Recruitment firm Hays has released its annual Salary Guide 2022 – showcasing the views of over 9000 respondents from close to 4500 organisations and 4425 skilled professionals.
After a number of years of subdued wage growth and with mass skills shortages across industries – employees are sensing their opportunity this year with many seeking a pay rise, although employers are unlikely to give them what they feel they deserve.
The report found that marketing and digital workers are five per cent more satisfied with their jobs and employers than the mean.
However money does talk, with more than seven in 10 employees noting that they would stand to benefit from finding a different job – employers might have a fight on their hands to retain skilled workers down the track.
Key stats (snapshot):
• 83 per cent of employees in the industry feeling that they deserve a salary increase of over three per cent, but just 22 per cent of marketing and digital employers will offer a pay rise in this range
• 71 per cent of marketing and digital employees say they would benefit financially from changing jobs
• Over three in five (61 per cent) of marketing and digital employees are satisfied with their job (above the 56 per cent average) and a similar number (62 per cent) are satisfied with their employer (above the 57 per cent average)
The study found salaries are expected to rise across the board
A competitive salary offering a key element in the equation of the value exchange between the
employer and employee. This year, salaries are set to climb amid increasing skills shortages. Moving
away from the wage stability of recent years, employers cite the skills shortage as the reason
increases are higher than planned.
● Salary growth expected: 88 per cent of employers intend to increase salaries, up from 67
per cent from last year. Of these, 37 per cent will increase salaries above three per cent, more
than the 12 per cent who increased salaries above three per cent last year.
● The skills shortage drives higher increases: Employers say the skills shortage has forced
them to offer higher salaries than they otherwise planned. 34 per cent say they’ve been had
to offer ‘substantially’ higher salaries, while 43 per cent have offered ‘nominally’ higher
salaries.
● But salary increases are still restricted: Over half (51 per cent) will only increase salaries
by less than three per cent.
● Expectations are rising: Almost half (48 per cent) of employees expect a raise of three per
cent or more. Furthermore, 84 per cent say their performance and the demand for their skills
warrants an increase greater than three per cent. Only 31 per cent are satisfied with their
current salary, with most believing it doesn’t reflect their individual performance.
● Employees’ know their worth: Over half (56 per cent) of employees say the skills shortage
has made them more confident to ask for a pay rise and 54 per cent have already secured a
salary increase, new job or both. This year, 58 per cent plan to ask for a pay rise – up from 45
per cent last year.
● An uncompetitive salary motivates job searches: An uncompetitive salary is the top factor
motivating 49 per cent of job searches (up from 39 per cent last year). It ranks ahead of a lack
of promotional opportunities and poor management or culture.
