Agency bosses are being urged to do more to help staff with the cost of living crisis if they want to attract and retain talent.
Property recruitment firm deverellsmith and its outsourcing talent arm Hintel have published a report looking at how junior employees in the sector can not only be supported financially but also encouraged to fulfil their potential, without needing to constantly change jobs.
The report recognises that an inflation-beating or even matching pay rise is difficult for most employers, there are other steps employers can take to help staff cope with rising costs.
Peter Sheppard, managing director of Hintel, said: “Employees are looking for 10%+ in salary increase due to the cost of living crisis which is likely to be difficult to achieve for all employers.
“However, even if this level of uplift can be achieved, we recommend focusing on some other smart support you can offer to soften the impact of prices rising.”
Its report includes responses to questions from 600 property professionals and found the average salary in junior, non-management positions across the property sector is £24,642.
The analysis looks at costs of travel, food and bills and warns that a 10% pay rise would do little to alleviate the current financial pressure of living in London and the escalation of lifestyle costs.
The report suggests other benefits that firms could offer if they cannot afford a pay rise or even as an addition to a salary increase.
It suggests letting staff work from home one day per week or to have flexible policies that let employees travel at off peak times to reduce commuting costs.
Other suggestions include attractive office facilities such as a decent coffee machine so staff can cutback on takeaway beverages, social events, training and clear career progression.
Andrew Deverell-Smith, chief executive of the deverellsmith group, said: “We recognise the sector needs to change in how it attracts, recruits, and retains its employees.
“With the launch of Hintel, we plan to be at the forefront of that change by guiding decision makers to align with the way modern society operates.
“This is the first in a series of reports which will reveal how to communicate effectively with current and prospective employees and ultimately, reduce attrition and diversify talent pools.”