‘Young and Smart’ Workers Fare Best in Property Remuneration: Report
In the building, construction and IT sectors, young and smart workers fare best in the war for talent, according to a new report.
The latest Avdiev Remuneration Report says young smart workers in building, design and construction, finance, corporate and IT have been offered the biggest remuneration rises to September 2019.
The October edition, based on a bi-annual survey of property, investment, development, construction employers and design and building consulting companies, found the pace of annual pay rises across all sectors continues at 2.5 per cent for senior and mid-level staff and 3 per cent for juniors.
“However pay rise ranges have increased,” Avdiev Group’s Rita Avdiev said.
“With salary rises in several strong market sectors ranging from 2.5 per cent to 15 per cent and 1.9 per cent to 2.9 per cent.”
Property Professionals’ Remuneration, Avdiev
| Market Sector | Position | National Average March 2019 | Median % increase to September 2019 | Range of average % increases to September 2019 |
|---|---|---|---|---|
| Property Investment, Funds & Trusts Management | Senior Analyst | $153,000 | 2.5 | 2.0 – 3.5 |
| Property Development | Project Director | $280,000 | 2.5 | 1.9 – 2.9 |
| Retirement Living / Aged Care | Village Manager | $97,000 | 2.4 | 2.0 – 5.0 |
| Retail Management | Marketing Executive | $149,000 | 2.5 | 2.4 – 4.0 |
| Real Estate Agency / Advisory | Valuer (mid level) | $88,000 | 2.4 | 2.0 – 8.0 |
| Design & Building Consultants | Senior Quantity Surveyor | $131,000 | 2.8 | 1.9 – 10.0 |
| Building, Design & Construction | Assistant Project Manager | $138,000 | 4.1 | 2.5 – 15.0 |
| Finance, Corporate and IT | Business Analyst (IT) | $127,000 | 3 | 1.9 – 10 |
Expressed as total annual remuneration
In most cases industry pay rises are still above the general workforce increases with the wage price index and consumer price index both increasing for the year to June at 2.3 per cent and 1.6 per cent, respectively.
While Avdiev says that Australia’s property industry remains stable and positive, it’s in “an environment of mixed signals”.
“Property industry remuneration is reflecting the fluctuating business conditions in the sectors.”
The report comes after the Reserve Bank’s latest rate cut, adjustment in the retail sector and recovery in some property markets.
Avdiev said the building defects and cladding crisis has been affecting consultants first, with a “flow on to other sectors” expected to develop later.
“Business conditions vary from state to state, and are market sector and government stimulus related – infrastructure projects are attracting top talent with top pay,” Avdiev said.
Staff retention
Staff turnover for past 12 months was reported at 7 to 10 per cent, seniors 6.9 per cent, mid-level staff and juniors 9.9 per cent.
The report notes that remuneration structures are being reviewed, with better pay and incentive mix, including changing performance targets, and developing new non-remuneration policies – such as flexible hours, wellbeing and mental health programs, culture and training.
Why Construction Sector is Ripe for AI Disruption
Fitness Empire Leans into Design to Push Bar Higher
Double Shortfall Hands Brisbane Growth Opportunity
Office Begins Fresh Cycle as Turbulent 2020s Shift Gear
