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Don't expect a big raise, employers tell staff
Workers who expect a sizeable salary increase in the next 12 months have been given a reality check by a new survey.
The annual Hays Salary Guide, which surveyed 2,950 organisations, found that 11 per cent of employers plan to give no raise, while 65 per cent plan to give a raise of up to 3 per cent.
The survey also found that 27 per cent of employees expect to get no raise, while 42 per cent expect a raise of up to 3 per cent.
Australia’s inflation rate is currently running at 2.1 per cent, while wages are growing at 1.9 per cent, according to the most recent data from the Australian Bureau of Statistics.
The Hays survey also covered fringe benefits. Here are some of the highlights:
SALARIES
- What employers say…
What was the average salary increase you gave in your last salary reviews?
| Salary increase | Respondents |
|---|---|
| Nil | 16% |
| Under 3% | 58% |
| 3-6% | 19% |
| 6-10% | 5% |
| Above 10% | 2% |
By how much do you expect to increase salaries in your next reviews?
| Salary increase | Respondents |
|---|---|
| Nil | 11% |
| Under 3% | 65% |
| 3-6% | 19% |
| 6-10% | 5% |
| Above 10% | 1% |
- What employees say…
What salary increase to you expect to receive in your next review?
| Salary increase | Respondents |
|---|---|
| Nil | 27% |
| Under 3% | 42% |
| 3-6% | 17% |
| 6-10% | 8% |
| Above 10% | 6% |
FRINGE BENEFITS
- What employers say…
Does your company offer flexible salary packaging?
| Yes | 71% |
| No | 29% |
- What employees say…
Do you think that choosing to work flexibility would have/has had a negative impact on your career?
| Yes | 18% |
| No | 61% |
| Unsure | 21% |
Which of the following benefits do you receive?
| Flexible work practices | 70% |
| Financial support for study | 29% |
| Free or subsidised food | 20% |
| A day off for your birthday | 6% |
| Over 20 days’ annual leave | 29% |
| Payment of own device usage charges at work | 24% |
| Health and wellness programs | 37% |
| Onsite childcare | 1% |
| Ongoing learning and development | 58% |
| Career progression opportunities | 43% |
When looking for a new job, which of the following benefits are important to you?
| Flexible work practices | 86% |
| Financial support for study | 32% |
| Free or subsidised food | 8% |
| A day off for your birthday | 14% |
| Over 20 days’ annual leave | 45% |
| Payment of own device usage charges at work | 25% |
| Health and wellness programs | 41% |
| Onsite childcare | 7% |
| Ongoing learning and development | 76% |
| Career progression opportunities | 84% |
Disclaimer
This article is over two years old, last updated on June 2, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.
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