As the COVID-19 pandemic continues, many commercial real estate companies in North Texas consider the adoption of technology and the digitization of operations to be strategically important.
As we move beyond the issue of technologies needed to support reintegration, the more strategic issues around technology to support tenant engagement, management of building and business operations and the evolution of physical spaces are in the foreground. The employment and use of new technologies is an integral part of maintaining competitiveness and planning for the future, and is directly linked to the skills and capabilities of the workforce of a CRE company that supports them. implement, use and adapt them.
CRE leaders are at a crossroads. They face a historically slow adoption of new processes, technologies and capabilities, and may need to double the development of their skills in the areas of technical and digital sophistication.The pandemic is creating a paradigm shift in the way the industry works and how the job is completed. Digital transformation could play an increasingly important role as businesses grapple with short-term liquidity and profitability challenges and in the post-pandemic world.
For CRE executives in North Texas, this means that the future of work and skills matrices probably needs to be assessed and evaluated. Companies may consider conducting an in-depth analysis to determine if the appropriate time is spent on administrative tasks related to talent and gathering information. This analysis should include tasks or jobs that are repetitive in nature and that could be automated, simplified or made more efficient using technology.
Modernize the CRE sector
Consider how Work Modernization could transform the positions of Rental Manager, Valuation Advisor, and Accounting Specialist. Automating certain tasks, such as invoicing for an accountant, using predictive analytics to help develop different lease optimization strategies for a leasing manager, or using data from certain technologies to develop More robust evaluations for an evaluator could free up time. This gives workers the opportunity to use technology and devote their expertise to performing analyzes. Additionally, strategies can be designed to attract and engage a multigenerational workforce with digital skills. The alternative workforce – contractors, freelancers, and gig workers – is here to stay. This additional workforce gives companies greater access to talent with advanced technological skills. Laid off proptech workers will further increase the talent pool from which CRE organizations can hire.
Digitization and transformation of talent
Even with the availability of new COVID-19 vaccines on the horizon, the way we work has changed. North Texas CREs should consider considering digital transformation and talent transformation in tandem to prepare for the future. For recruiting purposes, mobile-friendly technology can be used effectively in the application process, along with shorter job descriptions, to simplify the process for applicants. Data analysis programs can make it easier and faster to find and select resumes to more quickly identify candidates with skills and backgrounds that match vacancies. Automated interview scheduling technology synchronized with interviewer calendars could allow shortlisted candidates to select their interview windows in real time. Before going ahead with any of these solutions, it is important to work with human resources and legal counsel to understand the legal and / or privacy implications or requirements of these tools.
Infuse well-being into the organizational culture
In addition, it is important to recognize that the lines between work and personal time and stress levels are blurred. Promoting physical, mental and emotional well-being through online physical and mental fitness classes and financial wellness sessions can help employees decompress and feel more balanced. To attract and retain talent, leaders should consider wellness initiatives that promote increased employee motivation and engagement, as well as continuous learning and training. Flexibility of the workplace and hours are two things we have seen companies implement throughout the pandemic. Permanent flexibility in the workplace is a natural progression that is attractive to employees.
As we move towards a post-pandemic world, many CRE organizations are likely facing a need for adaptation and change that has never been seen before. Adopting new technologies and new ways to attract and retain talent are imperatives for CRE organizations to remain resilient throughout this crisis. In turn, organizations can thrive and evolve in our redefined future of work.
Jim Berry is a partner and vice-president of Deloitte & Touche LLP. Wyn Smith is a Senior Real Estate Partner at Deloitte & Touche LLP.