Ongoing cost of living pressures and stagnant wage growth has been tough on many Australians, but experts predict that we should expect a decent pay rise this year as employers plan to pay existing workers more in a bid to retain more staff.
But just how much more can we expect to get in our pay packets? Research shows that on average, those earning $100,000 a year can expect to take home an additional $3,700, minus tax.
The first real wage increase in three years are expected to hit bank accounts this year, easing inflationary pressures on householdsCredit: Les Hewitt
The findings, revealed in a survey of more than 600 human resources professionals from the Australian HR Institute, found that a lack of quality in the labour supply and the high training and recruitment costs that come with replacing staff could put upward pressure on wages.
The last time annual wage growth outpaced inflation was mid-2021. Since then, wages have grown by 8.4 per cent, but that’s been wiped out by the 14.8 per cent lift in inflation.
If you’re hoping for more than that, a third of employers said they didn’t yet know the extent of wage changes in their organisation for the 12 months to January 2025.
But your boss is unlikely to hand it to you on a platter. You’re probably going to need to book a private meeting with them and let them know you want to discuss your salary. Once you’re at the meeting, stress your loyalty, as well as your value you bring to the table, says Kris Grant, CEO of management consultancy ASPL.
Have examples of your productivity ready to justify a wage rise on hand. “Include any improvements in sales or profit you’ve contributed to, and bring data to back up your arguments. The more you can prove your value to the organisation, the greater the chance that your request for a pay rise will be granted,” Grant says.
Research comparable salaries being paid for similar roles in the jobs market as an independent measure of your worth. The more prepared and confident you appear, the more your boss will be prepared to listen to your request, she says.
Just how much of a pay rise can you expect this year?
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14.03.2024
Ongoing cost of living pressures and stagnant wage growth has been tough on many Australians, but experts predict that we should expect a decent pay rise this year as employers plan to pay existing workers more in a bid to retain more staff.
But just how much more can we expect to get in our pay packets? Research shows that on average, those earning $100,000 a year can expect to take home an additional $3,700, minus tax.
The first real wage increase in three years are expected to hit bank accounts this year, easing........
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