Property fund managers bring home the bacon
A strong property market has meant most property fund managers have passed on pay increases of between 5 to 6 per cent this year.
A strong property market has meant most property fund managers have passed on pay increases of between 5 to 6 per cent this year.
The annual Avdiev Property Industry Remuneration Report, released this month, shows 93 per cent of the 250 companies surveyed by the group increased their em-ployees’ pay packets.
Property securities analysts remain among the top of paid pecking order in the in-dustry, taking home a package worth an average $135,000 annually, a 5 per cent increase from last year. Portfolio and asset managers received a 5.5 per cent pay increase last year, earning an average $133,000.
And the good times look set to continue, if employers’ stated targets are anything to go by. Most employers are also predicting they’ll give their staff pay increases next year, largely due to current low inflation and a stable property market, Avdiev says.
Property investment and fund management employees can look forward to an extra average 4 per cent in their pay packet next year, while employees in the property security sector can look forward to between 4 per cent (for senior staff) and 5 per cent (for junior staff).
Like other industries in financial services, increasing competition to retain employ-ees has meant employers are having to offer extra incentives on top of the pay in-creases. Non-cash rewards are becoming increasingly prevalent, with 34 per cent of those surveyed arguing this is a priority. However, only 37 per cent say they have a non-cash reward system in place for emloyees, while 44 per cent have no plans to implement such a scheme.
Of the non-cash reward schemes in the property industry, most popular was creat-ing an agreeable workplace culture (76 per cent), followed by wealth creation through share ownership and options (68 per cent) and giving employees more in-dependence in the performance of their work duties (64 per cent).
AUTHOR
Samantha Walker
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