The Macdonald & Company Salary, Rewards and Attitudes Report 2022

As we emerge from the lasting impact of the global pandemic and navigate the lasting changes that now shape how we work and our career values, we continue to be able to report the findings from our annual Salary, Rewards and Attitudes survey. The survey remains the reporting benchmark of remuneration and attitudes across the international real estate industry, referencing over 5000 international salaries and over 7500 survey respondents.

Now in its twenty-second year, I am pleased to be able to present this insightful data, including respondents from the United States and Sub-Saharan Africa for the first time.

We are grateful for our participants taking their time to complete the survey, providing information on how much their remuneration packages have evolved and how working in Real Estate measures up today. The report offers a robust overview on how the industry has evolved, providing clarification on market trends for professionals and organisations.

The overriding theme this year is one of a vastly changed landscape, powered by both leaders and teams working together to endorse a brighter workplace.

Advances and sentiments

Amidst the disruptions in the workplace, it is encouraging to see that 6 in 10 feel valued in their roles, out-performing the figures reported in 2019 where half of professionals didn’t feel as valued before the pandemic. We are pleased to find that many leaders in our industry have successfully emerged from the disruption caused by the pandemic and succeed in ensuring their teams’ well-being and comradery have been prioritised.

Remuneration continues to closely rank alongside desiring culture-fit in the workplace and a better work-life balance, namely in the form of flexible working when reporting both what we value in our current roles and what seek from new employers. After salary level ranked at number 3 of 14 categories, being shown appreciation by management and colleagues (ranked 4 and 5 respectively), followed by the quality of work and being able to make a difference illustrate some of the ways work-life balance and a sense of value can be fostered. The theme of work-life balance in the form of flexible working is further reinforced whereby 57% of organisations have permanently made changes to staff working-practices, more so in the UK at 66% than the U.S. with 42% of workplaces.

Three-quarters of Real Estate companies are offering flexibility working locations with 4 in 10 respondents stating they have complete autonomy in where and when they work. Of those that have had to adapt to differing working-styles, 72% have found the changes beneficial. It is important to note, however, that graduates and entry-level employees hold an opposing view whereby 2 in 10 don’t believe the lack of time in the office amongst peers has been a benefit to them.

We find that as sentiments evolve, it has never been more important for organisations to retain and uplift their reputation and values as this has become closely followed by nearly half of respondents (48%). The average time spent with an employer has decreased by 10% this time last year as half of respondents say it is likely they will move jobs in the next 12 months. This is most apparent for our European (61%) and African (62%) respondents, compared with the UK (42%) and U.S. (41%).

As we further lean on relationship-building and making connections, results have shown that new roles were found by recruitment consultancies / headhunted (43%) followed by personal networks (27%). This is particularly the case for more senior-level professionals (42%), although we find those from a non-white ethnic background benefit from these methods less so in comparison to their counterparts. It is important to be mindful that we do not allow established inner-circles become exclusionary to minorities and hamper the encouragement of diverse teams.

On a positive note, two-thirds of respondents believe their employer is likely to increase headcount in the next year, showing signs that the industry is ripe for growth and eager to resume upward business trajectory. However a very similar number also believe their organisation will face a skills shortage indicating the need for development, training and apprenticeships.