Story by Gemma Beasley / July 6, 2023
The real estate and construction management industry is always buzzing with opportunities and challenges. Companies continue to seek out talented professionals to spearhead their projects and ensure successful outcomes.
But how can organizations navigate this fast changing landscape and secure the most sought after talent? To find out, we’re going to delve into the latest trends and strategies that are shaping the scene in 2023.
You can ignore the naysayers – the real estate and construction industry is thriving, fueled by population growth, urbanization, and infrastructure development. The need to construct sustainable and energy-efficient buildings has also become a focal point in the industry.
Cities are implementing smart transportation systems that incorporate EV charging infrastructure directly into the road networks. This requires construction projects to retrofit existing roads or build new ones to incorporate charging capabilities, and with it, the demand for infrastructure construction is set to soar. Construction management companies that specialize in EV charging stations, road adaptations, and sustainable building projects are well-positioned to seize the opportunities presented by this evolving market.
Sustainable design and construction practices have also gained significant traction, with growing environmental concerns, companies are increasingly focusing on minimizing their ecological footprint. Professionals with expertise in sustainable design principles, energy efficiency, and green building certifications are highly sought after. These individuals can contribute to the development of eco-friendly buildings and help organizations meet sustainability goals.
As traditional roles merge with emerging technologies and sustainable practices, real estate and construction management professionals with related expertise are highly sought after in 2023. By one estimate, 546,000 additional workers are needed to meet labor demands in 2023, on top of the usual pace of hiring. That’s huge!
Data analytics has already become a game-changer in the industry. With the vast amount of data available, companies are leveraging analytics tools and techniques to gain valuable insights. Professionals who possess the ability to analyze data and extract meaningful information are in high demand, as they can help companies make data-driven decisions, optimize processes, and improve overall project performance.
Virtual reality (VR) and augmented reality (AR) technologies are transforming the way projects are conceptualized and presented. Professionals skilled in VR and AR can create immersive virtual experiences that allow clients and stakeholders to visualize and interact with construction projects before they are built, which enhances communication, streamlines decision-making processes, and improves project outcomes.
Another emerging field in the industry is smart building technologies. As buildings become more interconnected and technologically advanced, experts are in high demand to design and manage systems that optimize energy usage, enhance security, and provide occupants with a seamless and intelligent experience. Skills in areas such as building automation, Internet of Things (IoT), and artificial intelligence (AI) are highly valued for their ability to enhance productivity and drive further innovation.
The importance of diversity in talent acquisition strategies cannot be overstated. Organizations are actively seeking individuals from diverse backgrounds to join their teams, recognizing that a diverse workforce enhances problem-solving abilities and fosters a more inclusive work environment. By actively recruiting individuals with different perspectives, companies can tap into a wealth of ideas and approaches that drive innovation and competitive advantage.
To attract these candidates, companies are implementing initiatives that promote equal opportunities. This includes proactive outreach to underrepresented groups, creating partnerships with organizations that support diversity in the industry, and revisiting job descriptions and qualifications to eliminate biases that may unintentionally exclude certain demographics.
Companies are also focusing on building inclusive and unbiased interview processes that evaluate candidates solely based on their qualifications and skills. Diversity training programs and workshops are being implemented, both to address the skills gap by considering those who have been historically underrepresented within the construction sector, and to educate employees on the importance of inclusion and to cultivate a respectful and supportive work environment.
One of the significant challenges faced by the real estate and construction management industry is the widening skills gap. As new technologies and practices emerge, organizations often struggle to find professionals with the necessary expertise. To overcome this challenge, companies are partnering with educational institutions and industry associations to bridge the gap through targeted training programs and internships. By nurturing new talent and providing opportunities to gain practical experience, the industry can ensure a sustainable pipeline of skilled professionals.
The real estate and construction management market is thriving in 2023, in spite of ongoing economic uncertainty. But to really thrive in this evolving landscape, companies must adapt their hiring and talent management strategies.
Sustainable development, diversity and inclusion, emerging technology, talent retention and development, and addressing the skills gap are key areas of focus along the road to success. By staying ahead of the curve, organizations can navigate the changing market dynamics with relative ease.
If talent is high on your agenda, having a good partner on board is priceless. We work with general contractors, Real Estate developers, and owners’ rep firms to hire professionals in Project Management, Superintendent / Site Supervision, Estimating, Pre-construction, Real Estate development, Director, VP and Executive Search.
Hudson Cooper Search can help ensure you’ve got access to the most sought-after talent on the market – including those harder-to-reach tech and sustainability experts. Feel free to schedule an introductory chat here.
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