Australia markets open in 8 hours 32 minutes
  • ALL ORDS

    6,373.70
    -10.00 (-0.16%)
     
  • AUD/USD

    0.7142
    +0.0024 (+0.34%)
     
  • ASX 200

    6,167.00
    -6.80 (-0.11%)
     
  • OIL

    39.78
    -0.86 (-2.12%)
     
  • GOLD

    1,903.40
    -1.20 (-0.06%)
     
  • BTC-AUD

    18,211.02
    -436.03 (-2.34%)
     
  • CMC Crypto 200

    260.05
    -1.40 (-0.54%)
     

The jobs most likely to see a pay rise in 2020

Jessica Yun
·3-min read
Pay Day Ahead Road Sign.  This sign is useful and relevant to any topic having to do with getting paid money for anything.
These jobs are getting pay rises in 2020. Source: Getty

Australians working in the business, finance and real estate sector will likely score pay rises this year.

According to a survey of more than 3,000 employees and employers by recruitment firm Adecco Group, 82 per cent of bosses said they expected to increase salaries by some amount – but some workers will see higher pay rises than others.

Nearly half (45 per cent) of employers said they would raise pay packets by less than 3 per cent, while roughly a quarter (27 per cent) said they would raise salaries by 3-7 per cent.

Six per cent said they’d give raises of 7-10 per cent, and only 4 per cent of bosses said they’d give pay rises of more than 10 per cent.

Every single employer from the business services, finance, and real estate sector said they would be looking to increase salaries by some amount, whether it was less than 3 per cent, 3-7 per cent, or more.

The percentage amount industries expect to increase salaries by in 2020. Source: Adecco
The percentage amount industries expect to increase salaries by in 2020. Source: Adecco

The education and not-for-profit sector are also likely to score a pay rise this year.

Surprisingly, those in the retail sector are one of the groups up for the biggest pay rise, with more than 10 per cent of employers saying they expect to hike salaries by more a tenth.

Economic woes: Aussies want pay rises they aren’t likely to get

With the impact of the bushfires, coronavirus, and Australia’s GDP growth hitting GFC levels, workers shouldn’t hold their breath for major pay rises any time soon.

Australia’s wage growth has been stuck near 2.2 per cent in the last half decade, according to The Conversation.

A gap exists between Australian employees’ expectations of fair remuneration and the economy’s poor wage growth, Adecco Group CEO Rafael Moyano said.

“From an economic perspective, there are few signs that Australia’s poor wage growth will soon improve,” he said.

“In the current economic climate, open dialogue and transparency around salary increase expectations could be worth considering for many employers. Any entrenched mismatches in salary increase expectations over the next few years could lead to increasing dissatisfaction among workers and lead to raised attrition rates for companies.”

The wage growth slowdown is also bad news for attracting talent from overseas, he added.

“It is understandably difficult to attract the best talent if we are unable to offer them strong growth prospects in the short to medium term.”

Employees wanting to ask for a pay rise should have a strong understanding of how to build a case for it.

“In an environment where wage growth is continuing to head downward, those hoping to buck the trend on an individual level will need to put in the groundwork.

“It’s worth understanding all the ways you can shift things in favour of your next big pay rise.”

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.