As many as half of companies across the property sector are set to continue to cull jobs this year as part of widespread cost-cutting in the face of worsening conditions in the global real estate market.
After dramatic growth during the real estate boom, property companies are now cutting jobs and have begun to slash pay deals.
About half of those polled by FPL Advisory, a global specialist recruitment service to real estate, anticipated a further decrease in total workforce in 2009 in spite of already extensive job cutting, a marked change from last year when more than two-thirds predicted their staff would increase.
More than half expected a fall in total remuneration – basic salaries, cash bonuses and future incentives. The largest cuts were expected in annual incentives, but more than half also anticipated a decrease in bonuses. Base salaries are expected to remain flat.