What salaries Aussies can demand as The Great Resignation bites

There’s a huge shortage of workers in the country and Aussies are using it to their advantage by demanding a hell of a lot of money.

Aussie employees have become more demanding when it comes to negotiating salaries pushing for an additional 15 per cent on top of any offer put forward, new research has found.

But with job vacancies increasing by 56 per cent in a year according to the latest Australian Bureau of Statistics figures, Aussies have never been in a stronger position to boost their wages.

It also comes as The Great Resignation is predicted to come into full force in Australia with millions expected to quit their jobs.

“Employees who feel undervalued, overworked, underpaid or think their career is at a standstill – now is the time to explore options,” said David Jones, senior managing director at recruiter Robert Half.

“Australia’s skills-short market certainly favours the candidate, putting skilled talent in the driver’s seat when it comes to securing a new role.”

The research was part of the 2022 Salary Guide from Robert Half, which uncovered some of Australia’s top paying professions.

Aussies are commanding top dollar when it comes to their pay. Picture: Getty Images

Those working as a finance director are earning a whopping $277,750, while the head of human resources is pocketing an extraordinary $267,500 a year.

Chief technology officers are raking in $247,750 annually, while an audit director can command a salary of $234,500.

Rounding out some the top paid professions was chief information technology officers that attract a salary worth $217,250.

It also found that with rising salary expectations among Aussies, three-in-four employers are planning to increase starting salaries for new hires this year by offering a 10 per cent increase on average compared to last year.

But Mr Jones warned employees to think about their long term career plans, rather than just the money.

“A high starting salary with limited career growth will net out to be worth less in the long run than a market-rate salary with clear career progression,” he explained.

“Likewise, no salary will offset a rigid or highly stressful work schedule if flexibility and work-life balance are important to an employee.”

Don’t just think about the money when it comes to changing jobs. Picture: iStock

Even when salary expectations cannot be met, almost six-in-10 employers have used signing bonuses as their main tactic to attract and secure top talent.

Offering more paid leave is also being used by 41 per cent of Australian businesses.

Almost a third of employers are worried that a lack of flexibility and work-life balance are the top reason for rising turnover, the research also found.

Competition for employees is at a fever pitch, said Mr Jones.

“Strong starting salaries, signing bonuses, and other financial incentives are critical to commanding attention in a tight market, particularly for candidates with hard-to-find technical skills, so it is important that businesses are at or above the market rates for their sector,” he said.

“However, remuneration alone is a brittle attraction strategy that leaves talent vulnerable to the next highest offer.

“As employers formalise their return-to-office transition, offering greater flexibility benefits has evolved into a must-have for companies who want to tap into a larger talent pool and stand out as an employer of choice.”

Some companies are going to raise salaries by a whopping 11 per cent. Picture: Getty Images

Meanwhile, 80 per cent of companies are planning to implement salary increases this year to keep employees with an average 11 per cent rise.

Some of the most in demand professions in Australia right now include financial controllers, accountants, developers and data scientists.

Other sought after roles include cyber security professionals, talent acquisition managers and a range of HR positions.

Originally published as What salaries Aussies can demand as The Great Resignation bites