While organisations struggle to make salaries keep up with soaring costs, roles like investment consultants and chief financial officer (CFO) have seen pay rises well above the inflation rate of 7%, according to new research.
As per the annual Robert Walters Salary Survey for the financial year 2022-23, the average salary of a CFO increased by 28.3% to around $320,000 to $450,000, the second-largest salary hike.
In third place, payrises for an investment consultant in asset management rose by 19% to now stand at $110,000 to $140,000.
The role that saw the largest salary increase was marketing director at 33.3% (now $250,000 to $300,000) while supply chain officers and data architects rounded out the top five.
However, numerous other occupations across Australia had suffered a ‘real-terms’ pay cut where they received a salary increase but it still fell below inflation. These included senior business/finance analysts (5.6%) and tax/internal audit managers (3.1%).
Across the board, employees were strongly considering searching for new jobs while organisations struggled to offer competitive salaries that keep up with inflation.
The latest Robert Walters Salary Survey of almost 1,500 candidates and employers found 74% of candidates were more likely to request a pay rise within the next year and more than half prioritised earning potential over job security.
Shay Peters, managing director of Robert Walters Australia & New Zealand, foresaw “the most complex and challenging recruitment environment” in coming years.
“Much has been made of the ongoing skills shortage in Australia, and the power it has given candidates seeking to secure bigger salaries and additional benefits. These inflationary pressures may now shift that dynamic, with the previous ‘at all costs’ approach from companies desperate for new recruits now offset by spiraling operating costs and energy bills,” he said.
Over 80% of companies currently recruiting expected cost of living to be a central issue in pay negotiations. Two-thirds expected it to make it harder to retain talent.
Peters noted that the survey’s results reflected a “fundamental disconnect between candidates and employers.”
He said: “We’re finding that where organisations cannot increase salary offers, sign-on bonuses, additional training and boosted leave entitlements can encourage candidates to look beyond mere salary levels and towards an increased quality of life.
“Providing an environment in which people enjoy working will become even more vital when salary expectations cannot be met, with superior employee wellbeing a valuable advantage for organisations seeing their star staff offered wage rises elsewhere.”
