Recruitment of Employees in the Field of Property Market of Hong Kong - Research Proposal Example

 Recruitment of Employees in the Field of Property Market of Hong Kong Statement of the Objectives This paper intends to study the importance of human resource management in property market in view of increasing trend for market demand in housing and other residential units in Hong Kong. The study is carried out assuming that personnel’s are required to manage the client in an efficient way so as to increase the sales of company which is operating in the property business. The objectives of the study are - 1. To analyze the demand for residential property in world and Hong Kong and to find the causes for increasing demand for property in Hong Kong 2. to critically analyze the importance of human resource management in the companies dealing with property sector 3. To evaluate the recruiting policies of companies and their remuneration structure in comparison with other industries 4. To suggest measures to the companies in realty sector for better human resource management policies and formulating policies to recruit employees so as to succeed in the ever growing housing sector. Importance of the Study The growth in world economy has created opportunities for many people around the world thus reducing the gap between higher and middle class. Increase in earning capabilities gave rise to spending capabilities resulting in the real estate boom which was also the cause of latest economic recession during 2008. The boom in real estate was seen all over the world which pumped the stock market prices of many companies involved and manufacturing products required for construction. The strengthening economic relations with the Mainland have maintained Hong Kong’s status as an international financial centre and a regional business hub. The overall residential property market staged a strong rebound in 2009 and is continuing in 2010 (Hong Kong Property Market Report 2010). In view of the economic strengthening of Hong Kong, it is necessary that human resource is managed effectively. It is evident from the report that property market is booming once again after the glooming recession and the boom also creates employment opportunities. Human resource management is important in property market because efficient employees need to be recruited and appointed in a suitable position so as to gain competitive edge over the rivals and at the same time it is also necessary to retain the employees by implementing various promotional schemes. Background The 2007 credit crisis engulfed the whole world into its ambit badly affecting the real estate boom. However, the recent report by Global Property Guide (1) in its Mid 2010 Property Recommendation mentioned that the world’s property markets are recovering slowly and steadily. According to the Global Property Guide’s survey, it is revealed from the official housing price statistics that 19 out of 36 countries experienced house price increase during the year to end Q1 2010. The statistics further reveal that Hong Kong has recorded the highest house price increase among all countries surveyed at 27.15% after inflation which was mainly due to the government’s stimulus measures and interest rate cuts (1). Gallimore, Hansz and Gray (602) mentioned that property companies are diverse and economically important group within the property sector and reflect the demands of different players within the urban economy. It is further stated that investors, occupiers and construction companies all look to property companies to respond to the market and change the property environment accordingly. Therefore it is necessary to have efficient resources that can provide data and analysis to the management for taking a decision. Literature Review According to Ali, Farooq, Yasir, Khan and Hussain (2), HRM is important in any organization and the primary function includes recruiting the right person and then getting required quantity and quality of work in line with organizational goals using various tools and techniques for motivation, appraisal, training, etc. Yip (148) mentioned that employee empowerment has become a new topic attracting research academics and practitioners in property management. The property market involves a quality delivery system in which employees can face the customers “free of rulebooks” and are encouraged to do whatever is necessary to satisfy them. It is further mentioned that Hong Kong property managers have to face a more turbulent and tougher environment. Moreover the competition from other Asian countries has forced the property managers to find ways to increase their labor productivity in order to survive the competition and therefore it is suggested to implement TQM principles in empowerment of human resources in property market. The present study mainly focuses on recruitment of staff in property sector and polices of property management companies for their empowerment in wake of increasing competition from other countries. Research Methodology Research study will be carried out using qualitative methodology so as to answer the questions regarding the importance of human resource management and what are the polices formulated by property management companies for the empowerment of employees. Further descriptive methodology will be used to carry out surveys and conduct interviews of property managers (Kothari, 3) so as to find answers to the questions regarding their recruitment polices and what are the measures taken by them to provide career growth opportunities. It is proposed to carry out the study in Citybase Property Management Ltd, a property management firm; which is also the founding member of Hong Kong Association of Property Management Companies; as it would be better to interview the managers who are involved and connected with other property managers which would help in formulating better analysis of HR policies existent in the company being researched as well as other companies. Summary Urbanization in increasing at rapid pace in Hong Kong and it being a small country and hottest place for shopping, it has become necessary for the developers to utilize the available land efficiently. The global property guide reveals that the property market in Hong Kong is reviving fast as compared to other developed and developing nations around the world. The present study aims to study the human resource management polices followed by the property management companies in Hong Kong and recommend viable measures for better management of human resources to survive the competition from other countries. Works Cited 1. Kothari, Dr.C.R. Research Methodology: Methods and Techniques. New Delhi: New Age International, 2008. Print. 2. Gallimore, P., Hansz, Andrew J. and Gray, A. “Decision making in small property companies” Journal of Property Investment & Finance, 18-6, (2000) 602-612, Print. 3. Yip, S.L.J. “Quality Services Success: Property management development to empowerment: A Hong Kong Analysis” Journal of Structural Survey, 18-4, (2000) 148-154, Print. 4. Ali.M, Farooq, M, Yasir, M.U., Khan, Z.A. and Hussain, M.K. “Human Resource Management” Department of Business Administration, International Islamic University: Islamabad, Print. 5. Global Property Guide “Global Property Guide: Mid 2010 Property Markets Forecast” Investment Analysis, Global Property Guide, 11 June 2010 Web, 25 Nov 2010 6. “Company Profile” Citybase.com Citybase. n.d Web 25 Nov 2010 7. Centaline Surveyors “Hong Kong Property Market Report – 1st Quarter 2010” n.d. Web 26 Nov 2010 Read More