Changes in Asia’s workforce demographics are resulting in the expanding recruitment of Gen Z and Millennials in Singaporean real estate. To successfully navigate this shift, real estate companies in Singapore need to upgrade and revamp their talent acquisition processes before the big generational changeover occurs.
Read on to discover four of the most important considerations to take into account when recruiting this demographic group.
Recruiting Gen Z and Millennials in Singaporean real estate: The gap
The Millennial Generation is generally taken to comprise people born between 1981 and 1995, followed by Generation Z born between 1996 and the early 2010s. The challenges encountered when recruiting for real estate from this cohort are all-to-apparent, and they have been exacerbated by the ongoing pandemic through the increasingly rapid implementation of technology systems and the adoption of hybrid work models.
Real estate companies face more of an uphill slog than businesses in other industries. In a recent study, Deloitte notes that commercial real estate (CRE) firms have lagged their peers when it comes to generational diversity in the workforce.
The consultancy notes that in 2019, some 45% of CRE staff were aged 55 or older, versus 4% in the 19–24 age range, whereas across the entire workforce, 24% were 55 years old or above. That diversity gap is even more staggering given Gen Z already comprises 30% of the global population, and considering that the larger demographic segment is fast approaching retirement.
Singapore sits on the cusp of these changes. In 2016, there were 1.2 million Millennials in Singapore, accounting for 22% of the population.
As companies dash to digitalize operations, the prospect of human-machine collaboration and digital-first operations means a tech-savvy workforce is now more important than ever. Gen Z and Millennials fit that profile. The digitalization of operations and the recruitment processes are best tackled in tandem through a holistic approach to business development.
Demographic attributes: needs and desires
To understand how to best find and retain Gen Z and Millennials in Singaporean real estate, businesses must hone their knowledge of the cohorts’ most prevalent characteristics and develop a range of measures and processes that align with these.
1: Younger applicants are more likely than their older peers to shun companies that provide a poor job applicant experience, according to Forbes.
To remedy this, CRE firms should find and fix points of friction in the job application process, such as career pages that are non-mobile device friendly and slow to load. Widening communication channels, such as using social media platforms like LinkedIn to reach younger demographics, is key. One pain point that Millennials have consistently expressed is inflexibility. The ADP Research Institute’s People at Work 2021: A Global Workforce View study, found that only 54% of Gen Z employees would pick traditional full-time employment over contract or part-time roles, compared with the national average of 76% in Singapore.
Highlighting aspects of roles that provide a sense of flexibility will appeal more to this younger cohort. For example, offering interviews over video conferencing software is one way to provide a good applicant experience that aligns with Millennials and Generation Z’s skills and preferences.
Do you know what applicants think of your recruitment process?
2: Millennial and Gen Z workers are comparatively more switched on to environmental, social and governance issues.
Some nine out of 10 Millennials would consider accepting a pay cut to work at a company whose values and mission align with their own belief system, according to a survey by LinkedIn conducted in 2018. Compare that with the 9% of Boomers that would, and the difference in attitudes is readily apparent. For example, when it comes to sustainability, Millennials are more interested in investing in assets that align with this value, according to Morgan Stanley research. Translating this finding to the workplace, burnishing your firm’s environmental, social and governance credentials would appeal to Millennials’ values. Setting out a clear set of corporate values is an effective way of conveying this alignment.
Do your corporate values align with those of younger workers, and are they clearly articulated?
3: These groups are more attuned to how a company that’s recruiting manages its brand.
A Glassdoor survey a couple of years ago found that candidates assess on average six reviews of prospective employers and 70% of respondents make use of reviews to base their career decision off. Moreover, 78% of Generation Z view authenticity as a crucial quality in brands that advertise to them, and this is an important cue for property recruiters, too.
Simple steps to optimize your online brand to appeal to Gen Z and Millennials in Singaporean real estate include responding to reviews and making sure your company’s information is up-to-date and relevant across its entire public persona. Encouraging feedback and ensuring that workplace benefits are clear and relevant are critical to generating the right kind of interest. A clunky website, outdated content and even tired graphics are big turnoffs for these groups.
Is your online brand image appealing across all touchpoints?
4: Millennials and Generation Z are more open to work-related socialization.
This makes sense when you consider that these generations grew up during the rise of social media. Many companies have already adjusted their working environments to accommodate this attribute. For example, think of the addition of breakout areas, a pool table and collaborative workspaces that many offices have turned to. Emphasizing the collaborative aspects of roles and the workplace culture will also resonate.
Is your workplace set up to encourage socialization and collaboration?
If you need help answering these vital questions and accessing expert real estate recruitment advice, get in touch with Sheila Heng at Gough Recruitment Singapore.
