Salaries are expected to grow by a sickly 1% cross Australia in 2014.
Compare that to New Zealand where pay is expected to grow on average by 3.58% in 2014 compared to 2013.
Or the UK at 3.6%, or China with between 3% and 5%.
However, some areas of the jobs market in Australia are showing signs of improvement, according to the latest global salary survey by specialist recruitment consultancy, Robert Walters.
“A slight uplift in the banking sector has led to calls for finance and compliance specialists while banks are also responding to positive signs from the property sector,” says James Nicholson, managing director of Robert Walters Australia.
“And with Australia no longer enjoying the constant influx of foreign labour it once enjoyed, companies will be fighting it out to find top-tier domestic employees.”
In brief, the high demand areas:
- HR professionals qualified to deal with change and restructuring
- Sales and marketing professions as companies look for increased revenue and market share.
- Legal professionals, led by a surge in demand for mergers and acquisitions experience.
- IT professions, pushed by growing global market confidence.
Opportunities by sector:
Banking and finance: Salaries are expected to grow by 2.81% as the sector benefits from improved confidence in the market. In demand: bankers who can communicate on a commercial level, including corporate relationship managers, mortgage lenders and credit assessors. Hybrid roles will be very popular to bridge the gap between finance and the wider business.
Human resources: Salaries are expected to grow by 4.7%. Hiring in the SME sector is leading the way in 2014 as a result of increased business confidence. HR specialists may need to consider fixed-term contracts. Many organisations will continue to operate with lean resources and most recruitment will be for replacement roles only.
Information technology: Salaries are expected to grow by 2.3%. Project managers and business analysts will need to add value, preferably through their experience in new government compliance such as the Foreign Tax Compliance Act. Skills in the project management system Agile, online, digital, e-commerce, cloud and SAAS will also be sought after. Business intelligence consultants will be needed to support big data analysis. In NSW, average salaries for UX/UI designers will increase by 4.16%, salaries for mobile applications developers will increase by 5% and developers can expect an increase of 9.6%.
Resources, engineering and construction: In oil and gas, there will be a focus on operations and maintenance as the 2018 deadlines approach for Perth’s large-scale greenfield projects, resulting in higher permanent salary levels. Those with operations and maintenance experience will receive high salaries as demand for their skills increases. However, generous pay rises previously enjoyed by project engineers and other staff are expected to plateau as their capabilities become less integral to the projects in progress.
Sales and Marketing: Salaries are expected to grow by 2.4%. Insight and analytics professionals will find plenty of opportunities as organisations strengthen their digital offerings. Hiring managers may struggle to secure proven ICT sales professionals unless they are willing to pay a premium. As movement within the sales, marketing and communication sectors increases throughout 2014, competition between hiring managers will be fierce.
Finance professionals: Overall salaries will be flat. The big demand will be for financial controllers with salaries up by around 7% and tax managers who can expect 6.5% rise. There will be increased demand for commercial finance professionals from $100,000 to senior and executive level. Hybrid roles will be very popular to bridge the gap between finance and the wider business, particularly sales, marketing, operations and supply chain. Demand in property, construction and infrastructure finance will be steady as investment in these areas grows.
Legal: Pay rises will remain marginal except for those moving into new roles and top performing lawyers staying in their current roles. Many partners and senior legal counsel who moved to smaller organisations in 2013 will this year need additional support from more junior lawyers. Corporate, commercial litigation and financial services regulations will offer the majority of new roles. Hiring activity in firms will be focused on graduates and mid-level lawyers as companies focus on client engagement at a reduced cost.
Procurement, supply chain and logistics: Overall salaries area expected to be flat with more people than vacancies. However category management skills, specialist category knowledge and stakeholder management experience will be in demand. Contract rates for category managers could rise by up to 15%.
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