- Significant salary increases in first six months of 2022 for the real estate development and construction sectors, with entry- to mid-level positions experiencing most notable rises
- Employers now identifying what is important or expected outside of annual salary to offset further increases to compensation packages
- Competition for qualified candidates remains fierce, with multiple and counter offers more commonplace in the Vancouver development and construction market
Vancouver, BC, October 20, 2022 – Employers in the real estate development and construction management sectors continue to face strong competition for qualified candidates in the Vancouver market. The industry saw significant increases to employee salary expectations in the first six months of 2022 with base salaries for entry- and mid-level positions seeing the largest rises.
In an effort to stave off further increases to base salaries, employers are identifying perks and incentives beyond annual salary considered to be attractive incentives by potential and current employees, including flexible work arrangements, vacation, work-life balance and bonus potential. In a recent poll conducted by Impact Recruitment, 31% of respondents identified profit share and retention bonus as a strategy to retain great employees and reduce turnover.
Alongside compensation and salary increases, many candidates are also receiving multiple offers as well as counter offers when making employment decisions. A recent Impact poll revealed that over one third of candidates would seriously consider or accept a counter offer from their employer. Employers can offset the likelihood of a new hire accepting another offer by developing a strong onboarding plan. The initial onboarding stage is a critical time for building trust and rapport with new staff.
Impact Recruitment launches the 2022 Salary Guide: Development + Construction Management edition for the Greater Vancouver market to showcase these trends and provide current salary data for hiring managers as well as real estate development and construction management professionals in the industry.
About the Salary Guide
Impact Recruitment’s 2022 Salary Guide: Development + Construction Management Edition was created to serve as a practical resource for real estate developers, general contractors and development + construction professionals in the Greater Vancouver area.
The salary information displayed is based on approximately 100 placements over a twelve-month period made by Impact’s team specializing in development and construction management.
Their vast knowledge of the Greater Vancouver market allows them to share up-to-date information on hiring and recruitment trends, compensation, benefits, and perks pertaining to the local industry.
About Impact Recruitment
Impact Recruitment is a leading multi-disciplinary recruitment firm dedicated to the upward mobility of people.
As a trusted recruitment partner for over 13 years, Impact has successfully placed thousands of quality candidates in positions with hundreds of organizations across North America.
Headquartered in Vancouver, British Columbia, with a second office in Toronto, Ontario, Impact Recruitment is ranked by The Globe and Mail’s Report on Business as one of Canada’s Top Growing Companies in 2020, 2021 and 2022, and by Canadian Business’ Growth List as one of Canada’s Fastest-Growing Companies from 2016-2020.
For media inquiries, please contact:
Ms. Farnaz Farrokhi
Director of Communications + Public Affairs
604-689-8687 ext 218 Vancouver
437-370-6406 ext 218 Toronto