RICS and Macdonald & Company UK Rewards & Attitudes Survey 2009 Expects similar trend to prevail in Hong Kong
HONG KONG, March 10 /PRNewswire-Asia/ -- Job satisfaction, strong leadership within the workplace and job security are now as important to Chartered Surveyors as economic factors according to the annual RICS and Macdonald & Company UK rewards & Attitudes survey published on 7th March 2009.
Before the credit crunch, salary levels were of primary importance to property professionals. However, the current market has forced those working in the industry to reconsider their work balance priorities. In 2008, only 47 percent of respondents said job security was important to them -rising to 71 percent during the economic downturn. Management style is important to 64 percent of respondents, up from 48 percent in 2008 and the working environment is important to 56 percent in 2009 up from 46 percent in 2008. Interestingly, 83 percent of Chartered Surveyors believed that they worked for their employer of choice, indicating that there remains a large degree of job satisfaction within the profession.
Only 58 percent of respondents reported a salary increase, down from 75 percent in 2008 but of those that did receive increases average salaries rose from 7.5 percent in 2008 to 7.9 percent in 2009. Less than half of respondents did not receive bonuses during the last twelve months (58 percent in 2008 to 41 percent in 2009). Those that did receive bonuses pocketed on average 5,596 pounds -- down by approximately five percent compared to 2008.
The RICS and Macdonald & Company Asia Pacific Salary & Benefits Survey 2008 announced in the end of 2008 indicated that similar trend also reported in Asia Pacific region. Fewer participants than last year saw their salary go up at their most recent pay review - just under two thirds (63%) reported an increase, compared to 71% a year ago. About 60 % of the property professionals in Asia Pacific expressed that salary and career progression remained the most important issues in their attitudes to their job; however, there were also an increased number of respondents perceived the importance of job security in the present environment.
Albert So, Chairman of RICS Hong Kong, comments, "The report is also a valid reflection on the employment situation of HK Chartered Surveyor. It underlines the very fact that RICS professional's qualification would provide a higher degree of job satisfaction. At the same time, the RICS professional qualification is a key to higher earning at various stages during the surveying career. It also enables a Chartered Surveyor to enjoy better job security at the time of economic downturn. Therefore it is clear that the employment market and public sector value the quality and professionalism promoted by RICS."
Peter Moore, Managing Director Macdonald & Company said, "There are few signs of immediate improvement in the World economy and confidence and availability of capital continue to severely affect the property market. Despite the climate, the job market has not and will not grind to a halt. Currently, opportunities are emphasised toward critical hires and jobs with organisations taking the opportunity to "up skill" or expand teams that have suffered long term skill shortages and consequent pay inflation, which are now moderating."
About the Annual RICS and Macdonald & Company Rewards & Attitudes survey
Now in its tenth year, the Annual RICS and Macdonald & Company Rewards & Attitudes survey is the most comprehensive survey undertaken for the property sector. The survey continues the success of earlier surveys, 10,476 UK surveying professionals participated online in December 2008 and January 2009, making this our highest ever response (versus 6,920 in 2008), and the largest and most comprehensive survey of its type. An executive summary of the survey is available at http://www.rics.org/salarysurvey .
Macdonald & Company is the leading professional recruitment consultancy to the property industry. Macdonald & Company deals exclusively in the recruitment of property professionals across the UK and worldwide. They act for a diverse range of clients. These include banks, consultancies, property companies, funds, institutions, developers -- indeed, any organisation that occupies, owns, invests in or advises on property. For more details, please visit our website: http://www.macdonaldandcompany.hk .
About RICS & RICS Asia
RICS (Royal Institution of Chartered Surveyors) is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity - providing impartial, authoritative advice on key issues affecting businesses and society. RICS is the worlds' leading qualification when it comes to professional standards in land, property and construction. With over 140,000 members globally, RICS represents, regulates and promotes the work of property professionals throughout 146 countries.
The RICS Asia supports a network of over 11,000 individual professionals across the Asia region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam.
Designated contacts for Hong Kong media:
RICS Hong Kong Public Relations Representatives
Ms Katherine Chow / Ms Kate Kwan
Tel: +852-2372-0090
Mobile: +852-9256-3223 / +852-9077-1337
Fax: +852-2372-0490
Email: kat@creativegp.com / kate@creativegp.com
