A national survey has revealed large companies in the IT sector show the largest decline in salary movement compared with other sectors including banking, hospitality and construction. The news comes despite 73.6 per cent of large companies across a number of sectors increasing salaries.
The survey, conducted by the Australian Institute of Management (AIM), reported that the electronic and IT industry showed the largest decline in salary movement since last year’s survey, falling 1.5 per cent to 3.66 per cent. The sector is also predicted to record the largest decline in pay movements with a decrease of 1.1 per cent to 3.7 per cent.
The AIM large company survey used data from 546 organisations across a number of industries with a turnover of more than $10 million.
Chief executive of AIM’s NSW and ACT branch, David Wakeley, said a skills shortage across all industries won’t help the situation, and advises industry leaders to secure their talented staff.
“With the skills shortage tipped to worsen, employers need to move sooner rather than later to lock in their best and brightest in those sectors most susceptible to skills shortages,” he said in a statement.
Wakeley also said employers should be aware employees are on the lookout for new opportunities now the recession is over.
“Staff who may have tightened their belts in leaner times will again be on the hunt for new opportunities and bigger pay packets. Many employers will still have big cost pressures but the savvier ones will look at creative ways to motivate people without offering big salary hikes,” he said.