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What salaries can real estate and construction specialists expect in 2024?

CAREERSWhat salaries can real estate and construction specialists expect in 2024?

What salaries can talents in the construction and real estate industry expect this year? Which trends shaping this labour market will be the strongest? Which offers should people planning an organizational change apply to? According to the “Trends & Salaries 2024” report, prepared by ManpowerGroup in cooperation with the rocketjobs.pl job portal, workers in the construction sector can expect raises of 10-15%, and “green collars” will be of great interest in the real estate industry.

The year 2023 in the construction industry has been the time of striving for stabilization after the challenges caused by the pandemic and the war in Ukraine. The sector faced financial issues related to budget pressure, stabilizing prices of materials and raw materials, and increasing costs of transport, energy, and running the business.

“Despite the slowdown in investment, the demand for specialized personnel remained high. This year for HR departments in the industry will be a time of challenges related to turnover caused by financial motivation, as well as the outflow of engineers to other sectors. The shortage of personnel will also be a challenge. The generational change sets new trends in the market, so one of the key success factors for companies will be the ability to build teams and manage cooperation of even four generations, ”says Olga Nowakiewicz, Recruitment Business Partner at Manpower. “The growing interest in specialists for conducting investments in energy-saving technologies, green energy, and also ESG specialists will continue. Managers of industry works, especially electrical and sanitary ones, as well as contract managers with experience in supervising large industrial investments, are still in demand. Employers strengthen bid departments and hire managers to win contracts. Digitalisation and automation of construction lead to an increased interest in specialists in this field, e.g., in the area of BIM or scheduling,” adds the expert.

Data collected in the report indicate that salaries in the industry remain at a stable level, and the best-paid positions are contract director, sales director, project manager, and construction manager. It turns out that more and more candidates are interested in working in the self-employment model, and in financial terms, they expect at least 10-15% gross more than last year. “Employers are open to going beyond the wage grid, but mainly for key positions. Expectations for new employees are growing. More often, in addition to technical competencies, soft skills such as critical thinking, the ability to manage a team and coordinate actions are required,” concludes Olga Nowakiewicz.

“Green collars” are sought after.

The past year has brought many surprising events for the real estate industry and its workers. The sector experienced several changes at the managerial level. The housing market was overheated, and the introduction of a 2% loan further invigorated it. Regarding transactions, 2023 was also not among the most dynamic years.

“The market situation, starting with an economic slowdown, left its mark on the demand for new workers. Companies with internal HR more often hired employees from internal referrals, and many vacancies were not subject to external recruitment. The system and size of salaries did not change, and the proposed rates remained at the unchanged level or were even lower than in previous years. The industry will certainly actively search for experts related to ESG in the near future. The most popular will be professionals who can provide support in so-called “green issues” related to carbon dioxide emissions or the decarbonization process, as it is strongly linked to global trends. Successful experts dealing with commercialization will also be sought,” says Grzegorz Kózka, Recruitment Business Partner at Manpower.

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