Rayner Personnel Salary Landscape Report 2022/2023 - Manual / Resource - Page 5
5
The global economy has not yet recovered from the pandemic effect.
In addition, the recent political instability due to the Russia-Ukraine
war has resulted in aneconomic recession and higher inflation,
leading to higher interest rates.
All this has resulted in lower demand for residential and commercial
property with the EMEA Capital Markets Snapshot Q4 2022 by
Colliers, Europe’s commercial real-estate sector slowed abruptly in
the final quarter of 2022 as the effects of higher interest rates and
financing costs amid surging inflation hit home for investors.
This, in turn, has decreased job opportunities in the sector.
Companies are facing a recession, working on a tight budget,
disruptions to the supply chain, increasing costs, and staff shortages.
While companies may need to cut down salaries, bonuses, and other
benefits to reduce costs, they also need to offer competitive packages
to attract talented employees. It has also led to overworking and
additional responsibilities for the existing staff.
Despite this, the EMEA Capital Markets Snapshot Q42022 predicts
steady growth in real estate investment in 2023 as inflation and
interest rates are expectedto stabilise. And the property industry is
expected to reach £5,388.87 billion in 2026 at a CAGR of 9.6%.
Such predictions forecast a sustainable career for professionals in
the property sector with ample opportunities for people intending to
switch. Therefore if a company wants to retain top talent, it must offer
market-competitive salaries and incentives.
2022/2023 ANNUAL REPORT
0330 088 6666 | hello@raynerperpersonnel.com | raynerpersonnel.com