Property industry remuneration reflects steady business conditions, with a three per cent rise in median salaries across all sectors, according to the latest Avdiev Property Industry Remuneration Report.
The October 2018 Avdiev Remuneration Report is the product of a formal Australia-wide survey of property, investment, development and construction employers and design and building consulting companies.
The report finds that the funds, building and construction sectors are offering the strongest remuneration moves.
“But Australia has become the land of deciduous prime ministers. Political instability is unsettling for business and consumer confidence. A potential change of government and its possible effects on business practices has brought a note of caution into employer sentiment.”
“Benign” business conditions continue, the report finds, with 72 per cent of subscribers “doing well or very well”. Fourteen per cent are worse off than last year, 36 per cent are doing better and 50 per cent are doing much the same as last year.
“Stability is the overall mood,” Adviev says.
The report posts a three per cent median increase in salaries across all sectors for all senior levels of staff. These pay rises are above the general workforce increase of 2.1 per cent.
Pay rise ranges have moderated, but strong performers continue to be well rewarded. Remuneration trends in the property industry are focused on incentive payments, performance potential and performance rewards.
The report finds that 60 per cent of subscribers have created new jobs to cope with increased workloads.
Gender diversity is also on the property industry’s radar, with almost all subscribers reporting explicit policies for gender diversity at senior levels.
Forty-five per cent of companies have adopted diversity “ambitions”, a further 44 per cent have “targets” and nine per cent have formal quotas for women at top levels. Ten per cent of companies have specific policies in place to assist the career progression of women to senior positions.
Avdiev points to one property development company as an illustration of the shift within the industry.
“Five years ago the company had no female employees, now 30 per cent of staff are female and are paid the same as male colleagues.”