Are you hoping to get a pay rise any time soon?
According to the latest research from Finder, Australian workers are looking to their employers for some relief amid a cost of living crisis.
The research shows 1 in 6 workers (17%) negotiated a higher salary over the past 3 months – 9% have talked their employer into raising their pay, while 8% earned a pay bump by switching jobs.
This includes 13% who say they are in the process of trying to negotiate their pay and 9% who want a raise but are afraid to ask.
Graham Cooke, Head of Consumer Research at Finder commented:
“The lack of migrants and backpackers has severely dampened the number of workers, including in sectors like agriculture which traditionally rely on labour supply from overseas.
We’re also in the midst of a Covid surge as well as the worst flu season in years, which means at any one time a large portion of a company’s employees is off sick.”
- Also read:The Top 50 Most Visited Websites in the World
- Also read:The Rental Squeeze: Exploring Australia’s Strained Housing Markets | Property Insiders [Video]
- Also read:Latest Asking Prices State by State | Listings and asking prices steady in lead up to market hiatus
- Also read:10 BIG Benefits of setting up an SMSF or a Family SMSF
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
ABS data shows the industries most likely to increase staff wages over the next 3 months are administrative and support services (59%), accommodation and food services (42%), and information media and telecommunications services (40%).
At the other end of the spectrum, those working in electricity, gas, water and waste services (15%), health care and social assistance (20%), and construction (22%) are the least likely to receive a pay bump.
Mr Cooke further commented:
“Many Australians are praying for a pay bump to ease the cost of living pressures.
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."
- Male employees (19%) are more likely than their female counterparts (14%) to have negotiated a higher salary within the past 3 months.
- More than half of gen Z workers (58%) have recently negotiated or are hoping for a pay rise, compared to 47% of millennials and 25% of gen X.