Yahoo Finance The industries most likely to get pay rises
Aussie budgets are under stress from rising costs of housing, food and fuel but few of us are seeing decent pay rises.
As many as 61 per cent of Aussie workers said they had not negotiated a higher salary in the past three months, according to a survey of more than 1,000 people by Finder.
Some (13 per cent) said they were in the process of trying to secure a pay rise, while another 9 per cent said they wanted one but were afraid to ask.
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Another 8 per cent had managed to land a higher-paying gig by switching jobs entirely.
The younger generation has been the most proactive in securing higher wages, with 58 per cent of Gen Z workers having either recently negotiated a pay rise or were aiming to get one.
Around 47 per cent of millennials had done the same, and just 25 per cent of Gen Xers.
Men (19 per cent) were more likely than women (14 per cent) to have asked for a pay bump.
Not all businesses plan on giving pay rises in the near future. Less than a third of businesses plan to increase employee wages in the next three months, according to data from the Australian Bureau of Statistics.
Larger businesses, however, were more likely to boost wages in the next quarter, with 49 per cent planning to increase wages in the next three months.
Graham Cooke, head of consumer research at Finder, said workers should pluck up the courage to ask for a raise if they thought they deserved it.
“Many Australians are praying for a pay bump to ease cost-of-living pressures,” he said.
“If you think you deserve more money but your employer won’t budge, it can’t hurt to see what other roles are out there – just don’t sacrifice your long-term career goals for a short-term pay rise.”
He said many companies were struggling to fill roles, with the latest COVID surge and the lack of migrants and backpackers taking a toll on labour supply.
Which industries plan to cough up higher pay?
People working in administrative and support services were the most likely to get a wage increase in the next three months, according to ABS data, with 59 per cent of businesses in this industry planning to boost wages.
Workers in accommodation and food services are also in line for a payrise, with 42 per cent of businesses planning to up their employee’s pay.
Industry | Percentage of businesses planning to increase wages in the next 3 months |
Administrative and Support Services | 59% |
Other Services* | 45% |
Accommodation and Food Services | 42% |
Information Media and Telecommunications | 40% |
Transport, Postal and Warehousing | 36% |
Financial and Insurance Services | 32% |
Rental, Hiring and Real Estate Services | 32% |
Wholesale Trade | 29% |
Mining | 28% |
Manufacturing | 27% |
Retail Trade | 26% |
Professional, Scientific and Technical Services | 26% |
Education and Training | 26% |
Arts and Recreation Services | 25% |
Construction | 22% |
Health Care and Social Assistance | 20% |
Electricity, Gas, Water and Waste Services | 15% |
Data from ABS, Business Conditions and Sentiments, June 2022
Other businesses likely to boost wages in the next three months include the information media and telecommunications sector (40 per cent), transport, postal and warehousing (36 per cent), financial and insurance services (32 per cent) and rental, hiring and real estate services (32 per cent).
Tips for asking for a pay rise
Unfortunately, many people working for larger companies with formal salary-review cycles may have missed their chance to secure a pay rise for the last financial year.
Aaron McEwan, vice-president in the Gartner HR practice, recommended giving your manager ample time to secure you a pay rise before the end of each financial year.
McEwan said while getting a pay rise out of cycle could be challenging, he said there were other things you could ask for that came out of different budgets, such as new equipment, training courses and extra leave.
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