How Managers in the Real Estate Industry Can Overcome Key Challenges
The UK’s real estate industry is one full of intricacies. There are numerous variables to take into consideration, day in and day out. But perhaps an overlooked aspect of real estate agencies and larger companies is their HR function.
Rather than being the backstage player, HR in real estate is the unsung hero who orchestrates talent acquisition, people management and team dynamics. These teams are the ones who align personnel strategies with business goals, making everything possible internally across departments.
But HR management is no easy task, and it does come with unique real estate challenges, such as navigating complex employment laws and ensuring seamless communication amid diverse teams. HR trends in real estate industry are constantly adapting, and keeping up with them can be tough.
In this real estate ebook, we’ll cover exactly how HR teams can do so, whether it’s recruitment strategy, developing employee skills or ensuring compliance. We’ll dive into HR challenges in real estate industry and how to overcome them.
Why is HR important in the real estate industry?
HR in real estate is crucial for various reasons, including talent acquisition, employee development, and compliance. Real estate transactions often involve complex negotiations, and skilled professionals are essential.
The role of HR in real estate industry covers recruiting and retaining top talent, ensuring they have the necessary skills and knowledge. Additionally, HR helps manage compliance with industry regulations and oversees employee satisfaction, contributing to a positive work environment.
What is the role of an HR manager in real estate?
Before forming your strategy, it’s crucial to understand the role of HR in real estate industry - specifically managers. Their responsibilities include:
Recruiting and Hiring:
- HR managers in real estate are responsible for identifying talent needs, developing job descriptions, and conducting recruitment processes.
Employee Engagement and Retention:
- They focus on creating a positive work environment through initiatives such as NPS surveys to gauge employee satisfaction.
Payslip Management and Delivery:
- They oversee the accurate and timely distribution of payslips to employees, as well as compliance with wage and hour laws.
Talent Management and Development (Trainings):
- They facilitate talent development by identifying training needs and organising relevant programmes, fostering professional growth within the real estate industry.
HR Reports Based on Data:
- They analyse data to generate reports on key HR metrics, such as turnover rates, employee performance, and training effectiveness.
Employees Time Management:
- HR managers implement time management systems to track employee attendance, working hours, and leave.
Internal Communications (Events and Handling Employee Relations and Disputes):
- They facilitate internal communications through events, newsletters, and other channels.
Strong Company Structure and Workflow:
- They contribute to the development and maintenance of a strong company structure by defining roles, responsibilities, and reporting structures.
Legal Compliance:
- They stay updated on employment laws and regulations in the real estate industry to ensure practices align with legal requirements.
What are HR real estate challenges?
HR challenges in the real estate industry may include recruiting and retaining skilled professionals, managing diverse and remote teams, ensuring compliance with industry-specific regulations, handling compensation structures, and addressing issues related to high-pressure work environments and fluctuating market conditions.
These may change as HR trends in real estate industry evolve. Effective HR strategies are essential to navigate these challenges and foster a productive and compliant workforce; our real estate ebook covers them in detail.
How can Factorial help to streamline HR Processes?
Factorial offers a suite of HR tools to streamline tedious, manual processes. This includes timekeeping, absence tracking, recruitment, finance tools and more that automate routine tasks to improve their efficiency and accuracy. Plus, the platform centralises all of these processes in one, user-friendly platform, reducing the time spent flicking between various programmes and making it easier to complete them.