it seems the employees’ choice is also based on the critical factors of job security and rewards. Learning opportunity is the last reason to take up a real estate job across the sector on a pan-India level.
The survey thus aims to provide feedback to companies on what the employee marketplace thinks of them; which qualities in a company are considered important by employees; which factors attract quality talent; and what demoralises them.
In first such study in the Indian real estate sector, our researchers try to get insight into the minds of these real estate work force to get a psychographic analysis.
What is probably the grey zone for most of the developers in terms of their emergence as employer brand is the absence of learning opportunities for real estate professionals.
In an age where the Indian corporate sector is increasingly striving to help the professionals upgrade their skill sets, the real estate sector does not seem to be bothered about it. As a result, it fails to retain the quality talent within the company and the sector at large.
#1. Godrej: What makes them a desirable employer?
- Brand reputation 38%
- Competitive Environment 20%
- Rewarding career 20%
- Learning opportunities 12%
- Job security 10%
#2. Sobha: What makes them a desirable employer?
- Rewarding career 35%
- Brand reputation 24%
- Competitive Environment 16%
- Learning opportunities 14%
- Job security 11%
#3. Tata: What makes them a desirable employer?
- Job Security 26%
- Rewarding career 26%
- Brand reputation 22%
- Competitive Environment 16%
- Learning opportunities 10%
#4. DLF: What makes them a desirable employer?
- Competitive Environment 24%
- Brand reputation 24%
- Rewarding career 22%
- Job security 22%
- Learning opportunities 8%
#5. Oberoi: What makes them a desirable employer?
- Job security 24%
- Brand reputation 24%
- Rewarding career 22%
- Competitive Environment 18%
- Learning opportunities 12%
#6. Lodha: What makes them a desirable employer?
- Brand reputation 25%
- Rewarding career 23%
- Job security 20%
- Competitive Environment 19%
- Learning opportunities 13%
#7. Prestige Estates: What makes them a desirable employer?
- Rewarding career 27%
- Brand reputation 23%
- Job security 20%
- Competitive Environment 18%
- Learning opportunities 12%
# 8. Purvankara Project: What makes them a desirable employer?
- Competitive Environment 27%
- Job security 24%
- Brand reputation 23%
- Rewarding career 16%
- Learning opportunities 10%
#9. K Raheja: What makes them a desirable employer?
- Brand reputation 25%
- Job security 25%
- Rewarding career 22%
- Competitive Environment 16%
- Learning opportunities 12%
#10. Nitesh Estates: What makes them a desirable employer?
- Rewarding career 24%
- Job security 22%
- Brand reputation 21%
- Competitive Environment 20%
- Learning opportunities 13%
