WITH a push to get more buyers into the market to clear the oversupply of properties, the industry is now poised for further robust development and expansion. This means companies must prepare for that, starting with their workforce.
According to Randstad Malaysia’s 2020 Market Outlook & Salary Snapshot report, in a highly-competitive environment it is not uncommon for companies to seek experienced talent to drive project completion and build a healthy project pipeline to ensure business continuity.
Supported by strong funding, some property firms are also leveraging this ‘cooling period’ as an opportunity to increase their activities and expand their market share. However, there will be a handful of companies that will continue to adopt a ‘wait-and-see’ approach as they draw up a vision of how Malaysian’s property market can potentially benefit buyers in the long-term.
Candidates in this space are faced with the choice of staying with their current employer for stability and security, or look for portfolio growth that would typically come with an employer switch.
Ranstad said in 2020, job seekers in the property space would focus more on relevant skills and experiences, company culture and career progression opportunities.
Randstad saw that the growth in the property market had contracted in the past few years, resulting in a corresponding impact on labour demand and average salary. Despite the expected expansion in 2020, the average salary is unlikely to bounce back to the levels seen in 2018.
With lower expectations in mind, many candidates whom we have interacted with shared that they do not mind a lower average salary if that means that they will also be receiving a permanent job offer.
The 2019 Employer Brand Research revealed that 29% of respondents in Malaysia are willing to give up at least 10% of their salary for better job security, and 10% of all respondents are willing to give up more than 20%.
Employers can introduce performance-based incentives to both attract and secure talent. By providing financial rewards to those who are able to meet deadlines or sales targets, employees are encouraged to work harder and more efficiently.
Companies are also making up for the lower-than-average salary through highly-differentiated employee benefits, such as spousal insurance, access to a company car or an employee-discount on residential housing.
In 2020, companies will have a preference for candidates who are equipped with transferable skills, flexible in the way they work and have relevant project experience.
These candidates are highly sought-after as property firms can place them in different projects regardless of type and scale, fulfilling their operational goal of keeping overhead costs low.
Employees who are employed by global property players are often well compensated through bonuses and find it difficult to move as they often expect their new employers to offer up to 50% more in terms of salaries and bonuses to match their current wages. However, this high expectation narrows their options when they are looking for new opportunities.
While candidates learn to be more realistic and pragmatic, smaller property players can attract candidates through increased exposure to a wide variety of projects, particularly those that can help boost the candidate’s individual portfolio.
With a more diverse and dynamic portfolio, these property professionals will be deemed more attractive and employable to other firms in the future, paving the way for their career to flourish. – March 3, 2020
