People working in the banking and finance sectors have enjoyed some of the highest pay rises of any industry in Australia, according to the latest data released by the Australian Institute of Management (AIM).
Looking at employment and remuneration levels across a range of industries, the AIM data pointed to the highest salary increases being delivered in the booming mining and quarrying industry, with an average of 6 per cent, and this was followed by the banking and finance sector with 5.7 per cent.
The AIM survey warned that Australia was in the grip of a sustained national skills shortage that was forcing its largest companies to “foot the bill for ever-increasing pay hikes”.
The bottom line of the survey was that the ongoing skills shortage was generating high levels of staff turnover as people sought career progression or promotion opportunities.
The findings of the AIM survey coincide with recent data generated from within the financial services industry, which pointed to severe shortages of experienced financial planners.
