24 NOV 2019
The Asia Salary Survey is an annual survey of professionals in Asia Pacific working in the built environment. It is run in partnership with our preferred recruitment consultancy, Macdonald & Company, and captures job-market sentiment, current salary, work benefits, and the likelihood professionals will change jobs over the next year.
Take part in the Asia Salary Survey 2020
The nature of work in the built environment is changing. While the type of projects may vary from country to country, the demand for skills to deliver them does not. In a recent RICS Asia-Pacific market survey, respondents said that a shortage of specialist skills had been exacerbated by a building boom in several sectors, which then have to compete for skilled professionals.
The demand for these specialist skills is only set to increase as technology continues to disrupt the industry. "The adoption of technology is set to increase among developers," commented Sean Ellison, RICS Senior Economist, Asia Pacific. "While sectors may have been slow to adopt in the past, this will change significantly over the next 10 to 15 years."
Despite lower expectations due to the slowing global economy in the 2019 survey, 46% of respondents believe their company would benefit from new business opportunities, and 33% believe their company would increase investment in technology.
In a market where sectors are "booming" and there is a growing demand for specialist skills, understanding what you are worth has never been more valuable.
It is also valuable for businesses to understand professionals' expectations when they are looking to attract and retain talent. The importance of providing attractive compensation packages, working practices, and benefits cannot be underemphasised.
This is supported by responses to the Asia Salary Survey 2019, where personal development (65%), bonus potential (62%), travel opportunities (46%),and flexible working (43%) ranked highly among the most influential factors for professionals when considering a new role.
Respondents indicated that having to work outside working hours (41%), working during annual leave (58%), and no line-manager recognition (60%) had a huge impact on employee dissatisfaction. 53% of respondents said they were likely to move jobs over the next 12 months.
The Asia Salary Survey includes specific questions for RICS professionals that help measure the value of the qualification. In 2019, 54% of respondents felt that a salary increase is one of the main benefits of RICS membership.
That's not surprising given that over the past two years, Asia Salary Surveys have reported an increasing divide between qualified professionals and their non-qualified counterparts. In 2018, the survey found that, on average, RICS professionals received an 18.1% higher average base salary than their non-qualified peers. This widened to a staggering 38% (US$78,072 versus US$56,800) in 2019.
Being able to benchmark yourself against other professionals in the region helps inform salary reviews and negotiate new promotions or job offers. This is why it is important that you participate in the Asia Salary Survey 2020.
RICS professionals and those that have participated in previous salary surveys will receive emails to complete the survey. It can be completed online, only takes a few minutes, and will be open until 28 February 2020. All data is completely anonymised.