Despite the Fed’s efforts, the labor market is still hot. That has put a lot of pressure on employers to find and retain talent. This applies to the PropTech industry as well. A recent salary report done but the recruiting firm LMRE gives us some insight into the current sentiment from PropTech employees. The first takeaway is that they seem to be happy with their company; sixty-nine percent of the respondents to the survey said that they felt valued by their employer. But that doesn’t necessarily mean that they are loyal, 54 percent of those surveyed said that they are at least casually looking for a new job.
Unsurprisingly, money is the key factor driving people to switch jobs, but just behind it is the quest to feel valued. So important was feeling valued that when respondents said that they didn’t feel valued, they were much more likely to be looking for a new job. PropTech has always been an industry that people get into because they are inspired by the mission behind it. That hasn’t changed, but as more industries start to offer higher salaries, PropTech companies might have to follow suit, as inspiration can only go so far.