RCLCO | CEL Insights from the 2024 National Compensation Survey
RCLCO | CEL Insights from the 2024 National Compensation Survey
The 35th annual National Real Estate Compensation & Benefits Survey has been released, showcasing unprecedented levels of compensation insights from the real estate industry. RCLCO | CEL Compensation Advisors has compiled nearly 600 pages of vital data reflecting current salary trends and benefits across various real estate sectors.
Survey Overview and Purpose
This comprehensive survey covers a wide range of sectors including industrial, office, retail, rental residential, for-sale residential, and investment management. With a remarkable participation rate, 435 companies contributed to this year’s survey, ensuring a depth of information that captures over 153,000 positions.
Enhancements and New Data
Lucy Bertsch, co-head of RCLCO's Compensation Consulting Practice, remarked on the enhancements made in the survey, "We are excited to share that this year's survey includes a number of additional questions, positions, and data breakouts that reflect the evolving nature of the market. New features include distinct segmentation of office and industrial sectors, the addition of for-sale residential data, and detailed parental leave policies." This data is crucial as companies navigate complex workforce dynamics.
Compensation Trends
In terms of compensation, the survey reveals notable trends that go beyond just base salaries. Despite various industry challenges, the majority of companies surveyed reported an average salary increase of 4.0% for 2024, while bonuses achieved an average of 86% of target levels. Looking forward, companies are preparing for further salary adjustments in 2025, projecting an average merit increase of 4.2%. This optimism reflects a cautious recovery within the industry.
Strategic Insights for Real Estate Firms
The insights derived from RCLCO & CEL’s extensive industry knowledge provide essential guidance for real estate firms aiming to refine their compensation strategies. The survey’s results have set a benchmark for organizations keen on establishing effective performance recognition programs. By aligning compensation with employee performance, organizations can better attract and retain top talent, which is crucial for success in real estate.
Comprehensive Breakdown of Data
The report goes into detail about compensation structures, benefits, and workforce trends. With over 500 pages of data, it offers insights categorized by company size, type, specialization, and geographic location. This exhaustive analysis ensures that organizations have the tools necessary to create competitive and attractive compensation packages.
Looking Ahead
As we progress into the future, data from the 2024 survey will continue to inform strategic decisions within the real estate sector. RCLCO | CEL Compensation Advisors stands as a leading resource for real estate firms striving to understand market dynamics and adjust their strategies accordingly.
For those interested in exploring the complete findings of the report, it is available for purchase, reflecting RCLCO's commitment to delivering valuable insights to the industry.
Frequently Asked Questions
What is the main focus of the 2024 National Real Estate Compensation Survey?
The survey focuses on compensation data across various real estate sectors, providing insights into salary trends, benefits, and workforce changes.
How many companies participated in the 2024 survey?
A total of 435 real estate companies participated, providing a comprehensive range of data across different positions.
What are some new features included in the 2024 survey?
New features include a breakdown of data by office and industrial sectors, details on for-sale residential asset class, and insights into parental leave policies.
What is the average salary increase reported for 2024?
The average salary increase reported by participants is 4.0% for 2024.
How can companies use the survey results?
Companies can use the survey results to benchmark their compensation practices, refine performance recognition programs, and better attract and retain talent.
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