Salary woes: War for talent eases and so do paypackets
While Australia still has a low unemployment rate, the search for talent has eased back a bit, taking salaries with it.
According to SEEK’s Advertised Salary Index, advertised salaries grew 0.3 per cent compared to last month.
However, despite the small monthly change, salaries are 3.7 per cent higher than they were last year (down from 3.9 per cent in August).
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SEEK economist Matt Cowgill said it was good to see salaries were still rising, albeit slowly.
“Advertised salaries are still growing at a decent pace, but they’re no longer racing ahead like they were earlier this year,” Cowgill said.
“The moderation in advertised salary growth is a good sign for inflation. We’re not seeing wages and inflation spiralling.
“Workers will be less comforted, with advertised salary growth lagging the cost of living.”
War for talent eases
Despite the still-record-low jobless rate, employers have cooled down the war for talent, Cowgill said.
“Changing jobs is still the best way to get a pay rise, with advertised salaries growing faster than overall wages,” he said.
“But the bidding war for jobseekers has eased a little in recent months.”
This time last year, businesses were struggling to fill essential roles in almost every business - from technology to hospitality.
However, as international migration picked up in recent months, some gaps have been filled.
But that doesn't mean there aren't still some industries desperate for workers and willing to pay the big bucks.
According to the National Skills Commission report, the number of jobs struggling to fill positions spiked from 153 to 286 over the past year.
Nearly a third of all Australian sectors were experiencing worker shortages, the Skills Priority List found.
Of the 20 largest employment occupations, more than half faced shortages.
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