Leading global professional services recruiter, Morgan McKinley, has released the 2017 Australian Salary Guide, which offers insights into hiring and salary trends over the past 12 months and forecasts for the current year. The guide has found that overall salaries have remained flat across traditional role types in 2016
There has however been a positive increase in salaries in niche areas such as analytics, digital, agile and innovation as organisations look to bring in core capabilities to deliver business growth. Alongside this, the increased pressure from the SME and startup community is firing multinationals and globals into action.
There is a continued demand for specialists who can communicate effectively outside their core discipline to engage the business while change and transformation projects are continuing to drive recruitment across a multitude of industries, specialisms and companies.
New regulatory requirements also continue to affect the financial services sector and all subsequent recruitment with regards to risk and compliance. The push towards cost-efficiencies and process improvements continues as organisations move towards increased automation and the use of robotics.
“Although we have seen a lot of uncertainty in the world economy in 2016 in response to Brexit and more recently Trump, demand has remained strong for strategically important capabilities that will allow organisations to grow,” comments Louise Langridge, joint managing director of Morgan McKinley Australia. “That being said there is certainly a level of conservatism in the market which has lead to a tightly controlled cost environment in many quarters so there is no real surprise that for more traditional role types salaries remained relatively flat in 2016.
“Where we have seen increased spikes in salaries is in areas where demand has outstripped supply,” she adds. “The big data space highlights this trend as organisations have looked to increase capability and have had to compete for key talent.“
Langridge says the company has also seen a shift in job growth being fuelled by the SME and startup markets in 2016 often competing for top talent and being able to offer individuals a more entrepreneurial and flexible working environment. “We would expect this to continue in 2017 as large corporates continue to drive efficiency and automation reducing overall job growth in this area,” she concludes.