The organizational culture is an important factor to consider in a real estate industry. While, the current cultural transformations in real estate companies reflect a shift towards adaptability, digitalization and customer-centricity, here are the employees’ views on the present company culture and their transformation wish list.
- Many respondents valued the opportunities provided by their organizations to take on new and challenging responsibilities, which they felt fostered growth in both skills and confidence.
- Others described a supportive, semi-corporate environment, which encouraged a cohesive, fast-paced approach toward business growth.
- Some feedback pointed to areas that needed refinement—specifically in planning and creating a more flexible work structure to better delegate tasks and embrace innovative ideas from all levels within the company.
- While respondents did point out financial stability and a strong customer-oriented approach as key strengths, they also mentioned about poor work-life balance, describing the culture as overly demanding.
- In companies with longstanding roots in the sector, employees appreciated the shift from a family-owned model to a more professionalized structure. Altogether, the survey showed a mixed but rich array of employee experiences, with high value placed on autonomy and growth, though tempered by a desire for balance and inclusivity in company culture.
CULTURE HOLDS THE KEY
‘Company culture’ refers to the shared values, beliefs, practices, and behaviours that define the environment within a workplace. Together, company culture and workforce shape the day-to-day experience for employees and influence a company's long-term success.
Across the real estate sector, companies have launched a wide range of policies and initiatives to increase diversity and balance in workforce along with positive company culture. To this Tushar Rathod, CEO See & Recruit added: "We believe that diverse talent exists at every level, capable of flourishing in different cultural settings within real estate. The impressive professionalization of the sector has created more opportunities for these individuals to make their mark. This sector’s fast growth offers exciting opportunities for those who want to make an impact—and we’ve seen this evolution firsthand over the past 17 years. The survey feedback indicates that significant work is still needed to enhance work-life balance and improve overall culture. While innovative, people-focused policies are emerging, it is crucial for companies to actively listen to their talent and address these concerns to create a truly supportive environment that fosters growth and satisfaction.”
“The weaknesses in traditional hierarchical system of real estate firms have been exposed and there’s now a heightened emphasis on corporatization and transparency within the organizations,” expressed Sapna Srivastava, Editor Realty+.
“While, talking to the industry leaders, one thing is clear, that the era of micro-managing employees is over. The leadership that can guide and motivate them sets them up for success in their roles and leads to cultural transformation, where teams work with a shared sense of purpose. Also, building a diverse, inclusive culture is critical to fostering different perspectives, attracting a wider client base for the real estate company. We are seeing quite a few real estate organizations investing in employee training and development. But such initiatives are still limited to a few big companies. This cultural shift has to percolate down to smaller firms if the sector has to change its image.”
IN CONCLUSION
Real estate markets fluctuate, sometimes requiring quick pivots in strategy and approach.This volatility can impact employees and organizational culture. What’s more, the industry has historically faced challenges in promoting diversity, equity, and inclusion, which can impact company culture. To address these challenges, real estate companies can focus on fostering a collaborative, communicative, and supportive work environment, offering ongoing training and mentorship, promoting flexibility, and prioritizing employee wellness.
As the real estate sector continues to evolve, building the right corporate culture has become a top priority for professional CEOs. They recognize that a positive culture not only attracts diverse talent but also empowers employees to thrive and contribute meaningfully to the organization's success.
There is no doubt, the real estate sector is well-positioned to attract and retain top talent, but given its fast-paced environment, effective leadership would involve fostering an inclusive culture that aligns with business goals and every team member’s professional growth.
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