Salary and employment forecasts for the 2013/14 financial year are in – what does it mean for you?
The salary and employment forecast for the 2013/14 financial year is in, and things are looking reasonably robust for HR professionals.
The Michael Page 2013/14 Salary & Employment Forecast indicates the high demand for HR and L&D professionals is set to continue throughout this new financial year, with the emphasis on temporary or flexible work remaining prevalent.
Specifically, the last 12 months have seen an increase in demand for HR professionals in IT and telecommunication organisations, Michael Page reported. HR positions were also found to increase in retail, with a boom in the digital area due to e-commerce trends.
In addition, the last financial year experienced a steady return to working in Australia for expat HR managers due to slow markets in other locations. However, larger organisations may still be choosing to send workers overseas. SMEs will have a high demand for OH&S specialists, L&D specialists, and HR generalists in the new financial year.
Many companies appear to be revaluating their work-life balance initiatives, strong company cultures, and structured career progression in order to retain HR professionals. Interestingly, these trends do not properly address the reasons for employees leaving, found to be based primarily on lack of opportunities to learn and to increase salary.
Some 64% of companies expect to provide all employees with salary increases in the next 12 months, but it will vary according to performance. Sixteen per cent of companies will only reward high performers with salary increases, while 3% indicated no employees will receive an increase.
An overwhelming 78% of employers will provide an increase of 3-5%. In regards to bonuses, 54% of businesses stated bonuses would be part of remuneration packages for the coming year, with 1-5% being the most popular percentage of gross salary to base bonuses on. The criteria for achieving a bonus saw individual performance as the primary target, followed by company performance.
HR Take-aways
In summary, here are some of the key salary rates for the HR profession*. How do you measure up?
