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HONG KONG, June 16, 2015 /PRNewswire/ -- RICS (Royal Institution of Chartered Surveyors) and Macdonald & Company today announced the results of the 9th annual Asia Rewards & Attitudes Survey (ASIA Survey), the most comprehensive survey undertaken for the Property Sector. Findings show that 60% of respondents are considering a change in employment in the next 12 months. Employers globally are faced with the need to maintain and retain a diverse talent pool to meet the sector's needs.
In order to maintain long term competitiveness, talent retention strategies and remuneration for key employees should be high on the agenda for governments and corporations in 2015. As reflected by the survey, salary continues to be the most important factor when it comes to job satisfaction (79%: up from 75% last year), followed by management style (71%: up from 69%), responsibility (66%: up from 63%), career progression (63%: up from 62%) and range of interesting work (63%: equal to last year). As announced in the latest RICS report entitled "Our changing world: Let's be ready", RICS has identified key drivers and trends that will have significant social and economic impact on the world. Among all the factors, RICS heavily emphasized the importance of winning the war for talent to prepare for future challenges.
"Talent retention is important to every organization. The investment on training is huge and will be a great loss if the employee simply receives the training and move on to other job prospect. The stability of the employee also reduces the inefficiency created in the handover of jobs and also reduces the possibility of misunderstanding and errors. The report is very helpful in indicating that beyond salary, there are other factors that can help to retain talent such as management style of the organization; career progression; job security; training/development opportunities; work environment etc. This channels the general opinion and information in the market to the right people and helps them to make the appropriate decision," commented Mr. Kenneth Kwan FRICS, Past President of RICS Hong Kong Board.
Mr. Ricky Wong FRICS, External Affairs and Public Concerns Committee Member, also said, "Talent retention is critically important for all organizations. Thanks to the report to clearly identify some key factors for talent retention. There are also ways to improve talent retention when going into the human psyche that make employees feel valued, important and appreciated. A transparent and open-minded communication management style can help foster a sense of loyalty by sharing the common goal of an organization. On-going education and leadership training for employees make them feel valued and invested in the company. Work-life balance is important nowadays. Organization with clear corporate social responsibility focus would also help talents retention because it helps employees feel content for giving back to the community."
Mr. Andrew Lee FRICS, Chairman of RICS Hong Kong Board, commented, "Changes are inevitable for all markets, no matter large and small. The ability to win over challenges is made possible by a good grasp of future trends and proper preparations. The RICS "Our changing world: Let's be ready" report concludes six action areas to help maintain competitiveness in the long run. Among them, talent grooming and leadership development are both determining factors. RICS will work close with industry players and the government on all aspects in relation to talent development."
Survey results also showed that China is the only country in Asia still recording a double digit salary growth at 10.7%, while Hong Kong reflected an 8.8% increase. Salaries are rising at a similar rate to the year before, bonuses remain robust and companies are set to continue hiring at a consistent level, however, respondents to the survey still show a reduced confidence for ongoing growth in 2015, when compared to results 12 months ago.
About the RICS and Macdonald & Company Asia Rewards & Attitudes Survey 2015
Now in its ninth year, the Annual RICS and Macdonald & Company Asia Rewards & Attitudes Survey is the most comprehensive survey undertaken for the property sector. The survey continues the success of previous years. 1,652 Asian real estate professionals participated online in December 2014 and January 2015 from across the Asian region. RICS and HKIFMA actively promoted their involvement in the survey amongst their members. Besides statistics on current salaries, recent salary increases, bonuses and employment package benefits, the results give insight into wider issues that are important to real estate professionals in their role and their attitudes toward employment. The full 2015 survey can be accessed at www.macdonaldandcompany.com.
About RICS
Confidence through Professional Standards
RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve.
We accredit 118,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our members are involved the same professional standards and ethics apply.
We believe that standards underpin effective markets. With up to seventy per cent of the world's wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe.
With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
We are proud of our reputation and work hard to protect it, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.
About RICS Asia
RICS Asia supports a network of over 20,000 individual professionals across the Asia region with an objective to help develop the land, property and construction markets in these countries, by introducing professional standards, best practice education and training. We promote RICS and our members as the natural advisors on all property matters. We also ensure that services and career development opportunities are provided to members.
RICS Asia region serves local member associations locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People's Republic of China, Hong Kong SAR, Taiwan and South Korea. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
About Macdonald & Company
Macdonald & Company is the leading professional recruitment consultancy for the real estate and built environment sectors. Established in 1994 and headquartered in the UK, we apply local knowledge with true global connection through our offices in Asia-Pacific, the Middle East and Africa.
Our specialist teams act for every class of organisation owning, occupying, financing or advising on property, construction and engineering – developers, investors, institutions, funds, banks, consultancies and contractors. We are the preferred recruitment partner of RICS - the Royal Institution of Chartered Surveyors. Macdonald & Company is a subsidiary of the London Stock Exchange quoted Prime People Plc.
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