HONG KONG, May 27, 2013 /PRNewswire/ -- RICS (Royal Institution of Chartered Surveyors) and Macdonald & Company announced the results of the annual Asia Rewards & Attitudes Survey 2013 today, showing that there was a notable rise in the overall growth rates (10.6%) in terms of regional salary growth, but the market leading the way was Malaysia rather than mainland China.
Despite this, professionals in Malaysia have the lowest average salary (around US$55,700, or approx. HK$432,385) when compared to Singapore (around US$135,900, or approx. HK$1,054,957), China (around US$106,600, or approx. HK$827,509), and Hong Kong (around US$100,300, or approx. HK$778,603). The average salary for the Asian region was around US$99,400, or approx. HK$771,617.
Overall, the fear of uncertainty in the economy and market continues and it has been a year characterised by swings in global and local sentiment. While general consensus is that this era of uncertainty is set to continue, the confidence of respondents has softened slightly from last year with 40% overall predicting an increase in economic activity in their sector during the next twelve months. Malaysians are most optimistic with 45% anticipating an increase in economic activity whereas Singaporeans are less so with 32% expecting an improved economy.
The survey this year drew attention to various factors. For example, across Asia there has been a significant change in attitudes towards moving jobs, with effectively 60% of the respondents responding that they are very or fairly likely to change jobs in the next 12 months. This is despite 69% of respondents claiming that they consider their current employer as their employer of choice. This shows that while there is slightly more optimism regarding what the future may hold, there is nonetheless an acknowledgement of uncertainty.
Findings show that salary remains the primary factor when it comes to job satisfaction at 78%, up from 77% last year. It has been noted that those working in the Asian real estate market with an RICS qualification have secured a salary increase, on average US$120,923 (approx. HK$938,694) up from US$106,943 (approx. HK$830,171) the previous year or up by 13%. Those working in Singapore with an RICS qualification on average earn the most (around US$181,342, or approx. HK$1,407,712) followed by those working in mainland China (around US$120,932, or approx. HK$938,764), which now exceeds Hong Kong (around US$107,903, or approx. HK$831,336).
Kenneth Kwan, Chairman of RICS Hong Kong, commented, “the survey is very thorough and contains lot of information for reference. The trend of increase in salary across Asia is encouraging. This should be able to attract more young and bright people to join the profession. Whilst we should feel very lucky to be in this region and celebrate, we shall also strive harder to maintain and improve the quality of the service so that the clients are willing to pay higher fees to make this sustainable.”
William Glover, International Director, Macdonald & Company Property Limited, said “Macdonald & Company is delighted to extend its work with RICS in Asia into its seventh year. This year’s results are revealing in that it highlights the urgent attention employers must make to manage turnover within the part of the labour force that is most likely to move jobs for short term reasons. By taking a proactive stance with the 50% of staff who fit this description, employers will be able to build more stabilized workforces and control wage inflation more effectively and increase profit margins. As in previous years, the survey also highlights the value of investing in professional qualifications such as RICS.”
To view the full report, please visit the following link: http://www.macdonaldandcompany.com/Salary-Survey
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About RICS & RICS Asia
RICS is the world’s leading qualification when it comes to professional standards in land, property and construction. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.
Over 100,000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body that since 1868, has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
The RICS Asia supports a network of over 11,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People’s Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan region, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org
About MacDonald and Company
Macdonald & Company is the leading professional recruitment consultancy to the property industry. Macdonald & Company deals exclusively in the recruitment of property professionals across the UK and worldwide. They act for a diverse range of clients. These include banks, consultancies, property companies, funds, institutions, developers - indeed, any organisation that occupies, owns, invests in or advises on property. For more details, please visit our website: www.macdonaldandcompany.hk
Source: Royal Institution of Chartered Surveyors