Despite Coronavirus setbacks impacting the economy two thirds (66.7 per cent) of property professionals still expect to receive a pay rise from their employer in the next 12 months, despite the country going into a recession as a result of COVID-19.
The new study from job board, CV-Library found that workers in the property sector scored well above the national average; where a smaller of 41.3 per cent of UK workers said they anticipated a pay rise.
However property professionals may be disappointed, as industry salaries actually dropped by 1 per cent month-on-month in July, and by 1.3 per cent year-on-year. In addition to this, the survey shows that only 16.7 per cent believe they’ll be offered a promotion during this time; slightly lower than the national average of 18.7 per cent.
Lee Biggins, founder and CEO of CV-Library comments: “It’s understandable that property professionals are looking to regain some of their lost income in the coming months, particularly if they’ve been placed on furlough. The coronavirus outbreak put the housing market on a standstill, with buyers and sellers being forced to postpone their plans to move. As such, many businesses in the sector may struggle to make ends meet and be unable to offer an increase in pay.
“However, it’s important that you still do what you can to make your employees feel valued in another way. This can be done by offering better training opportunities, initiating a reward system for hard work or by promoting a supportive company culture.”
Furthermore, the findings show that, of the property professionals surveyed that are currently unemployed, 50 per cent of them are confident that they’ll secure a new role in the next three months.
Biggins continues: “The data clearly shows that property professionals still have a great deal of confidence in the job market, but understand that career progression may not be possible in the current climate. While we are seeing an increase in the number of job opportunities available, job seekers may find that it takes longer than expected to find the perfect role. However, if you’re looking to hire, it’s imperative that you streamline your recruitment process and advertise your new roles effectively in order to attract new talent.”