Maximising Offshore Real Estate Team Member’s Potential with Annual Performance Reviews
In today’s rapidly changing market, staying ahead of the competition is crucial for success in the real estate industry.
As an employer with an offshore real estate team, it is essential to assess the performance levels of your team members and ensure they are on track to achieve long-term goals.
One effective way to achieve this is through annual performance reviews.
Why should you conduct performance reviews?
By conducting performance reviews on an annual basis, employers have ample time to evaluate the performance of their offshore team members.
STAFFLINK takes the initiative to reach out to clients and provide a quotation range for salary adjustments based on the team members’ current Philippine salary.
Clients are given options for a 5%, 7%, or 10% increase, taking into account factors such as global inflation and the growing demand for these roles.
When you have more than one offshore team member
It is worth noting that discussing wages openly is a common practice in Philippine culture.
However, when dealing with a team of 2-3 members, it is crucial for employers to consider each individual’s contributions to the real estate team.
This includes assessing leadership responsibilities and understanding what the ideal wage would be for each team member.
Aligning the rates of pay as closely as possible can help mitigate potential issues in the future and ensure a fair and transparent compensation structure.
How does the rate of pay compare to rates in Australia?
To provide some context, the real estate industry in Australia has experienced a significant shift in salary ranges.
Previously, the entry-level salary for Property Management was around 40k, with experienced professionals earning up to 60k.
However, in recent years, the entry-level salary has increased to 60k or more, with experienced Property Managers being offered salaries of 90k or higher.
This serves as a baseline for understanding the evolving wage trends in the real estate industry.
Similar increases have been observed in the Philippines (WTW, 2023), so salaries being offered 12 months ago will now likely need to be higher.
How does the process of annual performance reviews work?
STAFFLINK provides a salary range for clients, who then confirm the amount they are willing to offer. Once the pay increase is applied, a meeting with the offshore team member is scheduled.
This meeting serves as an opportunity to inform the employee about the pay increase and provide them with valuable performance feedback.
STAFFLINK always encourages clients to actively participate in these meetings, as they allow for personalised feedback and foster significant moments in the team members’ careers.
If you have any concerns about the performance of your offshore team members, it is advisable to raise these concerns with your Client Success Manager (CSM) or Christina Lennie, who can provide guidance.
They can review areas where improvements can be made and offer training and coaching opportunities to help team members reach their full potential.
In Philippine culture, it is customary for a pay increase to be applied annually.
By conducting annual performance reviews with offshore real estate team members, you can not only align with this cultural expectation but also stay on top of market trends, ensure high-quality performance, and ultimately create a winning team.
Remember, the success of your offshore real estate team depends on their potential being maximised, and annual performance reviews can play a significant role in achieving that goal.
If you would like assistance with your offshore team’s annual performance reviews, or are interested in discussing Real Estate outsourcing, please contact the STAFFLINK team today.