Navigating Your Career Path with PERSOLKELLY’s 2023-24 Salary Guide

In an era defined by economic shifts and global uncertainties, job seekers are faced with unique challenges.

The PERSOLKELLY 2023-24 Economic and Employment Key Insights and Salary Guide is your job-seeking compass, guiding you through the intricate maze of career choices and salary landscapes.

Here are seven ways this comprehensive guide can be your ultimate tool for making informed decisions and securing the right job in a rapidly evolving employment market:

1. Navigating the economic waves

  • Understand the impact of inflation and geopolitical instability on job markets globally.
  • Gain insights into how these factors influence salary trends across industries, helping you align your expectations with the current economic climate.

2. Decoding the Australian and New Zealand job markets

  • Explore the economic slowdown in Australia and New Zealand, and its direct impact on job opportunities.
  • Leverage information on changing government policies to identify sectors with burgeoning job prospects.

3. Tailoring your job search strategy

  • Uncover the challenges organisations face in talent acquisition and position yourself as the solution.
  • Use our Salary Guide to align your skills with industry needs, making your job search more targeted and effective.

4. PERSOLKELLY’s 2023-24 Salary Guide: Your personalised resource

  • Discover how the guide compiles salary data from industry experts, offering a detailed breakdown across various sectors.
  • Access tips and tricks tailored for candidates, providing insider knowledge on securing the right job in a competitive market.

5. Industry insights for informed decision-making

  • Gain a comprehensive understanding of salaries in your desired industry, enabling you to negotiate effectively during job offers.
  • Utilise real-time statistics to benchmark your salary expectations against industry standards, ensuring you receive fair compensation.

6. Your job search companion: Tips, blogs and stats

  • Explore the guide’s supplementary resources, including tips and tricks for acing interviews and standing out in the job market.
  • Stay informed through blogs and statistical insights, empowering you with the knowledge needed to navigate the evolving landscape of employment.

7. Building your future with PERSOLKELLY

  • Embrace the Salary Guide as more than just a tool – it’s your companion in making strategic career decisions.
  • Utilise the guide’s holistic approach to understanding salaries, industries and job market dynamics, ensuring you’re well-equipped to shape your professional future.

Embark on your job search journey armed with the insights and resources provided by PERSOLKELLY’s 2023-24 Salary Guide.

From decoding industry salaries to mastering the art of job interviews, this guide is your key to unlocking opportunities and navigating the evolving world of work with confidence.

Your next career move begins now – click here to download our 2023-24 Economic and Employment Key Insights and Salary Guide, or speak with one of our dedicated consultants to get the process rolling!

It’s a candidate’s market in 2022

We saw it early last year, but the job market continued to bounce back throughout the rest of 2021 and into 2022 after taking a hit during the first year of the pandemic.

Compared to February 2019, the number of job ads rose by 41% in February 2022 according to SEEK research. Add to this that job applications are at very low levels compared to historical data. As such, there’s an increased demand for workers, forcing companies to offer more enticing salaries, packages and benefits to get the best employees to fill vacancies.

Some of the key sectors in demand by job ad volume, increase year on year, include admin and office support, education and training, retail and consumer products and manufacturing, training and logistics.

In March 2022, SEEK reported that applications per job ad had fallen by 7.6% from the previous month. Versus three years earlier, applications per ad were down 47%. According to the Australian Bureau of Statistics, there are an extra 170,000 job vacancies since the borders closed. At the same time, unemployment is the equal lowest since 2008 at 4%, which is contributing to rising salaries in advertised positions.

While wages are forecast to increase by around three per cent over the next year, unfortunately, inflation is set to rise by more than that amount. At an annual rate of 5.1% in Australia, the highest in two decades, the surging inflation rate will be one of the biggest challenges for workers managing their personal budgets moving forwards.

Interestingly, 40% of candidates say that salary and compensation are now more important than they were pre-COVID. Not getting paid enough is the main trigger for candidates looking for a new job. Those on the lookout seek 10-20% extra in their pay packet before accepting a new role. Highlighting that changing jobs is the most straightforward way to keep ahead of the rising costs of inflation.

