Salary growth along with added benefits such as flexible working, increased holiday entitlement and career opportunities are just some of the employee desires revealed in Hays 2017 Salary Guide.
As worldwide recruitment experts, Hays surveyed more than 2,950 organisations across Australia and New Zealand, which represents more than 3 million employees. The results of the survey reveal both optimism for a growing workforce but caution when it comes to salary increases.
The good news is that businesses are booming – and are optimistic that this boom will continue. 75% expect an increase over the coming 12 months, and 36% foresee a strengthening economy coming in the six to 12 month period.
This rising level of activity revealed that many companies expect to increase their overall headcount in the coming year with 45% expecting to bolster their permanent staff levels and 23% adding to their temporary or contract workforce. This however doesn’t mean salaries will see a comparative increase.
In fact, many of those surveyed are nervous about salary increases and even those that are considering them offer tentative low rises. Employers in 11% of industries admitted they will not offer salary increases in their next review and those that do are looking at minor adjustments.
The survey also found that 65% will increase salaries by less than 3%, with 19% intending to award between 3 and 6% and just 5% expecting to offer more than 6%.
The good news is that some industries are offering above average pay increases. A skill shortage across the regions in technological and operations staff, accountancy and finance, means higher wages are needed to attract employees to key roles.
Hays 2017 Salary Guide found that industries intending to offer more than a 3% increase in the next 12 months, include 48% of the IT and telecommunications sector, 42% of advertising and media and 34% in construction, property and engineering.
“Salary growth for the majority of Australia & New Zealand’s skilled professionals will remain subdued in the year ahead, says Nick Deligiannis, managing director, Hays Australia and New Zealand. “Add the number of employers who indicated that business activity has and will continue to rise, and such small salary increases will test the loyalty of employees.
“It seems the time honoured supply and demand principle has also failed to impact salaries in all bar a few instances. Yet Australia’s strengthening economy, rising business activity, growing headcounts and skill shortages cannot be overlooked for too long. The piercing question therefore is how high will turnover reach before typical salary increases climb above three per cent?”
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To find out more about the latest salaries around Australia and New Zealand , click HERE to view the Hays Specialist Recruitment salary guide.
If you want to discuss your potential job prospects in the fields of Construction, Engineering, Accountancy and Finance, IT, Digital, HR or Marketing then get in touch with the London based Hays team who recruit into the Australian and New Zealand markets “ 0203 465 0158 or email [email protected]