HONG KONG--(BUSINESS WIRE)--RICS (Royal Institution of Chartered Surveyors) released its 10th annual study of the real estate industry in Asia, the “Rewards & Attitudes Survey 2016”. Young professionals seeking lucrative employment opportunities in Asia will be encouraged by the property sector where employers are willing to pay 20% more to secure the best people, based on survey results. The surveying field and built environment are a future hotbed for young talent, based on responses and hiring needs.
The survey reflected that average annual salary of property professionals reached USD95,480 (approximately HKD744,744), representing a 1% increase from last year. Despite Asia experiencing overall average gains, the numbers have declined in Hong Kong, Singapore and Malaysia. Average annual salary of property professionals in Hong Kong dropped by 1.7% to USD93,923 (approximately HKD 732,599 in 2016), and was 1.6% below Asia’s overall average salary level. Average annual salary of professionals in Malaysia was the lowest among all surveyed countries: USD52,558 (approximately HKD409,952. Professionals working in China recorded a huge raise of 3.5% to USD96,797 (HKD755,017).
Salary inflation was highest amongst the 18-24 age group. The average salary of junior and entry level employees rose by 46.7% this year. Those with a RICS qualification earned a 12.1% higher average base salary (USD106,627/ HKD831,691) compared to those without one, who earned USD95,087 (HKD741,679) on average.
Despite the differences in salary increment levels among countries, the job satisfaction rate among real estate professions showed positive employee sentiment, with 80% of respondents reporting they are fairly or very satisfied with their current job. One possible cause of the upswing is the increase in bonuses with 57% reporting an average bonus of over US$26,000 (HKD202,800). The incentives that attracted respondents the most were company management style (69%), importance of job responsibilities (64%), opportunity for career progression (62%), and the availability of exciting work or projects (60%).
“All firms are doing their best to recruit a new work force and retain talents so as to tackle the labour shortage issue. To bridge the gap, RICS always encourages employers to offer clear visions on career path for new comers so as to retain the best talents. RICS organises career advice session every year during our annual conference, which serves as an effective platform for undergraduates to obtain latest information on employment opportunities. . It has grown to become one of the most popular focuses of our conferences over the years,” said Mr Andrew Lee FRICS, Chairman of RICS Hong Kong Board.
RICS announced its report entitled “Our changing world: Let’s be ready” last year, which specifically analysed and listed out challenges for the industry in the next 15 years. Among the challenges identified, how to win the war for talent and how to develop strong leadership, were both considered crucial areas to work on. RICS, as a global professional body, will work closely with the Government and industry professionals to tackle the challenges and nurture more talents for the future.
“Asia remains a key target destination for real estate professionals many of whom are assessing opportunities to further develop their careers. Given current volatility in global markets and the heightened effects of currency fluctuations in an interdependent region it is encouraging to see organisations are prepared to invest heavily in their future talent,” said Mr William Glover, International Director, Macdonald & Company.
About RICS
Confidence through Professional Standards
RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve.
We accredit 118,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our members are involved the same professional standards and ethics apply.
We believe that standards underpin effective markets. With up to seventy per cent of the world’s wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe.
With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
We are proud of our reputation and work hard to protect it, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.
About RICS Asia
RICS Asia supports a network of over 20,000 individual professionals across the Asia region with an objective to help develop the land, property and construction markets in these countries, by introducing professional standards, best practice education and training. We promote RICS and our members as the natural advisors on all property matters. We also ensure that services and career development opportunities are provided to members.
RICS Asia region serves local member associations locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People’s Republic of China, Hong Kong SAR, Taiwan and South Korea. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
About Macdonald & Company
Macdonald & Company is the leading professional recruitment consultancy for the real estate and built environment sectors. Established in 1994 and headquartered in the UK, we apply local knowledge with true global connection through our offices in Asia-Pacific, the Middle East and Africa. Our specialist teams act for every class of organisation owning, occupying, financing or advising on property, construction and engineering – developers, investors, institutions, funds, banks, consultancies and contractors. We are the preferred recruitment partner of RICS - the Royal Institution of Chartered Surveyors. Macdonald & Company is a subsidiary of the London Stock Exchange quoted Prime People Plc.