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Latest market insights from the 2015/16 Salary & Employment Outlook
The 2015/16 Michael Page Salary & Employment Outlook provides an insight into hiring expectations, market salaries and the main issues affecting Australia’s industry sectors.
In 2014, we saw a return to form for the employment market and the results of this year's Salary & Employment Outlook show that these positive trends look to continue through 2015, particularly at executive level.
This year, we've seen confidence return to the top end of the market, with more opportunities around the $300k-500k salary range. Movement at the C-level sees these people considering structure when they enter new organisations, putting their management team in place who in turn consider the structure of their teams, increasing opportunities downstream. My prediction is that this trend will continue through 2016.
The slowing mining and resources boom has seen focus return to Australia's major markets in Sydney and Melbourne, with NSW clearly performing the best in terms of opportunities, from entry level through to the executive end of the marketplace.
In NSW, this is being driven by the construction sector thanks to a heavy emphasis on infrastructure development and investment fuelled by the government sector. As the NSW Liberal government enters their second term, they enjoy an unprecedented eight year window to execute on their agenda, which is flowing through to major construction projects, both civil and residential. This has spurred confidence and we're starting to see this flow through to the employment economy.
Focus has returned to the major markets in Sydney and Melbourne, with NSW clearly performing best in terms of opportunities
One of the key trends we have seen over the last few years that is only getting stronger is a movement away from thinking about salary as just base, super and bonus. There is increased interest across the board in how companies can engage employees via a broad range of benefits. This is being driven by a growing interest in diversity, as more jobseekers take into consideration an organisation's diversity agenda and how they define diversity.
We're now seeing employees and jobseekers asking for a broader range of benefits to be available, such as the ability to cash in parts of their salary for additional annual leave, to be supported in seeking further study and flexible working arrangements. This is particularly evident in the rising number of buy-back offers we're seeing, where candidate's current employers are placing more aggressive offers or benefits on the table to retain their high performance employees.
It is crucial that organisations are on board with this approach if they want to remain attractive to top performers. Companies that listen to what kind of benefits are meaningful to candidates are far more likely to have success when approaching talent.
When reading this report, employers are advised to review the content and see how it relates to your organisation and then engage our consultants to help interpret the results for your organisation. We are always happy to come out and assist our clients with making sense of these trends and how it relates to your current objectives and staffing requirements and encourage you to make use of our 30-plus years’ experience in these industries.
Get the latest market insights into hiring expectations, salaries and the issues facing Australian industries and find out where you stand amongst the pack. Download your copy of the 2015/16 Salary and Employment Outlook here