Topics: commercial real estate, GBS, Outsourcing, real estate

Outsourcing, GBS & Beyond: Thinking Out of the Box to Address the Real Estate Talent Shortage

Posted on October 20, 2022
Written By Siddharth Sujan

commercial-real-estate-talent-war

With a combined value of over $200 trillion, commercial real estate (CRE) has been one of the most lucrative industries since time immemorial. Over the last couple of years, however, the industry landscape has changed drastically. Much like other sectors, CRE businesses have also borne the brunt of an acute global talent shortage and continue to reel under its after effects.

The recent blend of technology and real estate has opened up the demand for a young, dynamic workforce capable of leveraging digital innovation to its fullest – a skill gap that businesses worldwide are struggling to overcome. The flexible, open nature of the post-COVID job market combined with a whole new set of employee expectations have further accentuated the CRE talent war, making it harder to find, hire & recruit skilled professionals.

According to a Royal Melbourne Institute of Technology (RMIT) study, almost half of the surveyed managers felt they had to overpromote and overcompensate new hires in the last year due to the acute talent shortage and high expectations from candidates. 

From Upskilling to Outsourcing

If there’s one significant attitudinal shift that has come about in the wake of the pandemic, it is the outlook toward upskilling in the working environment. From the employee perspective, it has become almost essential for companies to invest the time, money & resources that allow professionals to grow their existing skills and learn newer ones.

As a result, commercial real estate industry executives are now looking at upskilling as a potential solution to retain staff. While such measures result in a happier workforce, they also have their own set of drawbacks. Investing in an employee’s skillset can be a long & tiresome process that is bound to curtail additional costs – all of which are far from the best practices that businesses should adopt in times of economic stagnation. The fickle nature of the job market, with Great Resignation raging hard and practices such as Quiet Quitting being prevalent, only adds to the uncertainties – making outsourcing the next logical solution for companies struggling to fill positions amidst a talent war.

Outsourcing as a Solution

In the traditional sense, outsourcing has often been seen as a go-to measure in the commercial real estate industry to reduce costs. However, the global talent war and a tightened-up job market has forced decision-makers to look at sourcing from a completely fresh perspective.

As remote working becomes the norm, forward-thinking businesses are increasingly opening up to the idea of filling roles through third-party companies. In addition to being a cost-effective solution, outsourcing enables real estate developers to hire talented professionals without the constraints of geographical location.

When asked about his views on the effectiveness of remote teams, Chris Robinson, Founder & Chairman of QX Global Group said, “I believe there is not going to be a post-COVID world. We are going to have to learn to live with COVID. And one of the lessons is that people can work remotely. You can still manage people at distance and they can still be productive. And they can actually be more productive….And I think that our clients and the services that can we can help & do has not just been surviving, but thriving into the future.”

Going Above & Beyond with Shared Services and GBS

While outsourcing effectively answers talent-related challenges in short to mid-term, businesses that are truly looking to future-proof themselves from uncertainties like recession and COVID are considering a shift to flexible operating models.

In addition to giving access to a truly global talent pool of professionals, some of the key ways in which shared service and GBS centers can benefit commercial real estate companies are:

  • Seamless consolidation of operations post mergers & acquisitions;
  • Flexible and customizable nature of operating models to add business scalability;
  • Freeing up in-house teams of routine tasks, thereby driving focus shift to core business growth; and,
  • Access to industry-standard automation tools while eliminating software & hardware implementation costs.

RELATED BLOG: Do you know that GBS organizations are having a tough time managing & overcoming the global talent shortage? What steps are GBS leaders taking to ensure the success of their projects? Read on to find out!

Finding Your Perfect Fit

Deciding to outsource certain functions or setting up a captive center is undoubtedly a critical business function – but that is only half the battle won. The key to ensuring the success of any outsourcing project lies in teaming up with a solution provider that understands your organizational needs and goes beyond the traditional lift & dump approach.

QX Global Group is an industry leader in providing Business Process Management (BPM), technology and consulting solutions to commercial real estate businesses around the world. Ever since its inception in 2003, QX has worked with some of the biggest names in the industry to set up shared services & GBS centers.

We follow a unique partnership approach that allows us to tailor our services to address our clients’ specific business challenges. Our end-to-end business solutions have helped leading CRE companies build scalable, global teams of highly skilled professionals, while optimizing costs by up to 50%. Schedule a free, no-obligation consultation today to know more about our service offerings and understand how we can help you tackle the raging talent war.

Originally published Oct 20, 2022 05:10:32, updated Oct 20 2022

Topics: commercial real estate, GBS, Outsourcing, real estate


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