YOUR QUESTIONS ANSWERED
ARE SALARIES BEING OFFERED IN RECENT MONTHS LOWER THAN USUAL, OR HAVE THEY REMAINED UNAFFECTED?
LISA MORRIS DIRECTOR, HAYS
For most roles, salary increases were put on hold this year and so pay remains unchanged. Instead, employers are turning to non-financial rewards to compensate staff – especially those who have put in extra effort to help their organisation remain competitive. For example, employers are rewarding staff by continuing to allow some form of regular flexible working, offering learning and development opportunities and investing in health and wellness programs.
JUSTIN HINORA EXECUTIVE CONSULTANT, HENDER CONSULTING
We have certainly seen downward pressure on salaries with increases difficult to justify. What has been most notable in an increasingly competitive job market is that executives are prepared to take huge pay cuts to change roles. There has been a surge in over-qualified candidates accepting roles paying much less than their previous salary. It’s also not uncommon to have a manager and their subordinate apply for the same job.
ANDREW SULLIVAN MANAGING DIRECTOR, SULLIVAN CONSULTING
email questions to careers_qs@news.com.au
Salaries have, in many cases, remained the same or, if anything, they might be slightly down. This is to be expected when you consider the very large number of candidates currently in the marketplace. If you’re not sure what to expect in your industry, you can always talk to a recruiter. Depending upon the financial circumstances of each business, we’re only seeing companies offer employees CPI salary increases at the moment.
ALEXANDRA ROSSER HEAD OF ORGANISATIONAL PSYCHOLOGY CONSULTING, STILLWELL MANAGEMENT CONSULTANTS
Even before COVID, there had been general restraint in remuneration. Employers are, however, still willing to offer appropriate and generous salaries for suitable talent but they have been inclined to adopt more rigorous and strongly evidence-based recruitment practices. In some instances, the candidate may be asked to accept an interim lower-level package.