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
received a salary rise since the pandemic
of Bonuses were negatively affected by Covid-19
work-benefits eligibility gap by ethnic background
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.
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.
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.