It’s grim news for most during the annual salary review season.
About three-quarters of Australian workers will get a pay rise of less than 3% or nothing this year, according to the latest Hays Salary Guide.
But a select few will do much better than that.
Professional services, financial services, construction, property and engineering employers are in a small group being offered good increases.
This chart shows what employers across different industries intend to do with salary rises:
The big winners are those who work in advertising and media, with 12% looking forward to a pay rise of more than 6%. In IT and telecoms, 8% are looking at a rise of 6% or more.
But for the majority, the annual review won’t be bringing much joy.
According to the salary guide, 22% of employees can expect a salary rise of 3% or more in their next review, which is more than double the current inflation rate of 1.3%.
But the majority (66%) will get less than 3%. The final 12% will get no increase.
It’s an improvement of sorts over last year when 16% got no salary increase. Those who did get a rise found their wallets not that much heavier: 58% received less than 3%, 20% saw their pay increase from between 3% and 6%, while 6% of workers got a 6% rise or more.
“Overall, it’s clear that employers remain reluctant to offer substantial increases unless absolutely necessary to secure a candidate with skills in short supply,” says Nick Deligiannis, managing director of Hays in Australia.
“Despite seven in 10 employers expecting business activity to increase in the year ahead, and permanent headcounts also expected to rise, cost consciousness remains in vogue.”
The Hays Salary Guide confirms the latest official data on wages.
Australian wage growth in the first quarter of the year fell to an annual growth rate of 2.07%, the lowest level since 1998.
This week the Fair Work Commission increased the national minimum wage by 2.4% to $672.70 a week.
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