The data allows business leaders across the Build to Rent sector to make well-informed decisions when paying employees
London, UK - December 2022: deverellsmith, the London based recruitment talent solutions partner for the property industry, announced that it has released the UK’s first Multifamily Salary Guide in partnership with SAY.
Build to Rent is one of the fastest growing sectors within real estate, yet one of the newest to market. Compared to other areas which have a deep talent pool of experienced professionals to source from, BtR faces its biggest challenge as companies battle to attract ‘sector specialist’ talent.
Hiring activity amongst operational roles has remained high over the past 12 months. This has been hugely positive for candidates in the job market, however as employers’ demand for talent has increased, this has resulted in fierce competition and ultimately added inflationary pressure on salaries.
In addition, the country is facing the greatest cost of living crisis in a generation and recruitment confidence will be tested as costs and disruption continue to rise.
Whilst this is clearly challenging, deverellsmith continues to advise companies to continue recruiting off-sector talent to combat this and create a word-class induction programme to manage employees moving over to the sector. In addition, a strong focus on improving retention strategy through ongoing training and development is essential.
Nick Hammond, Head of Build to Rent’ commented: “Employers are now having to be highly creative in formulating a successful attraction and retention strategy; it’s exciting but hugely challenging!”
He continued: “In today’s ever-changing landscape, candidates are looking further than basic salary—and so they should be. This report aims to give employers visibility across candidates’ expectations and all components of compensation.”
Debra Yudolph, Founding Partner at SAY, commented: “This Multifamily Salary Guide is a powerful resource in ensuring that you can attract the right talent when hiring.”
She continued: “What tools are you using to ensure retention and an engaged, motivated team? Without the right training and development of your workforce, you risk reducing productivity and motivation whilst increasing staff turnover. All this makes for a poorer customer experience and reduced customer satisfaction and whilst not always easy to track, this impacts your bottom line—making you less efficient and as a consequence increasing your marketing and recruitment costs.”