Hiring trends to watch for in Facilities and Property Management

Salary expectations: demand for talent continues to rise

As the demand for talent continues to rise, real estate management companies of all sizes must adapt their compensation packages to attract and retain top quality candidates. The 2023 Hays Salary Guide reconfirms that salary is the main motivator for employees to leave their current job and pursue new opportunities.

Recent data collected by Hays shows that the demand for facilities and property management workers has steadily increased over the last few years, with many companies reporting a shortage of qualified candidates to fill open positions.

Our results also show that candidates are expecting a salary increase ranging from 5-15% in 2023 to keep up with the cost of living. Salary expectations, flexibility and purpose are among the top requirements for job seekers in Canada.

[Figure 1.]

Culture, purpose, and values

We’ve found that people who feel their work is meaningful and aligns with their values are more likely to be satisfied long-term in their jobs. In contrast, people who are solely motivated by salary are often less satisfied with their work and may be more likely to leave their employer for a higher-paying opportunity. However, salary isn’t everything. In fact, 27% of those who have changed roles over the last 12 months actually regret their decision. Quite simply, they find they miss their previous corporate culture. Another reason people regretted leaving their jobs, surprisingly enough, was that the job was not what they expected. We need to consider whether candidates are willing to move so quickly that they are not doing the proper research beforehand. Or, are companies taking enough time to properly qualify prospective candidates?

Are hiring managers taking enough time to fully inform candidates including discussions about venue, culture, expectations, job role etc.? Is the interview process itself appropriate to showcase the job? It’s not unusual in today’s market to see companies reaching back out to previous top-performers to attempt to re-hire them. The precursor to that, and a more effective strategy, would be to identify those top performers while they are already employees and taking appropriate steps to retain them. [Figure 2.]

It comes down to flexibility and benefits

Remote work is still a hot topic and it’s here to stay. We often see the working environment as a deciding factor when a candidate faces two competing offers. 82% of respondents want to work either fully remote or in a hybrid environment. In recent years, the trend towards remote work has become more prominent in other industries. Although the property management industry cannot always fully adapt to remote working requests, employers are forced to consider incorporating flexible working conditions when possible.

In addition to salary, comprehensive benefits are of increasing importance to job seekers. As workers seek more flexibility and work-life balance, the most requested benefit is additional vacation time rather than the standard 2-week statutory holiday. Retirement contributions and support for professional study are also highly valued.

“The job market in the facilities and property management industry is extremely favorable right now,” said Steve McVay, Senior Commercial Director at Hays, “we’re looking for candidates with a passion for this field, and a desire to use their skills to make a real impact on the buildings and properties they manage.” The job market in real estate management is looking bright for qualified individuals in the profession. If you’re interested in pursuing a career in this field, now is a great time to consider acquiring additional education, updating your skill set and networking with professionals in the industry. [Figure 3.]

About the Salary Guide

Our research is based on a survey carried out between September 22nd – October 17th 2022 from 5,495 professionals and employers across Canada. To discuss what this means for you and your business, download the guide here: hays.ca/ salary-guide and contact our Ottawa property management recruitment consultant, Georgia Wightman at Georgia.wightman@hays.com