Salary Survey – NSW, ACT, VIC & QLD

The latest Job Advertisement Salary Survey data is now in for Quarter 4 2017 (Source: Seek & NAB surveys) with the results identifying some very interesting trends. The financial services sector leads the way in salary growth with Insurance, Superannuation, Banking and Financial Services all seeing key gains.

Lagging behind the pack is Government and Defence, and very interestingly, Health & Medical, HR and Accountant have all shown significant change to the downside (a continuing trend from previous quarters). Shifts in the market have fuelled strong job data and positive moves upwards, but will this help or hinder stability in your department and your workforce strategy for moving forward?

Salary Survey 2017

 

So what does this data mean?

Taking Insurance & Superannuation as an example, we can see there has been a significant wage swing, up 5.2% in just one quarter. As a result, employers are competing and using higher grade salaries as a bait to attract new candidates (and to sometimes out price their competitors). Whilst salary is never the only determining factor for an employee, if a like-for-like role is being advertised by two organisations, salary could make that all important difference.

Sectors with strong employment growth will also result in more competition by employers. Therefore, these sectors become “Candidate Driven” i.e. where good quality candidates will have more options and where employers may need to adjust their recruitment strategy to be more appealing to the outside market.

Moving into the New Year

So with 2018 (and New Year Resolutions) just around corner, there are strategies you may want to consider to avoid any unwanted surprises.

  • Benchmark your own staff data against existing trends
  • Consider any adjustments needed in future staff budgets
  • Utilise team bonuses to balance any wage deficit vs. market
  • Identify and promote the points of difference your company offers that will outweigh monetary benefits alone
  • Leverage from other perks such as training for employees
  • Focus on a team-driven and supportive culture

 

Do you need assistance with Salary Benchmarking? We can help. Call us today for a confidential discussion and to learn more about the strategies we can put in place to help your business with recruitment matters.