Challenges, Opportunities and Risks
In light of current social developments (for instance, the ongoing construction boom) and corporate challenges (such as the integration of our new subsidiaries), Vonovia is constantly facing new challenges with regard to HR management. The high annual recruitment figures that we are aiming for in order to meet our HR needs relate to filling both new positions resulting from our growth and to filling positions left vacant due to turnover. In addition, the requirements we have of our employees are changing – due to increasing digitization, for example. Simultaneously, it is becoming ever more important for Vonovia to position itself as an attractive employer in order to gain qualified employees and retain them in the long term. Gaining personnel as craftsmen or for gardening and landscaping is a particular challenge due to the tense situation in these parts of the labor market. Online application channels, for example, which we have established to increase the efficiency of our application processes, may be an obstacle for some and prevent qualified people from applying.
In terms of HR management, the 2018 fiscal year was dominated by the integration of our acquisitions, particularly BUWOG AG which has its main focus in Germany. The structures and processes of BUWOG AG were integrated by January 1, 2019. We have reported on measures relating to BUWOG and Victoria Park in two separate chapters.
Another significant opportunity for us is the diversity of our employee structure, which is shaped by the many different cultural and social backgrounds of our employees. It not only boosts our brand as an employer, but also supports our customer orientation. In addition, our comparatively high training rate means we can counter the tense situation on the labor markets. Vonovia’s training rate is significantly above average in comparison with other large companies, especially among the DAX 30 companies.
Public debates on Vonovia’s business model have as yet only affected single cases of employee recruitment.