Robert Walters’ new compensation study sets out the main trends in hiring and compensation in the real estate industry. The recently released report contains salary information, hiring tips, labor market analysis based on recruitments made by the Robert Walters Group research and selection teams globally, as well as forecasts of its innovation department and its firm of experts on issues such as: new technologies, work habits, trends in hiring and remuneration, reconciliation of work and family life, motivation at work, work environment, career advice, leadership and innovation in the field of talent and human resources.
Rear view: The impact of Covid-19 on the real estate sector
“The cyclical impact caused by the pandemic has led to a VUCA environment within the real estate industry. Fortunately, he couldn’t look like the bubble he suffered a few years ago. Changes in the socio-economic situation and in the level of occupation and employability, since it is intimately linked to the country of trust, in short, we come from an environment that has learned to professionalize and to support relatively better changes, and therefore, it is not oversized compared to what is being developed, built or sold, ”says Ignacio Snchez, senior director of Real Estate, Construction and Infrastructure at Robert Walters.
“In addition, it was only during the most difficult phase of the lockdown that the sector was severely affected, since the forced shutdown of activity by the administration occurred for a limited time. Finally, any suspicion of innovation in the sector accelerated in 2020, due to the need to make everything more digital and less face to face, ”adds Snchez.
7 main recruitment trends for real estate
Due to the changes, accelerated by the economic situation, there will be new hiring needs in the real estate sector in 2021. In summary, the job offer will grow for the following fields and professional positions:
Rehabilitation and reforms: this was in 2020 and it will be in 2021, a sector that encourages employment, especially at a more operational level, due to the needs of expansion, changes in layout, interior decoration or contraction space, whether in offices and hotels, as in homes. Real estate asset managers will be of the required profiles, from their most patrimonial part to the property and maintenance itself. In addition, in tertiary assets, the design of new spaces will be requested, consolidating personalities such as space managers (Workplace managers), designers and experts in integral interior design. The industrialization of housing: it is already the present of the real estate development, although its weight does not suppose more than 1% of the market. Many development companies will study this line. For this mission, profiles will be needed both for the preliminary phase in the technical office, as well as for the manufacturing phase and the plant processes. Require a strong concentration on R + D + i from these profiles. Promotion and sustainable construction: like industrialization, it is the manufacturers of materials themselves who bet the most on this concept of construction with almost zero consumption, due to the composition of the houses or buildings constructed with this concept. philosophy. For this mission, specialists in passivhaus / buildings with almost zero energy consumption (EECN) will be called upon. Rental promotion: being a social demand, it is a reality, and since it is a reality, the promoter himself must respond to the demand, close the circle and create ad hoc departments. What was previously thought to be built to sell with a very structured process, will now lead the developer to orient his research towards profiles focused on the management of the entire life cycle of the rental property, from the acquisition of the land or the existing pre-active, in its maintenance phase to provide a complete service to the end customer. Digitization: As observed during the pandemic, the digital process has accelerated. Both developers and all proptech companies that emerge at the dawn of new technologies, will boost this activity and therefore promote the employability of mixed profiles, that of those who are between real estate and pure technology. Real estate and alternative market: the growth of e-commerce and the last mile in terms of logistics distribution, will end up having a positive effect on the real estate sector. Renowned e-commerce brands and logistics operators will expand, research and renovate their sites, as development profiles and asset valuation are in high demand. In the alternative market, especially in the student housing and senior residences sector, this type of product can continue to adapt to new market needs. Commerce and hotels: areas with strong medium-term potential. In 2020, these areas have suffered a significant impact due to the effects of the pandemic, but they will undoubtedly be areas for investment firms to consider, which will receive significant discounts and invest in reform throughout. from 2021. produce a lower management demand and operating profiles of these assets, on the contrary, the demand will focus on the study, investment and evaluation of acquisition opportunities to return to the market with a renewed, better and more optimized product.
General skills essential in real estate profiles
The most attractive profiles now have much more up-to-date professional skills, seek constant training, and have a good adaptation to change and knowledge of several languages, aspects which were not so important in the past. Regarding the knowledge that will be necessary, it depends on the type of business, but the real estate sector has been relying for several years on profiles that are not necessarily “plug & play”. Consequently, organizations will focus on profiles with greater transversality. In 2021, the sector will become even more competitive when looking for new talent, requiring profiles that demonstrate great dynamism, flexibility before internal changes and availability to travel.
Wage statism despite the expectations of these experts, except in key positions
In general terms, the scenario will be that of wage control. Salary ranges will remain stable throughout 2021, and there may be opportunities in growing areas such as real estate or construction to rent, where the demand for professionals is high. However, they will benefit from slight salary increases which will in no case exceed 10% of their fixed salary.
On a professional level, the labor market survey carried out for the Global Compensation Study 2021 among more than 1,200 professionals and 700 companies in Spain, reveals that only 19% of real estate experts expect to receive a raise salary this year, while 24% expect to receive a bonus.
As for the organizations surveyed, 30% and 35% of companies plan to grant a bonus to their middle managers and managers, respectively. 50% of companies define this bonus based on the company’s annual profits, and 50% will do so based on the achievement of individual goals. If granted, this amount will be between 6% and 10% of the professional’s base salary.
How to attract and retain the best talents specialized in the real estate sector
According to the survey, 53% of professionals are confident in the employment opportunities in their sector and 77% plan to change jobs this year. The 3 aspects that professionals in the real estate sector value the most in a company are: autonomy with regard to tasks and priorities (33%), employees and the culture of the organization (31%) and safety professional (28%).). 41% say they have felt a negative impact of covid-19 in their professional career plan, 9% have benefited, mainly in terms of retraining and the acquisition of new skills (20%), and 21% in improving their their skills. (during presentations, on the phone, during video calls).
“In 2020, the main difficulty faced by companies in attracting talent was the context of uncertainty that is experienced, which has resulted in the stability of the labor market. Professionals were either comfortable in the fact that their work was more demanding compared to what the contracting companies offered, or it caused great insecurity to make a change of job in this context of instability ”, Snchez explains.
“As a result, in 2021, HR departments will have to offer additional incentives that strengthen the acceptance of the job offer. Benefits that go beyond the salary part, closely linked to the work environment, professional development, as well as any other initiative. promotes their emotional well-being, ”continues Sanchez.
“Undemanding working hours, duties and projects have prompted many real estate professionals to move to another industry. Fortunately, companies are now learning and transforming themselves into environments in which meritocracy is rewarded and work environments are developed. attracting and retaining talent in 2021 should follow this line, without losing sight of greater flexibility in the tasks to be performed, a better work-life balance and the implementation of a mixed working formula in front of face and remote work. “Snchez concludes.
Robert Walters 2021 Total Rewards Study
Robert Walters has just launched a new digital platform on his Global Compensation Study 2021. In addition to being a comprehensive guide to salary scales for more than 350 positions in 31 countries, the report is packed with useful resources for hiring managers and managers. recruitment. as for professionals looking for a new job opportunity. These include infographics on the professional expectations of organizations and employees in 2021, as well as videos from their experts where they outline the main employment trends in the most relevant areas of specialization in the labor market. Request your access to the platform here.