RICS property industry salary survey 2018 - The good news
The RICS property industry salary survey 2018 showed that salaries for men and women with professional qualifications increased in 2018. With an average of 12%, average salaries now £58,633 and average bonuses of £15,703.
If that figure sounds high to you, you may be female – males earn, on average, £61,705, (up by 12.3% on 2017). The average for a female is £47,260 (up by 7.8%).
So, no pay parity just yet for women, but things are getting better. The survey also revealed that the gender pay gap for those aged 26 or under remains at 3.5%.
People should be able to go to work in an inclusive environment, celebrating their individual talent, irrespective of differences.
"However, male or female, the lead message coming from the property sector Salary Survey 2018 is that professional qualifications do, in due course, lead to higher rewards.
On average, RICS qualifications bring a 21% higher base salary and 65% of respondents reported that they had received a salary increase. The increases average 6.3%, along with bonuses that averaged £15,703.
MOVERS AND SHAKERS
Good salaries and working conditions certainly bring the candidates into a business. However temptation is never far away and the better the staff member is, the more likely they are to be ‘poached’.
34% of respondents said they are very, or fairly, likely to move on in the next 12 months. This helps explain the pay rises, along with the fact that 74% said their motive for moving is better pay.
There are some constants in financial reward. However, the RICS property industry salary survey 2018 discovered that while Greater London, with an average pay rise of 12.7% remains the overall honeypot. Northern Ireland and the Republic of Ireland recorded the highest growth in annual salaries of 19%. The South East recorded a 13.9% growth. East Anglia has the lowest average salary at £50,285.
There are other sweeties in the bag, of course. Interestingly, the use of a company car fell slightly to 19%. The most attractive benefits were:
Mobile phone (69%)
Contributory pension (66%)
Paid professional subscriptions/fees 64%.
A YouGov survey from 2017 found 67% of people in the ABC1 social grades either love or like their jobs. Trumping that is the happy property professional, with 83% either fairly or very happy with their current job.
However, being happy does not stop us wanting more, as many an employer has discovered. The job market offers constant temptation! To go to RICS website for further reading, click here.
Barry Cullen, RICS Diversity & Inclusion Director “The results from this survey show that the built environment continues to be an attractive sector to work in with professionals’ pay hitting highs not seen since the financial crisis.
As headcount is expected to increase in 2018, employers are placing greater focus on attracting and retaining talent, with attractive pay and benefit packages. However, organisations must embrace an offering beyond a salary and benefits package if we are to truly diversify the profession and meets the needs of our future.
“In 2018, the gender pay gap still remains evident and whilst it is significantly less for those under 26. More still needs to be done. People should be able to bring their whole self to work in an inclusive environment, celebrating their individual talent irrespective of differences.
For the property profession to be a world leader in Diversity and Inclusion we need to place it at the heart of an organisation and ensure we retain our talent and build off the great advances we are seeing with our younger professionals.”