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RICS announces wave of redundancies in response to the impact of Covid

Around 150 -170 RICS employees are at risk of redundancy Sean Tompkins, RICS Chief Executive Officer has announced. He said the decision followed: “An extensive review of the way RICS operates in order to chart a new way forward that builds on our response to clear external trends that were already underway and which the onset of the pandemic accelerated.”

He added: “With a heavy heart, I yesterday briefed our people on the proposals and we have now begun a formal consultation process with employees and employee representatives, placing 150 – 170 roles within the organisation globally at risk of redundancy. Following the outcome of the consultation, we will also undertake a review of our global office footprint to make sure we have the most appropriate strategy to support our new needs and new ways of working.”

He said that despite immediate steps following lockdown which included asking around 30 per cent of UK colleagues to go on furlough, freezing all new people hires and pay, alongside temporary pay cuts amongst senior management: “We expect our overall revenues (of which about a third are from commercial activity) to continue to be much lower than in previous years.”

“This has been the toughest call of all since the pandemic began. RICS’ people are dedicated, creative, and passionate about the work they do and I feel proud and privileged to work alongside them. Witnessing their extraordinary resilience and adaptability during this crisis has been inspiring and it has contributed so much to our ability to respond to one of our most difficult moments. I am truly sorry for the uncertainty that this news will bring for them, through no fault of their own, and I promise to support them throughout this process.

“As we work through these proposed changes with our people, we will continue to advance our key activities. The ongoing growth and positive social impact of the profession is as critical today as it has been for centuries and we will support our professionals to continue delivering confidence for those that rely on their unique expertise. RICS has a strong heritage alongside a great foundation on which we will build a new and sustainable future.”

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