BuiltWorlds Members LMRE and Fifth Wall recently collaborated to give a first glimpse into how people in PropTech are compensated, their overall job satisfaction, and what would make them feel more valued at work. The data is based on a survey conducted in June 2022, which collected 500 responses from people working in PropTech around the world.
The report, What it’s Really Like to Work in PropTech, reveals that 73% of those surveyed feel valued by their employers, which is a key indicator of job performance, productivity, and satisfaction. Beyond feeling valued, 78% like their company’s culture, and 77% believe their leadership is innovative. These measures of employee engagement are significantly higher than the typical work experience according to a 2021 Great Places to Work study, which found that only half of people worldwide have a positive work experience.
According to the survey, people in PropTech are also paid well, but salaries and total compensation packages vary greatly depending on department, experience, and where they live. For example, salaries in the US and Asia Pacific are 40% higher than salaries in the UK and Europe, and regardless of location, tech and data roles have the highest salaries.
Despite most respondents feeling valued and liking where they work, more than half of those surveyed (52%) are looking for a new job. In addition, 82% admit they’d quit their job for a higher salary, followed by better company culture, flexible hours, and better benefits.
“People want to work in this industry. It’s new, it’s interesting. The built environment is something that affects everyone and we need to protect it, and technology is the way to do this,” explained Louisa Dickins, Co-Founder of LMRE. “Often, candidates are willing to sacrifice higher salaries and better benefits that they can get in adjacent industries like commercial real estate or finance to be a part of this community. But as the industry matures, so are people’s expectations of compensation, perks and the workplace.”
The report includes comprehensive salary data from survey respondents in addition to benchmark data provided by LMRE based on average salaries for the most common roles they are actively working with clients to fill across marketing, sales, product, engineering and data science. The data also includes the compensation and viewpoints of more than 40 CEOs and founders in this space, uncovering the widest compensation range of all job titles surveyed.
Additionally, all BuiltWorlds Members are cordially invited to join us on October 12 at 10:00 AM US Central Time as Louisa participates in our Future Workforce Analyst Call “The Upside of Labor Shortage!”
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