Welcome and Introduction
Welcome to the first edition of our publication
[ Future Careers ], brought to you by
The Avdiev Group, specialist recruiters in Property, Investment, Development and Construction.
The issue of [ Future Careers ] contains notes on industry trends and the hot topic of the skills shortage as well as an article on remuneration levels in the industry. We have kept it brief and informative, and will continue to bring you topical industry information in future editions. We hope you enjoy this new publication, which will only be available in electronic format.
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: info@avdiev.com.au
Happy reading from the team at The Avdiev Group
Recent News at Avdiev
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The Avdiev Property Industry Remuneration
Report Four Page Update
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automatically receive the update.
For those of you who will want to purchase our
report, keep an eye out for our order form in
the coming weeks.
Please click here for more information
The Helicopter View
The Australian Property Industry should be truly grateful for the constant flow of superannuation money which has made it an early adopter of listed and structured property products.
Australian property keeps moving ever closer to the capital markets and has developed into a worlds best practice breeding ground for savvy operators who are now rapidly moving off shore in search of investment grade property, new alliances and takeovers. With the development of the global REIT brand, our LPTs will also become targets for foreign investors. Globalisation brings new risks, how will the US credit squeeze affect us? Where will the sub-prime land mines explode?
Predictions of a new Australian golden age promise greater wealth, higher incomes and growing respect for our entrepreneurial spirit, business processes and education, placing us high in the global prosperity hierarchy. Meanwhile, a surge of new major office buildings is underway in Australia’s CBDs. Business is booming and the tenants are lining up to grab space to house all those new employees they are hiring.
The Skill Shortage
Unemployment is heading down to 4% but the exodus of the silver hairs and Generation Y to greener, better paying, overseas pastures continues. Employers wake in fright wondering which of their team is next to leave. Midlevel staff are in very short supply, being vigorously headhunted by competitors offering 20-30% higher salaries to encourage them to switch.
It’s been said that good people don’t move in bad times. Now they are on the move. Our unprecedented prosperity has created a platform of confidence on which an active game of musical chairs is being played out. Senior executives are busy improving their status, conditions and pay by moving around the industry filling each others jobs.
The ambitious juniors are watching and learning. Branded as the fickle Generation Y, they won’t wait years for a promotion – they move on even if their skills are not developed. They expect the new boss in the new job to beat them and their skills into shape before they move on again.
What are you worth?
The Avdiev Remuneration Survey, conducted among employers in ten sectors of the property industry, has found that property people have all had a median rise of 5% in the pay increases of 2005/2006, well ahead of the 3% in the general community.
In the Avdiev Property Industry Remuneration Report 2007© published in May, pay rises for 2006/2007 were predicted to be the same. However, in the special benchmarking reviews Avdiev conducts for its clients, we are finding that employers are choosing to remunerate their staff at the 75% level in their peer group of competitors, to safeguard their employees from seduction by others with promises of higher pay.
In public companies, this pits the executives and board against the shareholders, who are reluctant to recognise that a stable and well-paid workforce contributes to profitability. Property remuneration levels follow the industry hierarchy, funds management at the top, the architects still at the bottom.
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Contact Details
Sydney Office: (02) 92524622
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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