Navigating Technology in the Built Environment: 2024 Salary Report

From the post-COVID boom in 2022 to hyper-inflation in 2023 and cautious optimism in 2024, the last three years of producing the industry’s definitive annual salary report for the Built Environment has provided us with three unique economic landscapes.

This November, we are excited to present our third annual salary survey, designed to provide a comprehensive view of the past year’s impact on professionals in PropTech and the Built Environment sectors worldwide. Through this survey, we analyzed how work experience and compensation vary across regions, the factors motivating career transitions, and actionable insights for employers aiming to elevate the employee experience.

You can read the full report here, which covers six key findings from the collected data, offering both detailed insights and analysis on the last twelve months and our predictions for the year ahead.

Striking the right balance between Hybrid, In-Office, and Remote working

Unsurprisingly, the results from this year’s survey are similar to last year’s, in that around one-third of the workforce (36%) operate remotely (compared to 33% last year), with the majority (54%) following a hybrid model (compared to 58% last year). Looking deeper into the preferred structure within the hybrid model reveals that most employees desire a balance of office and remote work. Specifically, the majority prefer spending 2 to 3 days in the office (38% for 2 days and 34% for 3 days). These findings suggest that employees value flexibility and autonomy in structuring their work environments. Therefore, employers who adopt a 2–3-day hybrid work week will likely see higher employee satisfaction and engagement, as this model best meets the preferred balance between collaboration and flexibility.

Compensation Diversity

A concerning insight from this year’s survey reveals a persistent gender pay gap, with women earning an average of 17.3% less than men. According to Women in Tech, increasing the representation of women in STEM fields could boost the UK’s labour market value by over £2 billion. In this male-dominated industry, it’s crucial to encourage more women and girls to pursue STEM education and careers—not only for the sake of equality, but to harness untapped talent and drive innovation.

“It is no secret that diversity fuels innovation, and we at LMRE will utilize the report to hold our clients even more accountable going forward, emphasizing the notion that to get more women into senior roles and management positions, we need to be paying them what they’re worth.” – Louisa Dickins, Co-Founder of LMRE

Career Priorities

Findings from this year’s survey suggest that the top 3 driving factors (excluding financial) that influence candidates to consider moving roles are company culture (46.72%), more responsibilities/ growth potential (41.70%), and benefits (41.31%). In recent years, employees are increasingly valuing a positive, inclusive culture where they feel respected, valued and can bring their authentic selves to work. Many employees want roles that challenge them, allow them to build new skills, and offer a clear path to advancement. Competitive benefit packages are seen as a sign that the employer values and supports the overall quality of life of its employees, making it an important factor in job satisfaction and retention.

Equity Distribution

This year’s report found that around 55% of respondents do not have equity in their company. Diving deeper into the data shows that equity ownership is significantly higher among senior roles, with 80% of those in high-level roles (C-Suite and executive positions) having equity, compared to only around 20-30% of those in junior roles. Unsurprisingly, employees with equity reported a higher average job satisfaction score (around 70%) compared to those without equity (58%). In short, equity ownership enhances job satisfaction and fosters a sense of ownership, with employees feeling more committed and engaged when they have a tangible stake in the company’s success.

What’s next?

Our annual salary and culture benchmark reports provide comprehensive, up-to-date insights into industry compensation trends, employee satisfaction, equity, and diversity. This report is an invaluable resource for businesses seeking to stay competitive; it provides detailed salary data to help them attract and retain top talent, make informed decisions on compensation structures, and identify areas for improvement. For job-seekers and professionals, the report offers a benchmark for their own salaries, a deeper understanding of market dynamics, and insights into pay equity.

If you are a business looking to hire and grow your team, or a professional looking for a new job, market advice, or just to speak with experts in the space, get in touch!