Salaries for UK property professionals have continued to rise at an average increase of 7.1% in 2016, according to the latest survey by RICS & Macdonald & Company. However, the gender pay gap continues with male property professionals earning £7,000 pa more on average than female counterparts (£57,509 versus £45,689).
While this gap has closed slightly, from 27.0% last year to 25.9% in 2016, the discrepancy is evident across all age groups and is most acute for those aged between 18-22, where the difference in average salary is 28.7%.
Competition for talent continues with the average salary increase awarded to respondents who moved employer in the last year reached 16.2%, while the average increase received by respondents under 30 jumped by 12%.
Bonuses awarded to entry level candidates jumped by 79% this year and employees at this level are also most likely to move job – of those who indicated they are likely to look to change roles this year 35% are relatively inexperienced, compared to 19% last year.
RICS Equalities Manager, Justine Wallis-Leggett, commented: “The fact that 64% of respondents reported a rise in salary will offer cold comfort to the many women in the sector, especially those at entry level, who are once again confronted with a significant gender pay gap. The industry must urgently take action to create a more balanced workforce that attracts the best talent if it wants to remain competitive.
“We can achieve this by introducing inclusive working practices such as flexible working. These are key to employee engagement, and in an increasingly competitive market, employers cannot afford to create working environments that only serve the needs of a small majority of the workforce.
“RICS has launched an Inclusive Employer Quality Mark*, which asks employers to put inclusivity at the heart of what they do, and aims to support them in sharing best practice, and we would urge all firms to put their money where their mouth is by signing up. Until there is a true commitment to change within the sector, we will continue to see results like these and the subsequent drift of talent away from our sector.”
Looking at the picture across the UK – those working in greater London continue to earn, on average, the most (£65,050) and command a premium of 20.8% over the South East and 52.2% over Ireland. The majority of the rest of the UK have indicated only a slight growth in average annual salaries, with the greatest growth seen in Scotland (+2%) and the Midlands (+1%).
RICS qualifications continue to show their merit with a FRICS earning £69,885 in comparison to a non RICS counterpart (£43,905) while those with a RICS part qualification secured the highest average salary increase up £5,198 from £37,837 to £43,035 (+13.7%).