Yahoo Finance 'Double the growth': The 3 highest paying jobs this year
If you are looking for a payrise, the answer might be in looking for a brand new job.
New data has revealed that salaries being posted in job advertisements are growing nearly twice as fast as they were pre-COVID.
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A report released by Australia’s largest employment marketplace, SEEK, showed advertised salaries rose 4.1 per cent over the year to July.
While there had been growth in all sectors, some industries had seen salary increases of more than 7 per cent in the past year.
Salaries for advertised roles in design & architecture were up by 7.3 per cent, closely followed by jobs in information and communications and trades, which grew by 6 per cent.
Industries with a large degree of public sector employment or public funding saw relatively modest advertised salary growth, including for the education and training sector, government, and science and technology.
“As the ‘Great Job Boom’ continues, observers have wondered when wages and salaries will start to pick up,” said SEEK senior economist Matt Cowgill.
“If you look at advertised salaries for vacant roles, it is clear they already have.”
The good news for job seekers, said Cowgill, was that unlike during other labour market booms - such as the one in mining, where one industry and just certain parts of the country grew rapidly - the labour market was now almost uniformly strong and the pick-up in salary growth was strong across the board.
“Competition for talent is fierce, with the unemployment rate at a near 50-year low,” Cowgill said.
“SEEK’s unique data shows employers are responding to the tight labour market by increasing advertised salaries.”
Where are the highest-paid advertised jobs?
It’s good news for Australian job seekers everywhere, except those in South Australia and the ACT. There is a much higher proportion of government job holders in the capital.
The state with the biggest growth in advertised salaries was the Northern Territory, where the increase was 5 per cent.
Other findings from the report showed a market where job seekers held the balance of power, with the number of advertised jobs 58.2 per cent higher in July 2022 than in February 2020.
Over the same time period, the average number of applications per job ad was 64 per cent lower in July 2022 than in February 2020.
Applications per ad declined in every industry - for both high-paid and low-paid jobs.
Job applicants were also benefiting from a shift in behaviour from employers who were more frequently posting a salary range on advertised jobs rather than engaging with applicants about salary expectations during the interview process.
SEEK ANZ managing director Kendra Banks said this was the number one request from job seekers.
“Job seekers want to know the salary range on a job before applying. This may lead to fewer applicants for advertisers but it helps attract a better-quality candidate to apply for the job.”
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