The Role of Organisational Culture in Attracting and Retaining Talent in Real Estate | Veena Bansal | CHRO | M3M Group

The real estate sector is one of India’s most dynamic and crucial industries, contributing significantly to the economy and employment. By 2030, it is expected to reach a market size of $1 trillion and contribute 13% to the country’s GDP. Despite these promising figures, the sector faces an intense challenge—attracting and retaining top talent. In an industry driven by relationships, innovation, and trust, organisational culture has emerged as a key differentiator for companies looking to gain a competitive edge.

Why Culture Matters in Real Estate?
Real estate is inherently people-centric, relying on collaboration among diverse stakeholders—developers, brokers, contractors, and clients. A strong organisational culture infuses trust, innovation, and teamwork, all of which are critical for navigating this competitive landscape.

According to a LinkedIn study, 75% of professionals consider a company’s culture before applying for a job, underscoring its significance in attracting talent.

The real estate market is unique due to its diversity. The workforce spans from executives in urban corporate offices to labourers at construction sites, making it challenging to establish a unified culture. Furthermore, the industry’s high-pressure environment and traditional hierarchical structures can hinder employee engagement and innovation. Companies that fail to prioritise cultural development risk losing out on skilled talent to more adaptive and inclusive competitors.

Challenges in Hiring and Retaining Talent
The real estate sector faces several hurdles in talent acquisition and retention. Firstly, the workforce is highly fragmented, with a large share employed informally or on a contractual basis. Migrant and rural workers often lack access to social justice and are excluded from government protection schemes. This creates disparities in workplace experiences and undermines efforts to build a cohesive culture.

Secondly, traditional management practices prevalent in many Indian firms often stifle innovation and employee empowerment. High-pressure environments, characterised by demanding schedules and tight deadlines, can lead to burnout and attrition. Moreover, global competition and increasing employee expectations have intensified the need for companies to rethink their workplace strategies.

Strategies for Nurturing a Strong Culture
Developing a strong work culture is essential for fostering collaboration, boosting productivity, and ensuring long-term organizational success. These are effective inclusions which ensure imbibing right culture in an Organisation:

Foster Strong Communication
 Encourage transparency: Regularly update employees on company goals, successes, and challenges. Transparency fosters trust.
 Foster feedback loops: Make it easy for employees to provide feedback and share ideas, and be responsive to their input.
 Encourage regular check-ins: Create an environment where managers have one-on-one conversations with team members to understand concerns and offer support.

Empower Employees and Recognize Efforts
 Delegate responsibility: Give employees ownership of projects and the authority to make decisions, which helps them feel invested in the company’s success.
 Celebrate achievements: Recognize and reward both big and small successes. Publicly acknowledging employees’ hard work helps build morale.
 Provide opportunities for growth: Encourage professional development through training, mentoring, and career advancement opportunities.

Foster Inclusivity and Diversity
 Build an inclusive environment: Ensure that all employees feel valued, respected, and heard regardless of their background or role.
 Celebrate diverse perspectives: Encourage diverse opinions and create space for individuals to share unique insights.
 Implement anti-discrimination policies: Establish clear policies that promote diversity, equity, and inclusion in every aspect of the workplace.

Encourage Collaboration and Teamwork
 Break down silos: Promote cross-functional collaboration and encourage employees from different departments to work together.
 Organize team-building activities: Foster relationships through both formal and informal activities, helping team members build trust and camaraderie.

Lead by Example
 Demonstrate strong leadership: Leaders should exemplify the behaviours, attitudes, and work ethics they wish to see in the team. Authentic leadership builds respect and trust.
 Be consistent and fair: Treat all employees equally, be transparent about decision-making processes, and hold everyone accountable to the same standards.

Support Innovation and Risk-Taking
 Encourage creativity: Foster an environment where employees feel safe to share new ideas and think outside the box without fear of failure.
 Accept mistakes as learning opportunities: Create a culture that sees failure as a chance to improve rather than something to be punished.
 Provide autonomy: Empower employees to make decisions and take ownership of their work. Feeling trusted boosts engagement and commitment.
 Stay connected: Regularly check in on employee satisfaction and adjust policies or practices based on feedback. Happy employees are more engaged and productive.

By incorporating these strategies into daily practices, companies can cultivate a strong, supportive, and dynamic work culture that attracts talent, fosters employee satisfaction, and drives business success.

The Competitive Advantage of a Strong Culture
A robust organisational culture is more than a retention tool—it’s a strategic advantage. Studies consistently show that happy employees are more productive and engaged. Deloitte found that 94% of executives and 88% of employees believe that a strong workplace culture is critical to business success. Glassdoor research further reveals that over 50% of employees prioritise workplace culture over salary when evaluating job satisfaction.

In the real estate sector, companies with a strong culture stand out as preferred employers, attracting a skilled workforce and encouraging long-term loyalty. This, in turn, translates into better client relationships, enhanced brand reputation, and sustained growth.

To sum up, in an industry as dynamic and demanding as real estate, cultivating a positive, inclusive, and adaptive organisational culture is essential for attracting and retaining talent. By addressing challenges such as workforce fragmentation and traditional hierarchies, and by embracing strategies that prioritise employee well-being and inclusivity, real estate firms can position themselves as leaders in the market.

Eventually, a strong culture is not just about meeting employee expectations—it’s about building a foundation for long-term success.