Issue 19: Ramblings of a Recruiter in Real Estate

Issue 19: Ramblings of a Recruiter in Real Estate

In this issue, I will continue a theme (part 4) I introduced recently on the topic of a deep dive into the reasons behind why the gender pay gap is such a stubborn beast despite publicly concerted efforts. PLUS share an update on the UK’s largest real estate careers podcast AND give a glimpse of the latest instructions from the London development team of?Macdonald & Company.

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Back in May, I hosted a roundtable with the HR Directors of many of the UK’s leading developers and investors to share the headlines of our salary reports. One perennial topic I am always asked about is?"Are we making progress in the gender and ethnicity pay gap?". Sadly, one of the casualties of the pandemic has been progress made in closing this gap. In the last two years, the largest salary survey in real estate has shown that the gap is widening. The gap for 2023 is 31.9% between male and female average UK salaries and 9% between white and non-white UK salaries.?

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I promised to focus my attention on four key aspects hidden in the data. Today, I will tackle number four, the commonly held belief: “Female members of the real estate industry are less motivated by money than their male counterparts”. This is a common belief held and used to explain the pay disparity between male and female counterparts in real estate. Suggesting the problem has its roots in the old adage that the?squeaky wheel gets the grease. The hypothesis is, Male counterparts get paid more because PAY is higher on their priority list of values. When they don’t feel satisfied with their levels of PAY it provides greater friction for them. I can’t fault the logic.??

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…the squeaky wheel gets the grease... I can't fault the logic.

However, I can’t back it up from the data collected in the industry's largest salary and rewards survey produced by Macdonald & Company.?

Each year we ask a global real estate population “What do you most value from your current employment”. Across an evolving set of 15 possible answers, Salary Level has occupied the most valued aspect of current benefits for 21 years. However, it made a fall from grace in 2020-21 when it lost its top spot, replaced by Work-Life Balance. This is of course a non-gender-specific sample group.?

When we split out male and female responses, given the hypothesis above you’d expect to see plenty of differences. Well, we see lots of similarities and some differences. Both Male and Female employees in the UK choose Work-Life Balance as No.1. Most valued aspect of my employment. Male respondents also choose Company Reputation as their joint No.1, it is No.2 for female respondents. Both agree on No.3 being Salary Level. Now, let's explore the differences. In fourth place, males prioritize Quality of Work, while females value Flexible Working Hours. And in fifth place, both agree on Appreciation by Senior Management. So, contrary to popular belief, the data suggests that pay holds an equal priority for both genders. Perhaps it's time we shift our focus to how pay awards and reviews are applied before laying the blame on the recipients.

Employers can access the results of?Macdonald & Company's global salary and rewards data now, contact me for more details. You can examine the top 5 most valued aspects of work by age group as well as the most common benefits in your peer group, the median, upper quartile and top percentile salaries across 70 job functions, 18 asset classes and 11 employer types from as little as ￡750 ex VAT.??

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?? A Podcast to Propel Your Real Estate Career ?????

Accelerating Careers in Real Estate is the UK’s largest real estate careers podcast and is now recognised as the top 2.5% globally listened-to podcast.?

If you haven’t tuned in yet, the podcast is three years old and released fortnightly. I sit down with CEOs, Founders and Leaders of developers and investors from across the globe. I ask them how they maximized the opportunities in their own career and share their stories with our listeners.

In our latest episode, I am joined by not one but six guests for something a little different. It is our 80th Episode!

I've worked hard on trying to make the most of the platform you the listeners have given me, I've tried to think who and what you want to listen to and how I can share the stories of many of the leaders of the development and investment worlds. BUT inevitably there is a limit to how far I can go on my own – so I asked for some help and these guys answered my cry.

I want to introduce you to the founding members of the early careers advisory council for the podcast. These guys will be my north star for the pod and hold me accountable to our pillars to broaden the podcast's reach and be more inspirational and educational. So welcome: Hebe Mottershead Davies , Peter Joaki , Lawrence Owho , Rebecca Ogunmodede , Catalina Chivite , Oliver Hardwick ?

You can catch up on all the episodes here, including our latest instalment:

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?? Unveiling Macdonald & Company's Latest Client Side Opportunities ??

Last but certainly not least, let's shine a spotlight on the latest career opportunities from Macdonald & Company's UK Development team.

1?? Development Director (Pan European) - Acquisition and Planning, Commercial and Logistics Use: Earn ￡120,000 to ￡140,000 per annum, plus a thrilling 40% bonus!

2?? Senior Development Manager (Cambridge, Life Science): Delve into the fascinating world of life sciences and earn a competitive salary ranging from ￡90,000 to ￡110,000 per annum, along with a 50% bonus!

3?? Senior Project Manager (Cambridge, Life Science): Embrace the challenges of project management in the life sciences sector, with a salary range of ￡90,000 to ￡110,000 per annum, plus a 35% bonus!

4?? Project Manager (Developer Commercial Interiors / Co-Working, London): Dive into the vibrant world of commercial interiors and co-working, earning a salary of ￡65,000 to ￡80,000 per annum, complemented by a 30% bonus!

5?? Assistant Development Manager (Residential / Alternative Residential): Unlock your potential in residential and alternative residential projects, with a salary ranging from ￡45,000 to ￡65,000 per annum, plus an enticing 20% bonus!?

?? Join the Conversation and Shape the Future! ??

You, dear reader, hold the power to shape this newsletter and the podcast! If you have specific aspects of the real estate recruitment market you'd like us to cover, or if you know of an exceptional guest or mini-series idea for the podcast, we would be thrilled to hear from you. Your input and contributions are invaluable to us as we continue to provide engaging content that resonates with our incredible community. Get in touch with us today and let's create something extraordinary together!

That's a wrap for this edition of "The Ramblings of a Recruiter in Real Estate"! Stay tuned for more exciting updates, intriguing insights, and game-changing opportunities in the dynamic world of real estate. Until next time, happy reading and keep chasing those real estate dreams! ?????