The EG annual salary survey, published last week, showed that money mattered less to property folk than having an interesting and challenging job. But that was for surveyors already gainfully employed. What about those on the hunt for a job?
In the North West, the recruitment market is a difficult one. There is a huge demand for “young stars” with one to three years’ post-qualification experience in the property management, building surveying and development and investment markets, but very few suitable candidates.
Maria Sinclair, lead consultant at Cobalt Recruitment, says: “It is difficult as most clients have a fixed idea of what they want and graduates still need opportunities to get through their APC. There are people who want to become qualified and those who are still nervous from the 2008 redundancies who have a great sense of loyalty to stay with a company so are therefore not moving.”
Those more experienced “young stars” that could be tempted to move know that the market is in their favour so are expecting bigger rewards.
Jonathan Lewis, director at Manchester-based Beat Recruitment, says talent-hungry companies should be adopting a more flexible attitude towards salary packages.
“This is no longer an employer’s market,” he says. “There has been a very quick shift and businesses need to change their mindset.”
Sinclair agrees: “With the North West recruitment market gathering momentum, practices need to be more flexible with salaries and promotions.”
Average Manchester associate level salaries are currently around £45,000 pa, but Lewis reckons the key to attracting the right candidate would be pushing pay levels closer to £50,000 or including benefits such as a better company car.
But, he adds, most of his clients are reluctant to take this step and, although employers may be breathing easier post recession, the mindset remains one of “can we justify this?”.
Sinclair, however, is confident that while the market may feel a frustrating place for recruiters, candidates and clients alike, things will shift. Manchester is one of the busiest commercial markets in the area and London investors are showing more interest in the region. Sooner or later, she says, something has to give.
Changing demands
Demand in the North West has shifted firmly from ratings and valuation to investment and development, with companies seeking development surveyors with a track record of putting schemes together. Businesses are also keen to expand their asset management functions, a sector that kept businesses ticking over during the recession. Candidates with experience in property management, building surveying and development and investment are in high demand.
Can high-speed rail keep recruitment on track?
Less than half a per cent of Leeds and Manchester inhabitants commute between the cities for work. But could a new high-speed rail link change that?
Currently, any Manchester or Leeds resident wanting to work in their opposite city would need to commute 48 minutes each way.
Plans for HS3, costs and timescales, which are currently under review, would see this journey time almost halved to 26 minutes and would double the number of trains travelling between the two cities per hour.
Cobalt Recruitment lead consultant Maria Sinclair says: “HS3 would benefit the market on both sides, giving more options for the talent pool and opening this up to clients.”
It is also hoped the link will strengthen cities in the North collectively, and attract some of the talent that flocks to the capital back to the region.
Projects such as Allied London’s and Manchester city council’s regeneration of the former ITV Granada site, Argent’s redevelopment of St Peter’s Square and the BBC presence at Media City UK in Salford Quays are all boosting confidence. However, commitment to the new link is far from agreed and with costs estimated at as much as £7bn, recruiters in the area are not getting too excited… yet.
More solid is HS2, which will reduce travel times between London and Birmingham to just 49 minutes by 2026. And when links eventually reach the North West, journey times from the capital to Manchester will drop from more than two hours to just over one hour, potentially turning reluctant passengers into willing commuters.
But, says Jonathan Lewis, director at Beat Recruitment, the onus is on the North West to promote itself as the place to work.
“Manchester needs to work in a connected way with Leeds and Liverpool to show we can compete on the national stage,” he says.
