Tag: salary guide

Salary increases on the rise but workers feel they deserve more

Although salary increases are rising, only 33% of Australian employees are happy with their current benefits. This is according to recruitment company, Hays.

Hays believes that benefits can help bridge the salary expectation gap and aid staff attraction. According to their latest Salary Guide, 35% of employers have improved benefits and working practices to entice more staff.

The data also showed that allowing more than 20 days’ annual leave is one of the most sought-after employee benefits. This year’s data shows that the benefit is desired by 55% of job seekers, compared to 30% last year. The most desired benefit, according to Hays, is training, at 57%. Interestingly, while 87% of employers offer training as a benefit, only 23% provide more than the minimum legal requirement for leave.

Next on the list of top five benefits are:

  • ongoing learning & development (53%)
  • mental and physical health and wellbeing programs (38%)
  • formal career paths (38%)

Flexible working is not on the list of highly prized benefits, likely because although it was a top benefit pre-pandemic, it is now the expected norm.

Professionals are advised to consider the complete value exchange – even if salaries are not meeting expectations, workers should consider whether the benefits they receive enhance the complete value exchange they receive for their skills and experience.

Nick Deligiannis, Managing Director of Hays in Australia & New Zealand, commented: “With a salary expectation gap evident, offering the benefits employees value can help reward and retain top talent in a competitive labour market.”

“The pandemic prompted many people to prioritise their work-life balance and mental health, to care for their health and wellbeing they now want a job that offers more than customary annual leave.”

“If a person’s time is as valuable as money, additional annual leave can add significantly to their overall package.”

“For employers looking to modernise their benefits portfolio to attract, reward and retain staff, it’s important to reconcile your offering with what employees’ value, training and additional annual leave are obvious improvement points. So is the provision of formal career paths, which 38% of employees want but only 20% of employers offer.”

“For jobs that can be performed outside a central workplace, skilled professionals expect to work in a hybrid arrangement,” he said. “After more than two years of hybrid working, it’s no longer considered a benefit that can attract and engage staff but rather a minimum ordinary entitlement.”

“If your salary increase falls short of expectations, consider what else you can ask for. In particular, think of your long-term career objectives. Additional benefits such as training, formal career paths and mental and physical health and wellbeing programs, for instance, could lead to a promotion and higher compensation long-term than a small raise here and now.”

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Funding also channelled to skills development to counter skills shortage

According to new data, 54% of start-up businesses that have secured PE or VC funding in the last year invested capital in recruitment. This is up from 37% of start-ups that received funding before the pandemic.

According to Robert Half’s Demand for Tech Talent report, the focus on recruitment is a response to the current tight hiring market, with its challenges of securing top talent.

The research showed that businesses that have recently completed a funding round are looking to hire 206  new staff on average. This is why these start-ups allocate almost a quarter of their funding to hiring tech talent. This number is up from the pre-pandemic average of 18%.

To counter the skills shortage, many start-ups are also looking at upskilling existing employees to fill gaps. Fifty percent of tech leaders stated that their business spent at least some capital from a recent funding round on upskilling and training to ensure that talent shortages don’t stop them from achieving their goals.

The research went on to show that businesses that received funding in the past 12 months are more likely to invest in people than in mergers & acquisitions.

With scale, the priorities of small start-ups shift to hiring talent for business intelligence, leadership, and dev-ops roles. These help the new businesses find direction, develop a strategic growth plan, and ensure that their products are ready to handle rapid growth.

Larger enterprises with recent funding tend to focus on data management – which is essential for handling customer demand and protecting brand reputation. Large organisations focus their hires on information security (46%), cloud and infrastructure (44%), and business intelligence (43%) roles.

Robert Half’s updated 2022 Salary Guide showed that with the demand for business intelligence and data analytics roles, starting salaries in this area are currently the fastest growing in tech. Salaries have increased by 7.7 % over the past six months.

Craig Freedberg, Regional Director – Technology, at Robert Half, said: “Increasing headcount is crucial to being able to scale a business, but with start-ups looking to make mass hires after a funding round, adding to the existing demand in the market, it is becoming harder to secure skilled talent. Supply simply cannot keep up with demand, which is why businesses are investing more to find candidates and compete on salaries.”

“We work with businesses of all shapes and sizes, and their hiring priorities vary dramatically based on their ambitions for the future. While business intelligence and data roles are critical for identifying opportunities and threats wherever an organisation is on its journey, the demand for all tech roles is intense in today’s market.

“Everyone is playing the same game, and tech leaders need to think carefully about their strategy to ensure they have a competitive advantage when it comes to attracting and retaining great talent.”

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Companies in the creative sector looking for talent for growth

Data compiled by creative, digital and marketing recruitment specialists, Aquent, has shown that UK salaries are surging as the economy comes back to life.

The collated data from placements made in the UK during 2021 indicate that companies have engaged in the hiring ‘rush’ that has continued to gain momentum since spring and those working in creative industries have a glimpse into next year’s job market in Aquent’s 2022 salary guide.

The data from this year’s salaries paints a very different picture to the job market in 2020 where stagnating wages and impending redundancies were seen in the advertising and creative industries. According to the report, the recent ‘boom’ in wages is down to a number of factors, including a skills shortage which has resulted in midweight roles pushing for higher salaries.

Companies that have survived the pandemic are searching for talent for further growth; but in the current market, candidates often have multiple job offers and ask for higher salaries to sweeten the deal. Aquent’s data found that in order to make a move to a new role, 42% of talent wanted a 16% to 30% salary increase before tendering their resignation.

UX and CX continue to call the shots

Much like 202, those working in UX and CX design still hold the ‘golden ticket’ in terms of the most sought-after roles. Data from Aquent found that only 20% of UX, CX and Service Design talent are looking for a new role yet 65% would be willing to leave for the right offer.

Salary increases are as follows: junior UX designers and midweight UX designers have increased by 33%; while top-end senior UX designer salaries have risen by 50% (£80k to £120k).

In some cases, senior UX architects have seen salaries double, from 60k in 2021 to £120k, a 50% rise. Compared to data from five years ago, UX architects have seen a 150% increase and senior UX designers a 70% increase in wages since 2016.

Aliza Sweiry, UK managing director, Aquent, commented: “The boost is salaries is welcome news for candidates on the look-out for a new role in 2022. The job market has been turned on its head from the situation last year becoming an ‘employees’ market.

“This is a great time for applicants with itchy feet to explore the job market, we’re seeing candidates ‘flex their muscles’ in terms of what they want and expect from a role and employers are responding with higher salaries and more flexible working options. As always, our salary guides always throw up interesting insights and this year has been no different. It will be fascinating to see how the industry responds this time next year.”

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