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In the fast-paced and cutthroat world of business, organisations from various sectors are acknowledging the pivotal role of employee well-being in achieving success. Within the real estate domain, where arduous work hours, tight deadlines, and high-stress environments are the norm, companies are adopting human resources (HR) practices that place a premium on the overall welfare of their workforce. These initiatives focus on providing employee satisfaction and promoting their happiness and well-being in the workplace. Here is a detailed look at this subject:
For Enhanced Productivity:
Employee well-being has a direct correlation with productivity, as happy and healthy employees are more likely to perform at their best. Real estate developers are acknowledging this link and implementing HR practices that go beyond traditional workplace benefits. They are investing in ergonomic workspaces, providing access to fitness facilities, and promoting work-life balance through flexible scheduling and remote work options. These measures not only contribute to a healthier and more motivated workforce but also result in increased productivity and efficiency.
For Retention of Employees:
In an industry known for its competitive nature, retaining top talent is vital for sustained growth. Real estate companies are recognising the importance of employee well-being as a key driver of retention. HR practices focused on fostering a positive work culture, recognising employee contributions, and offering opportunities for career growth are becoming increasingly prevalent. By prioritising the well-being of their employees, companies create a sense of loyalty and commitment, reducing turnover rates and ensuring the continuity of valuable expertise.
Employee Engagement & Satisfaction:
Forward-thinking real estate developers are implementing HR practices that encourage employee engagement and boost overall satisfaction. Elan Group, a prominent developer in the industry, stands out as an exemplar with its commitment to employee well-being. They celebrate festivities, birthdays, and extended family occasions, fostering a sense of camaraderie among employees. In addition, the company organizes Saturday meals, allowing staff to connect on a personal level while enjoying a break from their busy schedules. Elan's focus on corporate social responsibility (CSR) initiatives, which offer employees opportunities to contribute to society, further enhance their sense of purpose and satisfaction.
Rajat Seth, VP – HR, Elan Group, said ‘’A company's reputation plays a crucial role in attracting and retaining both employees and customers. Real estate developers who prioritize employee well-being build a positive reputation within the industry and among potential clients. Such companies become known for their commitment to creating a supportive and nurturing work environment. A strong reputation not only enhances employee recruitment efforts but also contributes to establishing long-term partnerships and fostering client trust.’’
As the significance of employee well-being continues to grow in the real estate industry, companies are realising the transformative impact of HR practices on their workforce and overall success. By prioritising enhanced productivity, retention, employee engagement, and satisfaction, as well as building a reputable image, real estate developers are setting new standards for the industry. As the industry evolves, the happiness and satisfaction of employees are no longer an afterthought but a fundamental pillar driving positive change in real estate.
The author is Rajat Seth, VP- HR, Elan Group.
