Welcome to your go-to Salary Guide for FY23/24 created by Lula Group to help you navigate the best salary guides to access from other reputable recruitment agencies throughout Australia.
In an ever-evolving job market, staying informed about salary trends is crucial for both employers and employees. This guide aims to provide valuable insights into current compensation structures across various industries in Australia.
Key Trends in 2023
1. Industry-Wide Salary Growth?
SEEK Advertised Salary Index:
The SEEK Advertised Salary Index is a valuable indicator of the current state of the job market. A rise of 4.7% over the year to May 2023 suggests overall positive growth. However, it's essential to note the slight decline from the previous month, indicating a potential shift or stabilisation in salary trends. Job seekers should monitor these indices to stay informed about the evolving economic landscape.
Monthly Fluctuations:
The month-on-month growth of 0.2% in May, while positive, is lower than the previous three months. Job seekers should be aware of these fluctuations as they could impact salary negotiations. Understanding the monthly trends can provide insights into the short-term dynamics of the job market, helping candidates make informed decisions during their job search.
2. In-Demand Skills and Specialisations:
Key Skills:
Identifying and acquiring in-demand skills is crucial for job seekers looking to command higher salaries. Candidates should invest in upskilling and showcasing these skills on their resumes to stand out in a competitive job market.
Specialisations:
Specialised knowledge continues to be a significant factor influencing salary levels. Staying attuned to industry trends and adapting skills accordingly can greatly enhance career prospects.
3. Remote Work Impact:
The rise of remote work has transformed the employment landscape, influencing salary structures in various ways:
Compensation Adjustments:
Remote positions may come with adjustments in compensation structures. Employers might offer additional perks or allowances to accommodate remote work requirements, such as home office setup or internet stipends. Job seekers should carefully evaluate remote job offers to understand the complete compensation package.
Geographic Considerations:
Remote work also introduces the possibility of working for companies based in different regions or countries. This can impact salary expectations, as cost-of-living variations and market rates differ. Job seekers should research industry standards for remote positions and consider the economic context of the employer's location.
4. Regional Variances:
Regional Salary Differences:
Considerable variations in salary levels exist across different regions. Job seekers should be aware of these variances and adjust salary expectations accordingly based on the location of the job. Factors such as the cost of living, demand for specific skills in the region, and industry presence contribute to regional differences in compensation.
Job Market Dynamics:
Understanding the specific dynamics of the job market in different regions is crucial. Some areas may experience higher demand for certain roles, leading to increased salaries, while others might face economic challenges affecting compensation. Job seekers should tailor their approach based on the regional context of their job search.
Let’s get into where you can find a salary guide for your industry. We recommend consulting salary guides from reputable sources.
What is the average salary in Australia 2023?
In 2023, the average salary in Australia is between $65,000 - $80,000 depending on your state. New South Wales, average salary of $80,000 in comparison to Tasmania’s average salary of $65,000 all other states are between these ranges.
Here are four companies that offer comprehensive salary guides for Australia:
1. Hays
Sharing their insights into a salary guide in the Australian and New Zealand labour markets. What is in their salary guide? Employment trends, benefits, and salary information. How up-skilling can help future-proof your career etc.
Key areas:
- Accountancy & Finance
- Architecture
- Banking
- Construction
- Contact Centres
- Defence
- Education
- Energy
- Engineering
- Executive
- Facilities Management
- Healthcare
- Human Resources
- Insurance
- Legal
- Life Sciences
- Logistics
- Manufacturing & Operations
- Marketing & Digital
- Office Support
- Oil & Gas
- Policy & Strategy
- Procurement
- Property
- Resources & Mining
- Retail
- Sales
- Sustainability
- Technology
- Trades & Labour
2. Michael Page
Insights from 2023 indicate that 56% are looking for new jobs and that 47% are keen to change roles, industry, or career.
Key areas:
- Accounting & Finance
- Banking & Financial Services
- Construction
- Digital
- Engineering & Manufacturing
- Executive Search
- Healthcare
- Hospitality & Leisure
- Human Resources
- Information Technology
- Legal
- Life Sciences
- Marketing
- Mining, Energy & Resources
- Procurement & Supply Chain
- Property
- Retail
- Sales
3. Robert Half
Focusing on Financial services, finance and accounting, technology, business support, human resources, and marketing. The salary guide offers a guide on national and local starting salaries.
Key areas:
- Finance and accounting
- Financial services
- Technology
- Business support
4. Frontline Recruitment
Individually owned recruitment agencies across AU & NZ with a focus on current salaries by location, market insights into trends and hiring/salary expectations of employers in their specialist industries.
With a guide on each specific industry, this should help you better understand your role and salary in the current markets.
Key areas:
- Construction
- Health
- Hospitality
- Retail
- Education (Market Trends)
- Manufacturing (Sydney North)
In a dynamic employment landscape, understanding and adapting to salary trends is essential. Whether you're an employer navigating compensation strategies or an employee planning your career path, the insights provided in this guide and those from reputable external sources will empower you to make informed decisions in 2024.
If you would like to speak to a Consultant, please reach out to us Lula Group.
