20 March 2013 — There is growing unrest within the property industry from “loyal employees” who have had their pay rates on hold for some time, a report has found.
The Avdiev Property Industry Remuneration Report 2013 also found that 60 per cent of property companies had increased annual remuneration, with 3 per cent the median increase reported.
Other findings included that 36 per cent of companies enforced pay freezes and 6 per cent cut pay, developers report that investors are sitting on the sidelines, investors report that banks have imposed onerous lending conditions and women are not making progress in the property markets.
Managing director Rita Avdiev said “after four years of austerity in the property industry employers are looking for ways of retaining staff”.
“They have to balance this with managing business costs – how to determine the right remuneration increases while keeping salary expenditure under control.
“However there is growing unrest among loyal employees whose pay has been left on hold for some time.
“They have been very patient for a long time, but their patience is running out. Clients who are commissioning in depth reviews for key staff express concern about the team’s willingness to stay loyal without a serious uplift in salaries and incentives.”