The Hays Salary Guide, based on a survey of nearly 3,500 organisations, finds 56 per cent of property employers will increase salaries in their next review, up from 35 per cent last year.
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Three key takeaways:
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Austin Blackburne, Regional Director of Hays Property says the fact that more than half of property employers plan to increase salaries is “a remarkable sign of the confidence employers exhibit today”.
Blackburne notes that professionals surveyed by Hays want a greater increase in pay, and this needs to be “managed sensitively if employers are to retain staff and attract new talent in short supply”.
Hays has found that 71 per cent of property professionals are on the hunt for a new job or open to opportunities.
“A lack of promotional opportunities is one factor driving professionals into the jobs market today, behind only an uncompetitive salary and a poor management style or workplace culture,” Blackburne says.
“This makes re-investing in career progression pathways and staff development a sensible strategy for the year ahead.”
Learning and developing new skills were the most important priority for 65 per cent of skilled professionals, ahead of a pay rise (58%), according to Hays’ survey.
Following a year like no other, several indicators in the Hays Salary Guide suggest Australia’s recruitment market has almost recovered to pre-pandemic levels. Almost three-quarters of employers say permanent staffing levels are either above or equal to their pre-COVID point. Almost half (47%) intend to increase their permanent headcount in the year ahead, while 15 per cent will increase their use of temporaries or contractors.
Employers are aware of a talent shortage, with 64 per cent noting that skills shortages will influence how their organisation or department operates.
Hays employs around 10,000 staff across 257 offices in 33 countries.