Australia markets open in 7 hours 3 minutes
  • ALL ORDS

    7,325.40
    +86.70 (+1.20%)
     
  • AUD/USD

    0.7120
    +0.0038 (+0.54%)
     
  • ASX 200

    7,071.00
    +78.30 (+1.12%)
     
  • OIL

    94.49
    +2.56 (+2.78%)
     
  • GOLD

    1,804.70
    -9.00 (-0.50%)
     
  • BTC-AUD

    34,199.60
    +324.84 (+0.96%)
     
  • CMC Crypto 200

    575.61
    +0.87 (+0.15%)
     

The industries most likely to get pay rises

·4-min read
money and women walking to work
Just 1 in 6 Australian workers negotiated a higher salary in the past 3 months. (Source: Getty)

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.

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.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting