Why you are NOT getting a pay raise by doing the same job – and the industries that offer rewards for switching
- Australian wages have risen over the last six years at a weak annual rate
- The Reserve Bank of Australia said the wage levels & # 39; few signs of attracting & # 39; showed up
- Recruitment company Michael Page has listed jobs that reward those who switch
People who stay in the same job are unlikely to get a pay raise soon.
Australian wages have been rising at a slow pace over the past six years and the Reserve Bank does not expect this to change.
& # 39; Wage growth is low and shows few signs of recovery & # 39 ;, said Friday in its statement on monetary policy for November.
While wage growth remains weak, recruitment agency Michael Page has found the industries that offer the most generous wage increases for those transferring.
People who stay in the same job are unlikely to get a pay raise soon. Australian wages have been growing at a slow pace over the past six years and the Reserve Bank does not expect this to change (stock image of a woman negotiating a salary increase)
Where task changers are rewarded
FINANCIAL SERVICES: 10 to 15% for private equity analysts, portfolio managers and business strategy employees
PROPERTY: 5 to 15 percent with senior architects, acquisition managers rewarded
TECHNOLOGY: 5 to 10 percent including software developers, cyber security and data engineers
LEGAL: 5 to 10 percent for general and senior advisors and compliance managers
MARKETING: 5 to 10 percent including managers for brand and business affairs
FINANCE: 5 to 10 percent with much in demand financial accountants and commercial managers
HUMAN RESOURCES: 2 to 10 percent with personnel advisors and recruitment advisors on the list
The salary benchmark report for 2020 showed that financial services specialists could achieve an average pay increase of 10 to 15 percent simply by taking on a new position at another company.
There is a lot of demand for private equity analysts and portfolio managers.
They can pay six times more than the annual increase of 2.3 percent in Australia.
The real estate sector also rewards new recruits, with senior architects and acquisition managers in line for salary increases of five to 15 percent.
Construction workers can enjoy an average salary increase of five to 10 percent for changing jobs within the same industry.
This was particularly the case for project engineers and site managers.
Lawyers can also enforce comparable pay increases, with legal advice for pay increases of five to 10 percent if they transfer.
Marketing experts were also in this situation, in particular managers of brand and business affairs.
Technology jobs also offered pay increases of a similar size, from website designers to software developers.
Although wage growth will remain weak, recruitment agency Michael Page has listed the sectors that offer the most generous wage increases for those transferring. Stock market experts are popular with portfolio managers who increase their salary by 15 percent through swtiching (the Australian Securities Exchange is shown)
Engineers also enjoyed average annual wage increases of five to 10 percent, especially machine builders and maintenance managers.
Accountants would experience similar increases, in particular senior financial accountants and commercial managers.
Human resources specialists can enforce wage increases of two to 10 percent by changing jobs, with human resources advisers and recruitment advisers in high demand.
Australia's 1.6 million state and territory officials, too, would probably not get much relief, with their wages of just 2.5 percent.
& # 39; In the public sector, wage growth is expected to be limited by government wage ceilings, & # 39; said the Reserve Bank.
Lawyers can also enforce comparable pay increases, with legal advice for pay increases of five to 10 percent if they transfer
Australian wages in the public and private sectors increased by 2.3 percent in the year until the end of June.
A little more than ten years ago, salaries grew by more than four percent.
As a result, inflation in Australia remains well below the Reserve Bank target of two to three percent.
& # 39; Wage growth is also low, and it is becoming increasingly clear that lower unemployment is needed to generate wage growth consistent with the sustainable achievement of the inflation target & # 39 ;, said a bank spokesperson.
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