macdonald and company
macdonald and company

Rewards in Real Estate

Real Estate is known for bonuses, commissions and other benefits packaged with a base salary.

Find which regions and sectors offer the most incentives, and how rewards have been impacted by the Covid-19 pandemic.

 

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Key Reward Findings

13%

received a salary rise since the pandemic

62%

of Bonuses were negatively affected by Covid-19

26%

work-benefits eligibility gap by ethnic background

Changes to base salary by demographic, before & after Covid-19

Only 13% have been awarded a base salary raise since the pandemic, with 18% seeing their pay decrease. Those aged 18-26 have suffered the most from unemployment.

Top sectors that awarded pay rises

Minerals & Waste Management, as well as those in Geomatics saw the most amount of professionals receiving increased pay. The Bank sector had the most number receiving a pay rise in Asia.

Of all sectors, this has been a well-documented ‘bumper year’ for investment banks. There has been a spate of listings for mainland Chinese property management arms, and developers have continued to tap global capital markets to fuel further growth in the unstoppable mainland residential market.

Given the troubles of retailers, it is a surprise to see occupiers doing any better than developers, funds and service providers which have all been talking about restraint in the current climate, but then the pandemic has put a greater focus than ever before on workplace practices and portfolio strategy.

William Glover, Managing Director – Asia

Changes to bonus since Covid-19, by Region and Gender

Nearly two-thirds (62%) of bonuses in Real Estate have been negatively impacted by the pandemic.

Hiring managers and businesses can receive the most recent bonus data for specific sectors by requesting a bespoke report.

Learn more

Impact to bonuses since the pandemic will come as a real blow to the industry where they are an important part of remuneration packages for many sectors. The impact has been felt the most in the Middle East where half of the respondents claim they’ll be receiving no bonus this year as a result of the virus’s impact on organisations.

Ben Waddilove, Director – London

Popular eligible benefits by Region

Bonus's remain the main incentive in the industry, with trending benefits such as well-being schemes and unlimited holidays beginning to emerge. Flexible work locations and flexible work hours are quickly moving up the ranks.

Eligible benefits by Gender

Benefit disparities are largely even across the board per gender.

Eligible benefits by Ethnicity

Those of white ethnic backgrounds appear to have more financially awarded benefits, particularly compared with those from a Black ethnic background globally and in the UK.

Nicholas Carman, Partnerships Director

Monitoring the financial benefits gap by ethnicity

In Real Estate, salary is just one section of a remuneration package offered to professionals. Bonuses and commissions, as well other incentives are key to attracting talent and retaining that talent.

With this in mind, the focus on salary disparity across different ethnicities (see data) only shows one part of the equation when looking at diversity gaps in our industry.

Real Estate, notably in the UK, is beginning to address the lack of ethnic diversity amongst our colleagues and in our board rooms, with groups such as ‘BAME in Property’ championing progress. Whilst this is a step in the right direction, it is unfortunate to see an emerging disparity with awarded benefits alongside salary.

The data shows a gap in financial-rewards, particularly for those from a black ethnic background. As with all data, this only shows a general snapshot; we can explain some of the disproportions by highlighting the lack of overall diversity in the professions that commonly award bonuses and membership fees etc.

Organisations should monitor fairness of rewards outside of salary and ensure gaps are kept to a minimum if we want to see progression. Diversity requires a root and branch solution to equality with regards to both representation and pay. The industry is aware of its reputation and the challenges we now must all work together on addressing these shortcomings.

 

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