Fostering Wellbeing And Cultivating A Positive Work Culture

As India’s economic growth story gathers further momentum, the tertiary sector of the country’s economy is poised for significant expansion, boding well for services-based industries like the domestic real estate sector. In fact, the Indian real estate space is expected to more than triple in size over the next five years, swelling up to become a $1 trillion+ market by 2029. As a result, sustaining business momentum in the labour-intensive real estate sector will not only call for increased external hiring, but also require firms to improve employee retention by fostering employee wellbeing and cultivating a positive work environment. To achieve the latter objective, let us look at four HR strategies that real estate businesses ought to embrace in order to forge a strong work culture that encourages employees to perform to their fullest potential.

Set a clear vision, mission and values framework to act as a guiding light

With ever-increasing competition in the real estate sector, businesses need to distinguish themselves from their competitors and create a strong brand identity that resonates with the target audience. In the same vein, employees are more likely to prefer organisations that have a clear business purpose and an ambitious future vision, guided by a well-defined plan that is influenced by a set of core values and principles. Documented in the form of a Vision, Mission and Values (VMV) statement, organisations need to effectively communicate the same to all employees, stakeholders and consumers to foster a great sense of belonging. Moreover, leaders should embody the values enshrined in the VMV document, setting an example for other employees to emulate. Thus, setting an overarching VMV statement and inspiring all employees to follow it in word and spirit is arguably the first step in building a positive work culture.

Facilitate an inclusive work environment that empowers employees to take action

In a bid to attract and retain top talent, it is important that real estate firms employ a wide range of initiatives to establish a diverse and inclusive workplace. Moreover, ensuring the fair and equal treatment of all employees, irrespective of their gender or cultural background, is a precursor to creating a work environment where every individuals feels valued in the organisation. Towards this end, creating and implementing a diversity, equity and inclusion (DEI) strategy that brings employees from diverse backgrounds to collaborate and innovate together is vital. Supplementing these efforts with clear work expectations and greater freedom in decision-making can stimulate employees to wholeheartedly contribute to the organisation’s goal. In this way, HR leaders and managers can facilitate the creation of a positive and supportive work culture, in turn boosting employee motivation and overall productivity levels.

Leadership focus on mentoring young talent and increased collaboration

For firms engaged in the ever-evolving and complex real estate business, business continuity is highly dependent on having a talented and experienced workforce, with ample second-tier leaders ready to take on higher roles when the need arises. That said, many organisations struggle to build a second level of leadership, either due to a lack of intent or the absence of a strategic focus on identifying and promoting young talent. Devising and implementing a mentorship program that pairs senior-level executives with high-performing individuals can create competent leaders in the long run. Similarly, establishing an internal mechanism to identify such employees early on in their life and supporting them in their professional development are necessary steps that businesses ought to include in policy and spirit. In the same vein, leaders should coalesce efforts by promoting increased collaboration between different teams or departments within the organisation, providing employees with increased opportunities to learn and grow together.