New Data Shows Job Satisfaction amongstPropTech Workers Remain High, Despite Industry Challenges and Downturn
[London, 11 September 2023] – LMRE released their second annual salary and culture benchmark report that gathers insights from all levels within an organization to understand more about how work experience and individual compensation differ based on geographical location. The data is based on a survey conducted in June 2023, which collected 600 responses from professionals working in the PropTech and Built Environment industry around the world.
The report, Navigating Technology in the Built Environment, reveals that job satisfaction in PropTech remains high despite the industry challenges and economic downturn that the last 12 months have presented. This year’s report found that 69% of respondents feel valued by their employer, remaining a key indicator of overall job performance, productivity, and satisfaction. Beyond feeling valued, 72% like their company’s culture, and 73% believe their leadership is innovative. In comparison to other industries, data from PwC’s Global Workforce Hopes and Fears 2023 Surveyfound that only around half of all employees are fulfilled or say they can be fully themselves at work, highlighting how the PropTech Industry has much higher levels of employee satisfaction than other industries.
Whilst people working within PropTech are generally happier than in other industries, this year’s survey found a majority of the respondents (54%) expressing an interest in pursuing new job opportunities. Notably, when individuals experienced a sense of feeling undervalued, the proportion of those actively seeking new job prospects surged to 75%, and these respondents were less likely to endorse their company’s culture and exhibit trust in its leadership. Similarly, a negative perception of company culture was strongly correlated with a higher likelihood of job-seeking (82%) and a feeling of being undervalued (67%).
Unsuprisingly, financial rewards remain a key factor in driving people to switch jobs, but both recognition and company culture gained prominence this year. The quest for being valued, capturing 71% of respondents and the ability to work remotely (50%), emphasises the psychological importance of work satisfaction and flexibility. These insights unveil the evolving expectations of job seekers, where financial considerations paired with the desire for appreciation and a sense of purpose are key factors in maintaining retention for any business.
The report also points out the variation in compensation across the PropTech industry, covering a broad spectrum of salaries depending on one’s position, level of experience, and geographical location. Out of the surveyed individuals, 64% receive additional bonuses or commissions in addition to their standard salary.
“I am thrilled that LMRE has just completed our second independent, in-depth salary report. An organization’s employees are its greatest asset. It is interesting to think that a company spends on average between 50% and 80% of gross revenues on employee salaries and benefits combined. Considering this, how an organization manages compensation, interprets its culture, approaches learning and development (L&D), champions DEI, and addresses the other variables we have discussed, all contribute directly to the overall company performance and growth”, said Louisa Dickins, Co-founder of LMRE.
The full report can be downloaded here.
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