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Salary survey indicates market confidence

The Australian job market is set for a year of confidence as most industries show signs of improvement.

Recruitment consultancy Robert Walters’ latest Global Salary Survey revealed that across Australia, on average, year-on-year permanent salaries are expected to rise by about 1 per cent in 2014 in comparison to 2013.

The research has shown positive trends like the slight uplift in the banking sector.

It’s been predicted that positions left vacant in 2013 will be filled this year, removing the pressure from under-resourced teams.

The survey expects that the banks’ focus on up-selling means candidates who can communicate on a commercial level are expected to receive the largest salary increases. These positions include mortgage leaders and corporate banking relationship managers.

Salaries in banking and finance nationally are expected, on average, to grow year-on-year by 2.81 per cent in comparison to 2013.

Hiring in the legal sector is looking positive for 2014 as well.

The imminent changes to the Fair Work legislation by the new federal government means there may be a demand for industrial relations specialists.

Results from the survey found that hiring activity in legal firms will be targeted at graduates and mid-level lawyers in order to focus on client engagement at a reduced cost.

Other industries such as engineering will find that salaries remain fixed at the start of 2014, but may experience an increase for experienced engineers as energy projects get closer to production.

Tina Huynh
Tina is a journalism intern at Dynamic Business, and is completing her Honours year in 2014. She is very curious and observant, and don’t be alarmed if you find her staring into the distance.