- 98% of Australian CFOs are planning to give 23% of their staff a salary increase of 9% in 2018.
- And 97% of CIOs say they’ll give 21% of their IT staff an average rise of 8%.
- IT employers, battling a skills shortage, are offering a competitive salary to keep top talent.
Jobs in finance and IT sectors are a standout in Australia for a decent pay rise in 2018, according to analysis by recruiters Robert Half.
Most (97%) of Australian CIOs are planning to award an average of 21% of their IT staff with a pay rise.
The average rise is expected to be 8%, well above the national wage price growth percentage of 2%.
IT employers, battling a skills shortage, are offering a competitive salary to keep top talent.
The 2018 Robert Half Salary Guide shows that 82% of CIOs are finding it more challenging to source qualified IT professionals compared to five years ago.
The following IT job roles are in demand:
- Cyber-security Specialist ($100,000-$155,000)
- Fullstack Net Developer ($75,250 to $102,500)
- Cloud Engineer ($90,000 to $140,000)
And these are the factors which help get a pay rise:
“In a market characterised by slow wage growth, companies that fail to regularly review their employees’ compensation risk losing their top performers to the competition which is particularly true for IT workers as jobs in the IT sector are growing,” says Andrew Morris, Director of Robert Half Australia.
“In this booming market, IT professionals with niche skill sets are finding themselves in high demand and are more likely to gravitate towards higher paying roles.”
The research also shows the majority (98%) of Australian CFOs are planning to award an average of 23% of their staff with a raise this year.
The average increase is expected to be 9%.
And again, almost all (99%) of Australian CFOs find it challenging to source qualified finance professionals.
The roles in demand are:
- Senior Financial Accountants ($97,500 to $126,250)
- Business Analysts ($82,250 to $117,500)
- Finance Managers ($103,750 to $155,000)
The top five finance and accounting areas where employee turnover is higher than average:
Andrew Brushfield, Director of Robert Half Australia says finance employers should view benchmarking salaries against industry standards as an investment in their company’s future rather than as an unwarranted expense.
“Awarding staff with a competitive salary has tangible results on any organisation’s bottom line through uninterrupted productivity and a positive reputation as an employer of choice – not to mention driving down costs when having to hire new employees,” says Brushfield.
“However, in order to attract and retain the workforce of the future, companies need to diversify their remuneration offerings to focus on more than just salary, which can include tailored talent management programs and flexibility.
“This is particularly true for millennial workers, for whom the chance to work for an innovative company, professional development, and interesting and varied work are also key incentives.”
The annual study is developed by Robert Half and was conducted in June-July 2017 by an independent research company, surveying 160 CIOs/CTOs from companies across Australia. Another 1000 office workers were surveyed across Australia in December 2017, with the results segmented by age, gender and geographic location.