DMC Recruitment is pleased to present the 2024 Canadian Real Estate Development Salary guide, offering an exclusive focus on this Industry in Canada. This comprehensive survey, conducted via Survey Monkey, collected responses from 282 Real Estate Development Professionals from across Canada between October and December 2023. The respondent’s insights explain key aspects like base and total compensation, employment satisfaction, diversity, and more.
Key Findings and Additional Insights from Salary Guide:
Gender Pay Gap and Leadership Disparities:
Notably, the survey uncovered a gender pay gap, with female professionals earning 10% less than their male counterparts on average. Furthermore, the data indicates a potential scarcity of females in top roles, as evidenced by insufficient data on female Vice Presidents. This suggests a broader issue of gender disparity in leadership positions within the industry.
Salary Variance and Use of Median:
The salary guide highlights a substantial salary range variation across all positions, especially notable for Vice Presidents (VPs) and Senior Vice Presidents (SVPs). Given the variability in respondents’ salaries, it is crucial to prioritize the median when reviewing salary data to avoid outliers, specifically the minimum or maximum reported salaries, skewing the results.
For example, an SVP:
– Lowest reported base salary: $180,000
– Highest reported base salary: $350,000
– Average base salary: $273,130
– Median base salary presented in the survey: $297,500
Regional Disparities in Compensation for Senior Roles:
An intriguing revelation from the survey is the disparity in pay for mid-tier roles, such as Development Manager, Senior Development Managers, and Development Directors. While these roles show higher averages and maximums in British Columbia, the most senior roles, specifically VPs, exhibit significantly higher compensation in Ontario. This sheds light on regional variations in the valuation of different positions within the industry.
Loyalty Pays Off – Total Compensation and Tenure:
The report emphasizes the correlation between loyalty to a single employer and enhanced total compensation. Professionals who remained with one employer demonstrated a notable increase in total compensation compared to those with similar industry experience but spread across multiple employers. Loyalty, it seems, is a rewarding trait in the Canadian Real Estate Development Industry.
Remote Work Dynamics:
Post-COVID, remote work gained popularity across all industries, including Real Estate Development. While there is a gradual return to office settings, remote work continues to be a strong preference among professionals within real estate development, with 47% ranking it among their top five most valued benefits. The industry’s adaptability showcases a balance between in-office collaboration and the flexibility of remote work.
So, what does all this mean for the state of the recruitment market in real estate development across Canada for 2024?
The insights gleaned from the 2024 Canadian Real Estate Development Salary Guide have significant implications for the recruitment market within the industry across Canada.
The gender pay gap and potential gender disparity in top roles highlight the essential requirement to promote inclusivity and gender equality. Employers should respond by addressing biases in decision-making processes (ie. Implementing awareness training, utilize diverse hiring panels, a structured interview process, utilize current employee feedback, etc.).
To attract a more diverse candidate pool effectively, emphasis should be placed on enhancing employer branding, fostering an inclusive culture, and promoting inclusive benefits and perks. Employers must also understand the broadness of diversity and intersectionality, review job postings for inclusive language, and go beyond main recruiting channels. This approach goes beyond providing equal opportunities; it also ensures fair compensation for all employees, contributing to a more equitable and flourishing work environment.
The substantial salary variances, particularly for senior roles, highlight the need for recruiters to be attuned to regional differences. The rise of remote working presents a transformative opportunity for companies, enabling them to tap into talent pools beyond their local market. This shift allows organizations to recruit and engage skilled professionals based on their expertise and capabilities, irrespective of geographical proximity. By embracing remote work, companies can avoid the limitations of competing for scarce local talent, opening doors to a more diverse and expansive talent landscape.
The correlation between loyalty to a single employer and enhanced total compensation, indicates that during the recruitment and offer/ negotiation process, organizations seeking top talent should be prepared to offer competitive employment packages, compensating for potential wage differentials that could arise if an employee decides to transition to another organization.
The continued popularity of remote work, even in a post-COVID environment, suggests that the real estate development market should remain flexible in accommodating candidates’ preferences for remote or hybrid work arrangements. Organizations can continue to leverage this information to attract and retain top talent by offering flexible work options that align with the evolving needs of Real Estate Development professionals.
In conclusion, the 2024 Canadian Real Estate Development Salary Guide not only provides a detailed exploration of compensation trends but also reveals broader issues such as gender pay gaps and regional variations in the valuation of roles. These findings serve as a call to action for the real estate development recruitment market across Canada.
Remember, in attracting top talent, it’s not just about recruitment; it’s about fostering a culture that encourages long-term commitment and embraces the evolving needs of professionals in this industry.
For further details and inquiries on this years salary guide, please reach out to Tim Spindlove at [email protected]. To receive a copy of the 2024 Canadian Real Estate Development Salary guide, click here.