by Brianna Crandall — May 11, 2015—U.K.-based global real estate organization RICS (Royal Institution of Chartered Surveyors) has released a new report urging professionals in the built environment sector to take concerted action to prepare for the unprecedented global change the sector will face up to 2030. RICS Futures: Our Changing World examines how global social and economic changes will require new skills, business models and responses to developing technologies over the next 15 years.
Significant shifts in demographics, levels of urbanization and economic power will impact how and where people live, points out RICS, and the profession needs to be responsive and agile in meeting these changes. This report aims to identify the implications of rapid change for the built environment sector and aims to stimulate debate among practitioners in this sector and beyond. RICS says the insights gathered apply to other sectors as well, emphasizing that adapting to change is necessary for any organization to remain relevant in a changing world.
The report draws on the views and perspectives of stakeholders from diverse specialties and geographies across the surveying profession, globally. It captures the insights and expectations of what more than 400 participants from Asia, North America, South America, Europe and Africa project the most pertinent issues on the horizon will be leading to 2030.
The report identifies six areas of action geared to the short to medium term that will support the profession and the sector in preparing for the challenges and opportunities these changes will generate. According to RICS, these actions are:
Action Area #1: Helping the sector win the war for talent: Employers globally are faced with the need to maintain, and retain, a talent pool that is more diverse, inclusive and has the skills required to benefit the sector. A key endeavor is to attract talent that will meet the sector’s needs.
Action Area #2: Having ethics at the heart of everything we do: Ethics is central to professional behavior within the built environment and related professions. RICS is working with a coalition of organizations to agree on a global set of International Ethics Standards (IES) that seeks to create high-level principles for global ethics. The group is also working with the United Nations Global Compact (UNGC) to formulate best practices for business within the sector to meet global sustainability targets.
Action Area #3: Creating a successful and sustainable future: At present 54% of the world’s population lives in cities. This is expected to rise to 66% by 2050, according to UN projections. The profession has an important contribution to make in helping cities ensure that they become more resilient, sustainable and affordable for future generations.
Action Area #4: Embracing technology and big data: Changing technologies and the ability to stay attuned to new innovations that impact on the sector are some of the important trends identified by professionals interviewed for this report. Development in digital technologies will impact on the creation of new business streams, the need for different skills, and competencies and bring new risks with it.
Action Area #5: Helping the surveying profession take new opportunities: The major social and economic changes RICS expects over the next few years will mean that surveyors, globally, will be required to adapt and hone their skills. The goal is to create a more dynamic profession with the ability to respond to market changes and the wider society in which it operates. RICS expect fields such as infrastructure, workplace, finance and technology to require more professionals, and for Asia to be the region with the strongest demand.
Action Area #6: Developing strong leadership: Leadership is another issue professionals chose as being central to an evolving profession. Many highlighted the need for the sector to work closer with governments to give the built environment a greater voice in influencing policy.
RICS Futures: Our Changing World: Let’s Be Ready is available for free download from the RICS Web site.
