Exploring the Surge in Corporate Real Estate Compensation
Corporate Real Estate Compensation Trends in 2024
In the evolving landscape of corporate real estate, professionals are witnessing a significant rise in compensation in 2024. This development has come to light through a comprehensive survey conducted by CoreNet Global, in collaboration with Ferguson Partners, which aimed to analyze the compensation trends in the sector.
Insights from the CoreNet Global Survey
The survey carried out in 2024 included responses from 107 End User members from a diverse array of organizations, including a number of Fortune 500 companies. These insights shed light on the current state of compensation for corporate real estate professionals.
Base Salaries on the Rise
A remarkable 78% of participants reported a boost in their base salaries from 2023 to 2024. The median increase recorded was 3.8%, while the average increase was impressively higher at 4.8%. This indicates a robust trend in salary growth within the sector.
Future Compensation Expectations
Looking ahead, the optimism among professionals in the corporate real estate industry is palpable. Approximately 79% of participants anticipate salary increases in the upcoming year, highlighting a positive outlook for compensation growth.
Annual and Long-Term Incentives
The survey also revealed that 51% of respondents experienced an increase in their annual incentive awards. Those who received a cash bonus noted a median growth of 15%. However, there was a minority (21%) who faced a decline in these awards, reporting a median drop of 18%. Additionally, 48% saw their long-term incentive awards rise, with a median increase of 10%, showing a favorable trend in compensation packages.
The Growing Value of Corporate Real Estate Professionals
Scott Wiley, CEO of CoreNet Global, emphasized the invaluable role corporate real estate plays in shaping business strategy and workplace evolution. The increasing compensation reflects the heightened importance of these professionals within organizations.
Additional Perks Offered
The survey also highlighted various perks provided to corporate real estate professionals. Key benefits that were frequently reported include: mobile device and internet reimbursement, tuition reimbursement, on-site fitness facility memberships, parking and commuter benefits, and subsidized meals.
Benchmarking for Future Practices
The CoreNet Global End User Compensation Survey serves as a vital benchmark for corporate real estate professionals, assisting organizations in designing competitive compensation strategies. This framework is critical for attracting and retaining exemplary talent.
About CoreNet Global
CoreNet Global stands as the leading association for corporate real estate professionals worldwide, boasting nearly 10,000 members across 50 countries. The organization is committed to providing invaluable education, networking, and research resources to help industry professionals navigate the complexities of the workplace.
About Ferguson Partners
Ferguson Partners specializes in global talent management, focusing on essential disciplines that influence human capital. Their services encompass executive recruitment, compensation consulting, leadership consulting, and management consulting, aimed at facilitating great leadership and organizational success.
Frequently Asked Questions
What are the key findings regarding corporate real estate compensation in 2024?
The key findings indicate a 78% increase in base salaries for professionals, along with expectations of future salary increases and positive trends in annual and long-term incentives.
How many organizations participated in the CoreNet Global survey?
The survey received responses from 107 End User members, representing 99 organizations, including numerous Fortune 500 companies.
What benefits do corporate real estate professionals commonly receive?
Common benefits include mobile device reimbursements, tuition reimbursement, fitness memberships, parking benefits, and subsidized meals.
What role does CoreNet Global play in the industry?
CoreNet Global serves as a key association for corporate real estate professionals, providing education, research, and networking opportunities to enhance industry practices.
How does Ferguson Partners contribute to corporate real estate?
Ferguson Partners offers comprehensive talent management solutions that focus on leadership development, compensation strategies, and enhancing diversity and inclusion within organizations.
About The Author
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