Sourcing the right talent remains an ongoing challenge for property and surveying employers according to our latest report, Hays UK Salary & Recruiting Trends 2019, with over a third (35%) experiencing a shortage of staff with management and leadership skills, and nearly three-quarters (71%) struggling to find professionals with operational and technical skills.
Whilst, according to our report, salaries across construction and property have risen by an average of 2.7%, those with the most in-demand skills in property and surveying have seen even bigger pay rises. Almost a quarter (21%) of property and surveying professionals saw their salaries rise by over 5%, with a further 16% of professionals receiving pay rises between 2.5 and 5%.
Over the last year, over three-quarters (77%) of property and surveying firms say they increased salaries, and in welcome news for professionals in the field, exactly the same percentage of their employers plan to increase pay for the year ahead.
Despite this, over a third (37%) of professionals in the sector are unhappy with their current salaries.
Are you offering the right salary?
While nearly two-thirds of property and surveying professionals are satisfied with their salaries, just over half (54%) of them are considering looking for a new job in the next 12 months – and by far the biggest reason for nearly a third (32%) is dissatisfaction with their salary and benefits package.
If employers are looking to recruit talented professionals, it is important to gain an accurate idea of the current candidate ‘market rate’, i.e. how much prospective employees could earn in line with regional and national averages for their seniority and skillsets. Employers can gain insights into current market rates by using the Hays salary checker.
That information can then be used to help build a reward proposition attractive to property and surveying professionals.
Can you provide upskilling opportunities?
Employers in property and surveying say they have had difficulties recruiting for both senior (18%) and middle (26%) management roles, so providing plenty of upskilling opportunities for professionals looking to advance can help supplant this talent gap and ensure that business objectives remain on track.
“Respondents (to the most recent RICS Construction Market Survey) have reported solid hiring trends recently and envisage employment continuing to rise in the coming year”, said Tarrant Parsons, Economist from the Royal Institution of Chartered Surveyors (RICS).
“Even so, expectations are only modest when placed in a historical context, suggesting growth will be steady rather than spectacular.”
While the outlook for the coming year may not be ‘spectacular’, there are plenty of positives in the industry. Employers will need the most talented property and surveying candidates if business growth is to continue on a steady trajectory, and engaging them with an attractive salary and benefits proposition will be key.