It is not a secret that our society is quickly adapting to technological advancements. We have already witnessed an unprecedented growth of real estate developments to address our ever-growing population. However, some believe that though socially integrated, technological advances in the professional real estate realm have been significantly lacking. Business practices in the past must alter its form to accommodate a tech-driven era with Millennials leading the way to a new generation! According to a survey done by Forbes, roughly 65% of senior executives face ongoing pressure to innovate. The aforementioned does not mean that past practices have been wrong; however, it does represent the fact that technology plays a significant role in market competitiveness. As the new tech-savvy generation enters into the professional workforce, employers must begin to adhere to a list of technological and social accommodations to solidify their future successes.
A typical bias made about the millennial generation of professionals is the reputation of being lazy, less productive and noncommittal. According to a recent study by Deloitte Canada, millennials prefer job roles that offer purpose and opportunity to change and bring real value to their personal and professional environment; they want to be interested and invested in what they do rather than simply clocking in and out. Growing up alongside the internet, surrounded by technology, have made the younger generations expect their workplaces to have and operate on a similar level. Companies can choose to ride the wave of change and welcome innovative technology or stay traditional – both with different results.
Real estate is an industry that thrives off technological advancements, and most would argue, is crucial for success. The nature of real estate demands expeditious technology to keep up with the high volume growth we are witnessing not only within the industry but also throughout society.
Firms across the globe have embraced technology within their practice, after recognizing its vital role for success. As an example, CohnReznick, an international accounting firm has incorporated a creative-thinking hub within their company. Built from the ground up, the hub features an entire wall of multi-touch displays and business collaboration tools to facilitate in-room and online collaborations internally.
Employers must focus their growth on innovation and refining processes to accommodate new advances in technology to appeal to the younger generation of professionals who can utilize innovative technology in creative thinking to find solutions to tomorrow’s problem more efficiently.
“Sometimes, innovation hides in plain sight… It’s about connecting people and ideas in new and different ways. There is nothing magical about your innovation lab, but the magic does happen when we are able to show people how to look at things differently.” – CohnReznick principal, Tama Huang.