As the world has emerged from the pandemic and businesses have begun to target recovery, firms have been locked in a fierce competition for talent. In fact, recent research by Indeed shows that job postings are up by 39%, demonstrating the high activity of the UK labour market.
Nowhere has this demand for labour been felt more than in the booming property sector. In a reflection of this demand, salaries in the property sector have already risen by 15% as businesses compete to attract the best talent.
However, the market’s hiring patterns have been shifting. For example, in our placement of business services specialists with leading real estate advisers, we have seen an increased demand across the spectrum of these vital roles.
Due to the significant challenges the leaders across these functions must navigate, business services roles are increasingly celebrated, with many experiencing rising salaries. In fact, Totum’s Best Business Leaders awards 2022 highlights the exemplary leadership across these business services teams, which are currently shaping how the property sector navigates the economic climate.
At the same time, an increased willingness to tackle perennial gender equality issues within the property sector is greatly impacting hiring patterns. Indeed, just 22% of women hold board roles in property firms. Equally, with major players accounting for some of the worst pay gaps in the UK – with one major property player in the UK, for example, paying women 59p for every £1 a man earns – the need for change is starkly evident.
As the sector continues to face a fierce battle for labour and the challenges of the current economic environment, an increased focus on business services roles and diversity of talent at all levels will prove to be the key trends driving the sector’s recruitment patterns.
Deborah Gray is founding director at Totum Partners