In the year following the release of our inaugural 2022 PropTech salary report, the industry has faced enduring global challenges. As the market gradually rebounds and adjusts to its evolving circumstances, it is crucial for both job seekers and hiring firms to remain well-informed about the ongoing industry trends to stay ahead of the curve.
This summer, we unveiled our second annual salary survey with the aim of comprehending the impact of the past year on professionals within the industry. We surveyed 600 individuals working in the PropTech and the Built Environment industry across the globe to find out how work experience and individual compensation differ based on geographical location, the driving factors that influence their decision to change jobs, and how employers can enhance their employee’s overall experience.
You can read the full report here, which covers seven key findings from the collected data, looking beyond just North America and the United Kingdom to uncover more about how work experience and individual compensation differ based on geographical location. Below are a few highlights from this research:
Shifting Career Priorities
Findings from this year’s survey suggest that the top 3 driving factors that influence candidates to consider moving roles were financial reward (75%), being valued (71%), and company culture (58%). When individuals felt undervalued, the proportion of those actively seeking new job prospects surged from 40% to 75%, with a negative perception of company culture also being strongly correlated with a higher likelihood of job-seeking (82%). This data highlights the importance of investing in each employee and recognising the diverse factors that influence work satisfaction and overall experience, to not only retain current employees but also attract new talent into the workforce.
Evolving Work Models
It is unsurprising that 70% of respondents favour a hybrid-working model over fully remote or fully on-site, as workers are now looking at flexibility and a work-life balance to be a fundamental part of their career progression. As it stands, this year’s survey found that one-third of the workforce (33%) operates remotely, with a majority (58%) following a hybrid model. It goes without saying that flexibility in working hours and office attendance will become a core element of human resource offerings in the coming years, and companies that offer and provide these services will most likely attract and retain top talent to their business.
Results from this year’s survey found that 37% of participants have an annual gross salary exceeding $150,000. For directors and above, this proportion increases to 57%. Notably, 37.4% of C-Suite respondents earn a yearly income of $200,000 or more. In terms of bonus and commission structures, the majority of respondents (64%) receive bonuses or commissions alongside their regular salary, with over half (54%) holding equity in their respective companies. Being still a relatively new industry, the compensation diversity within PropTech and the Built Environment sector showcases the varying financial landscapes based on roles, experience and location, and reflects the industry’s allure and competitiveness.
Where we go from here
Despite challenges posed by industry downturns and external forces, the PropTech and Built Environment industry maintains a commendable level of overall job satisfaction, especially when compared to other industries. This year’s findings underline the critical role that recognition, flexibility, financial well-being and workplace fulfilment play in influencing candidates’ choices. How an organisation manages compensation, interprets its culture, approaches learning and development and champions DEI will contribute directly to the overall company performance and growth.
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