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Womens chequebook wallet3/5/2023 More broadly, annual property pay rose 4 per cent in October, significantly higher than the 2.7 per cent national private sector increase, according to the Wage Price Index.Īlongside fund managers, Ms Moloney said the most severe shortages of talent were being experienced by property developers, architects, builders and subcontractors. The industry-wide biannual survey found a third of property companies were offering annual pay rises of more than 6 per cent – double the national average – despite rising cost pressures and growing pessimism about the economic outlook. “Survey respondents reported these increases were to keep up with market rates and retain and reward staff,” she said. ![]() ![]() Ms Moloney said senior investment firm staff were getting increases of up to 10 per cent, while mid-level staff were getting up to 12 per cent pay rises, and junior staff up to 14 per cent higher pay. “Overall the biggest pay increases are being given by property investment companies,” said Debra Moloney, principal of remuneration consultants Avdiev Report. The big bump up in corporate pay packages is part of a wider 4-6 per cent jump in salaries occurring across the sector, with developers, architects and construction companies having to open their wallets the widest to recruit key staff, according to the October Avdiev Property Industry Remuneration Report.ĮSR Australia boss Phil Pearce says offering flexibility and benefits to employees is key. Real estate investment firms are offering pay rises of up to 14 per cent to hire and retain staff amid a war for talent and “severe labour shortages” being experienced across the property sector.
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