Thailand’s property at a turning point for the better

I believe that the overall economy will improve this year. The government’s economic team appears committed to driving the country forward, judging from its moves to inject funds intoinvestment mega-projects and introduce measures to stimulate domestic consumption. The big picture looks quite promising.

One thing, however, is clearly different from 20 years ago. Consumer behaviour now changes with global trends, prompting property developers to adjust their approach to ensure that they can deal with ever-more rapid change.

Having been in the property business for over 25 years, I have first-hand experience with all types of property development, from condominiums to townhouses to single homes. I have also been through the ups and downs long enough to know that the more change an organisation has weathered, the better protected it will be against changes in consumer behaviour, and the more swiftly it can respond to competitors’ moves.

Social networks

Today’s consumers can use the Internet and social networks to express their opinions, likes and dislikes and to share comments, complaints and feelings. Today’s organisations, therefore, need to be ready for anything. Differentiating your products and services from the competition’s is a goal that needs to be pursued in order to drive the business forward, but having 20/20 vision alone isn’t going to get you to your goal. To do that, you need the help of your organisation’s No 1 asset: Your people, who are the force behind every process and innovation that will make your company outshine others in this highly competitive market. Simply put, people are truly the key differentiator in today’s business.

Just as human capital becomes more important than ever before, I have found that the people working in the industry who are truly knowledgeable about real estate development make up a relatively small group. Consequently, the war for talent is becoming much more aggressive as companies compete for people with the right knowledge and skills to work for them and help propel their organisation forward in line with their vision.

Human capital

Seeing how limited the industry’s pool of talent is, for the past five years, I have shifted my thinking to focus on developing all aspects of AP’s human capital by simultaneously increasing our people’s ability to think and act more effectively while working to bring onboard new talent from outside the industry (from the Fast Moving Consumer Goods (FMCG) industry, for one).

These newcomers bring fresh perspectives to help us further differentiate ourselves and better answer the needs of consumers.

At AP, we are well aware of the challenges facing us in the business arena, particularly the issue of human capital and its effect on the organisation’s competitiveness. To give you a clearer picture of the roadmap we have drawn out to help us handle the industry’s soon-to-come turning point, I will go deeper into details in my next articles and show you some examples of how and why human capital is the source of organisational success.

As Jack Welch, the former CEO and Chairman of General Electric once said, "When the rate of change outside exceeds the rate of change inside, the end is in sight". In this dynamic and competitive environment, human capital is becoming the single most important resource an organisation can draw on to help it adapt, respond to change in a timely fashion and move towards future success without any disruption.