However, it’s not simply remuneration alone that comes into play when choosing a place to work. When workers in a recent survey were asked if they’d refuse to work at a place with poor diversity, equity and inclusion, 67% said they agreed or strongly agreed. While 85% of respondents said they believed their current organisation hires a broad mix of people. Pleasingly 82% agreed that they feel included and belong in their organisation.

To find out what your role is worth and a full breakdown of salaries by industry and region, as well as insights and tips, download PERSOLKELLY and Programmed’s Economic and Employment Key Insights and Salary Guide for 2022-23

2022-23 PERSOLKELLY and Programmed’s Economic and Employment Key Insights and Salary Guide

Australia and New Zealand have made significant progress in their economic recoveries after a couple of years of disruption due to the pandemic and overseas turmoil.

Organisations of all types and sizes are dealing with a host of economic challenges following the setbacks and restrictions of COVID-19 and a fresh set of obstacles confront businesses in both countries.

Chief amongst these is the acute labour shortage that is compounding the difficulties for business managers in both retaining existing staff and developing the workforce capability for growth and expansion.

We are seeing historically low levels of unemployment in both countries. With immigration yet to return to pre-pandemic levels, the challenge of filling vacancies and acquiring skills is set to remain for some time.

The other big development is the outbreak of inflation and associated rising interest rates. As in other developed economies, both Australia and New Zealand are being forced to confront an economic phenomenon that has been largely dormant for close to 50 years and, once again, deal with the many challenges this brings for wages, interest rates and the cost of living.

Our 2022-23 PERSOLKELLY and Programmed Economic and Employment Key Insights and Salary Guide offers a wide-ranging analysis of both Australia and New Zealand’s economies, including at state, territory and region levels as well as a dive into the forces at play in each of the industry sectors in which we operate.

The Salary Guide compiles accurate information on wages and salaries from our experts in the field across key industry sectors. This comprehensive report has become a valued and indispensable tool for those wishing to understand the movement of wages and salaries across a range of occupations and positions in both Australia and New Zealand.

Below is a peek at some of the standout insights from the report.

Australia
After a lengthy COVID hibernation, Australia’s economy has bounced back strongly as consumers and businesses have regained their confidence.

  • 3.3% annual GDP growth
  • 3.9% record unemployment rate
  • 5.1% annual inflation rate, the highest in 20 years

Australian Capital Territory
Canberra’s economy has been resilient in the face of COVID lockdowns and looks likely to benefit from a change of national government.

New South Wales
The most populous state has bounced back from COVID faster than expected, and it has a vast pipeline of infrastructure work that will propel its fortunes.

Queensland
Turmoil on the international stage initially dealt a heavy blow to Queensland’s economy, but the tide has turned and the state is now reaping rewards.

South Australia
The state’s recovery has been quicker than forecast but there is work to do to rebuild confidence and create jobs.

Victoria
The state endured some of its darkest days during the pandemic as businesses shut and the population was locked down, but activity is now bouncing back.

Western Australia
The state incurred much flak for its rigid approach to border closures during the COVID pandemic, but it now has the results to show for it.

Northern Territory
The loss of international tourists during the pandemic hit the Territory especially hard but it has provided the chance to diversify and attract new industries.

Tasmania
The island state belies its size with an outperforming economy and a newfound appeal from those on the mainland attracted to its lifestyle.

New Zealand
As the country emerges from the COVID pandemic, it faces an outbreak of a different kind that has policymakers worried. After years of tepid price increases, inflation has broken out in New Zealand and prompted swift action to raise interest rates and curtail spending.

  • 6.9% inflation rate
  • 5.6% annual GDP growth
  • Jobless rate at near-record low

Auckland
New Zealand’s largest city was the epicentre of COVID-related lockdowns and saw its economic performance suffer as businesses closed their doors.

Christchurch
The city has been able to sidestep pandemic restrictions on business and fall back on its traditional mainstays to produce an outsized economic performance.

Wellington
The nation’s capital was insulated from the worst of the pandemic and has started to rebound. Wellington has weathered much of the country’s economic slowdown, largely as a result of a more resilient workforce that has not incurred the same setbacks as in other parts of New Zealand.

Click here to download the 2022-23 PERSOLKELLY and Programmed Economic and Employment Key Insights and Salary Guide today to find out more. Or talk to one of our consultants who can talk through how to use the guide to improve your attraction and retention strategies.