Crafting a Diverse Workforce with 7 Innovative Strategies for Equitable Hiring in the Real Estate Sector | Prabhakar Azad | CPPO | Ashwin Sheth Group
In the evolving landscape of the real estate sector, the call for diversity and inclusivity is gaining huge momentum in the sector. In the Indian real estate sector, Mumbai is projected to experience a 5.5% increase in prime residential prices in 2024. This growth is driven by high demand and strong economic growth. The residential, office, and warehousing markets are expected to remain robust in 2024, indicating a positive outlook for the real estate sector in India. To meet this challenge head-on, companies are embracing innovative hiring strategies that go beyond traditional approaches. In India, 37% of employers intend to boost their workforce by the March quarter of 2024, as per a recent survey on hiring trends. A successful recruitment strategy is a complex process that requires careful planning and analysis of recruitment metrics and goals. In real estate, by analysing data it can
identify areas for improvement, such as increasing applicant numbers or reducing hiring time.
According to the most recent ManpowerGroup Employment Outlook Survey, India has one of the strongest hiring outlooks globally for the next three months, with financials and real estate reporting the strongest outlook at 45%, followed by information technology at 44% and consumer goods and services at 42%. In real estate, developing a hiring strategy is an ongoing process that requires continuous evaluation and adaptation. Regular monitoring of key recruitment metrics, such as time to hire and candidate quality, allows you to make informed adjustments and optimize your recruitment efforts. Companies should acknowledge that a diverse team not only fosters creativity but also enhances organizational resilience.
Here are the 7 innovative offbeat strategies that companies can explore for more equitable hiring in the Indian real estate sector
1. Embracing Blind Hiring Techniques
Blind hiring is a promising solution to mitigate unconscious biases in the recruitment process. By removing identifiable information during initial screenings, candidates are evaluated solely on their skills and qualifications. Success stories from companies that have implemented blind hiring highlight its effectiveness in fostering a fair and unbiased hiring environment.
2. Gamification in Assessment
Introducing game-like elements into the recruitment process through gamification adds excitement and levels the playing field for all candidates. Real estate companies can assess skills and competencies dynamically and engagingly. Successful examples of gamification in hiring showcase its potential to revolutionize the assessment landscape.
3. Unconventional Recruitment Channels
Real estate companies are breaking away from traditional talent acquisition platforms and exploring unconventional channels. Social media, industry-specific forums, and unique events offer untapped pools of talent. Inspiring anecdotes of successful hires from these non-traditional channels emphasize the importance of thinking beyond the conventional to build diverse and skilled teams.
4. Mentorship and Buddy Systems
Mentorship and buddy systems play a pivotal role in fostering inclusivity within real estate teams. Pairing new hires with experienced mentors bridges gaps in experience and creates a supportive onboarding process. Examples of mentorship programs positively impacting diversity highlight the potential of these initiatives in nurturing a more inclusive workplace culture.
5. Anonymous Resume Reviews
Anonymizing resumes during the initial review process shifts the focus from personal details to skills and qualifications. This approach can be a game-changer in promoting diversity and reducing unconscious biases. Exploring successful implementations of anonymous resume reviews provides insights into reshaping hiring practices for a more equitable future.
6. Inclusive Language in Job Descriptions
The language used in job descriptions significantly impacts the diversity of applicants. Employing inclusive language attracts a broader range of candidates. Before-and-after examples of job descriptions showcase the transformative power of language in fostering an environment where individuals from varied backgrounds feel welcome.
7. Data-Driven Decision Making
In the era of digital transformation, data analytics emerges as a powerful tool for tracking and improving hiring practices. By leveraging data, companies gain insights into patterns, biases, and areas for improvement. Implementing a data-driven approach ensures that hiring processes are not only fair but continually optimized for inclusivity.
As the real estate sector marches towards a future defined by innovation and inclusivity, these offbeat hiring strategies serve as beacons of change. The journey towards a diverse workforce is not only about meeting quotas but about creating environments where every individual, regardless of background, feels valued and empowered. The Indian real estate sector can redefine the norms of hiring, paving the way for a more equitable and vibrant industry.