Introduction and Welcome
Welcome to another Avdiev Newsletter. Enjoy the New Year. It promises to be an interesting one. This is the second edition of our electronic newsletter [ Future Careers ].
As specialist senior executive recruitment consultants in Property, Investment, Development and Construction we are in touch with top level candidates, monitor industry trends in employment, know where the skills shortages are and how to overcome them. We have early knowledge of emerging specialist positions in the industry.
We are also publishers of the Avdiev Property Industry Remuneration Report. We present comprehensive national remuneration and incentive data for over 270 positions with details for New South Wales, Victoria and Queensland in 10 market sectors of the property industry. The Avdiev Report will be published in mid May.
Our consulting services focus on responding to client needs. Recently, special remuneration benchmarking, estimates of costs of new teams and reviews of short and long term performance incentives prevalent in the property markets have kept us busy.
If you would like more information about any of our services, or if you have any suggestions for improving our newsletter or website, please send us an email to info@avdiev.com.au We hope that you find this newsletter topical and informative.
Recent News at Avdiev
Hot jobs for this month at Avdiev
The Avdiev Survey
We are currently conducting the survey for the annual Avdiev Property Industry Remuneration Report. Contributors of remuneration and incentive data will receive a 60% discount on the full price of the report when it is released in mid May 2008.
Please click here for more information and to contribute.
Salary Reviews
We benchmark executives against others in your market niche with a specially targeted review, providing information on base packages, short term and long term incentives.
Please click here for more details.
Recent consulting assignments have included:
A review of the ramifications and costs of bringing an outsourced property funds investment and management activity in-house for a financial services group.
A benchmarking exercise and recommendations to align the remuneration of non-executive directors and senior executives to market practices in a funds management company preparing for change.
Did you know that Avdiev also offer the following services?
In Pursuit of the Bonus
The concept of reward for effort is not new. In property, it had simple beginnings - a choice between two basic alternatives – salary only or salary plus commission, enjoyed by real estate agents, money lenders and stockbrokers. Bonuses depended on benevolence and goodwill and were paid at the discretion of the chief executive or division head.
Now remuneration in the property industry has developed sophisticated and complex pay structures, with short term and long term incentives, targets to meet and beat, hurdles to jump and goals to achieve – an appropriate way of rewarding and motivating effort........
To read the full version of Rita Avdiev’s latest article for Property Australia (March 2008) please click here.
The Helicopter View
What a change in mood and economic circumstances have been experienced over the Christmas period.
An Australian bull market that was strong, confident and euphoric about the election of a new government, has turned volatile and apprehensive. The sub-prime mortgage disaster in the US which brought on a global credit crunch has reached Australia and is causing no end of grief to companies which have over geared. Refinancing has become expensive and uncertain. Australian banks have raised interest rates beyond the Reserve Bank’s moves and are demanding increased security for the loans they have made.
Property deals that looked set to close before Christmas are taking longer. Some potential buyers have baulked at last year’s bullish prices and are negotiating or walking away.
Despite the gloom and doom imported from abroad, employment continues at record levels and remuneration rises reflect the skills shortage.
Even the companies in financial trouble have not retrenched too many staff yet – they are waiting for financial stability and certainty to return. Whether all of them will be allowed to continue trading is in the hands of their financiers. It’s a waiting game. Our headlines are said to be six months behind those of the London media. It may be worth browsing their websites to forecast what’s coming next.
What Are Property People Worth?
Lots more than before!
In the latest remuneration reviews reported in the Avdiev Remuneration Report Update published in November 2007, property people did exceedingly well.
Across all the property markets, average increases of just under 7% were recorded, up considerably from the 5% granted for the previous year, and well above the 4.3% for the general workforce reported by the ABS.
Remuneration increases ranged from 3% at the low end to 15% at the high end. Anecdotal evidence suggests that in some financial services organisations at the capital markets end of the property industry rises of 25% and above were not unusual. The mining industry is siphoning off construction workers out of the building industry. The builders have to fight back – they granted 10% rises to their senior and mid level workers.
Contact Details
Sydney Office: (02) 9252 4622
Melbourne Office: (03) 9620 3066
Email: info@avdiev.com.au
Website: www.avdiev.com.au
The Avdiev Group has endeavoured to ensure that the information is correct and complete at the time of publication. The material on The Avdiev Group
[Future Careers] Newsletter provides general information only. It is not intended as advice and must not be relied upon as such. You should make your
own enquiries
and take independent advice tailored to your specific circumstances prior to making any decisions. The Avdiev Group does not warrant or
accept any liability
in relation to the quality, operability or accuracy of the information within this Newsletter.
Questions or comments? Email us at info@avdiev.com.au
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