Survey respondents were overwhelmingly positive about the potential for their personal careers and for their businesses in 2012, with 60 percent of respondents forecasting total cash compensation (base salary and bonus) to increase in 2012. SelectLeaders’ annual industry-wide survey of over 900 real estate professionals and employers delivered some interesting insights and perspectives on 2012, including how vacant senior positions have been replaced.
Thirty-seven percent of respondents reported that senior-level positions have not been replaced, while 27 percent replied that senior-level positions were replaced by employees with less experience. These insights were offered:
“Companies will continue to hire extremely well-qualified individuals for significantly less. The key for employers will be how they recognize and reward these executives.”
“I think that hiring of lower-level personnel will continue and may well increase. Such additions to staff should allow senior-level personnel to increase their productivity, generating more deals, income and activity.”
Compensation Trends
Fifty-four percent did not anticipate bonuses as of December, 2011. Also in 2011, 61 percent of salaries either, remained the same (36 percent) or decreased (25 percent). One respondent explained: “My company’s re-organization will create a15 percent reduction in total salary and a 10 percent reduction in force. Base salaries for remaining employees will rise for everyone in order to do more with less employees.”
Hiring Predictions for 2012
“The multi-family market continues to stay hot and is full steam ahead.”
“We may see some additional staff in development/construction added in 2012 for the first time in four years.”
“Lots of reorganization on the corporate real estate end. New senior and mid-level positions require greater business acumen, planning skills and operational management experience.”
“Commercial real estate folks are hoping that banks start selling off their assets in 2012 so new jobs can be created for workouts, underwriting and asset management.” Learn more about trends, benefits and salaries across 150 positions in the comprehensive 2011 NAIOP Compensation and Benefits Report by CEL & Associates.
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