One of the highest pay increases across the board of 4.1 per cent has been taken by practitioners of finance and accounting.
However, it has been found that while finance and accounting job families enjoy being on the high end of the pay increase spectrum, the wider finance, banking and insurance industry have been seen to have underperformed during the last financial year. This was according to the Australian Institute of Management’s National Salary of 2011.
Compared to the Australian average of 4 per cent in increase, the industry sector only managed an average pay increase of 3.62 per cent in 2010-2011. It is also the only industry sectors that recorded lower salary movements.
However, it is seen that this will rise to 3.79 per cent in the coming financial year. This will bring the industry back in line with other sectors.
Large companies have also been found out to be willing to hire staff from overseas to overcome skills shortages.
In large companies, migrant workers are currently being recruited for 12.9 per cent for finance and accounting jobs. Small companies, on the other recruit 15.2 per cent migrant workers.
The voluntary staff turnover for large companies has increased from 10.3 to 12.6 per cent. This shows that workers are already willing to risk changing employers.
News Source: MoneyManagement.com.au »