How to Attract & Retain Employees in Real Estate & the Built Environment
The 20th RICS Macdonald & Company Rewards and Attitudes Survey uncovered important information that could help companies attract and retain the very best talent in the real estate and built environment sectors. The findings could be key for companies in an environment in which the salary checker also found mobility of staff is likely to be high during the next 12 months.
Talent Availability Tightening
The 2019 salary survey asked professionals working in property, the built environment and real estate how likely they are to move jobs in the next 12 months. 37% said they were either likely or very likely to move. In an industry in which it is likely to become more difficult to hire skilled and talented people (the survey also found that expectations are that companies are more likely to increase their hiring of new permanent staff than decrease, and Brexit is more likely to decrease the availability of skilled talent), this is a worrying statistic.
How Real Estate Professionals Feel
The answer to the issue of high staff turnover may be found in the responses to other questions asked in the survey. Specifically, the survey sought to discover how valued people felt in their current roles and why, and what would make them dissatisfied at work. It was found that 43% feel valued and 15% feel very valued. However, 23% feel neither valued nor unvalued, 14% feel unvalued, and 5% feel very unvalued. The total of 42% who feel neutral to very undervalued is remarkably close to the 37% who are likely or very likely to move jobs. When asked about what made them feel the way they do about their company’s valuation of them in their current role, salary was the number one answer. However, work/life balance came a close second with 90% citing this as a reason for their feelings, and appreciation by line managers, colleagues and senior managers was also high on the list.
Asked about what would make them dissatisfied at work, the most impactful factors were found to be:
• Having to work weekends (49%)
• Having to work during annual leave (47%)
• No annual salary review (46%)
• No line manager recognition (31%)
Why Real Estate Professionals Change Jobs
When considering a move, the salary, location and career progression remain the three most important factors, as they have been consistently over the past 10 years. This is despite a whole new crop of respondents entering the sector during this time. However, other factors that rank highly for people considering a move include training and personal development, job security, the leadership team, management style, and flexible working.
Peter Moore, CEO of Macdonald & Company comments: “While it is disheartening that more than a third of the 3,461 respondents to the UK survey are likely to move jobs in the next 12 months, the survey does shed light on the areas in which companies are excelling in their staff retention policies."
He continues “Those employers that build a culture in which employees are recognised for the work they do – especially by their line manager – and are paid a competitive salary are more likely to retain their best employees. “We are also seeing that aspects of work/life balance, such as respect of free time and flexible working hours, are becoming more influential as deciding factors when people are considering moving jobs. Those companies that can offer such benefits, coupled with a competitive salary and opportunities for career progression, are likely to be those that are most successful at hiring and retaining top talent in a tight labour market.”
Sean Tompkins, RICS Chief Executive Officer comments:
“Addressing the needs of the industry of the future, in recent years RICS have used our leadership role to ensure the awareness of surveying and the built environment as an aspirational career path for a diverse audience, and we’re encouraged to see progress in the gender pay gap, as well as RICS professional qualifications being held in high regard in the marketplace."
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