Stagnant salaries driving wedge between employers, staff: Hays
More retail professionals can expect a pay rise this year, though it may not be at the level they are hoping for according to the FY2021-22 Hays Salary Guide.
According to the almost 3,500 organisations surveyed, 66 per cent of retail employees will see a salary increase in their next review, though only 13 per cent will see one higher than 3 per cent.
By contrast, 60 per cent of professionals said they deserve a higher pay rate to reflect their performance, and 79 per cent are currently or are open to looking for a new job in the next year – with poor management, workplace culture or a lack of promotion or challenge being the driving factors at play.
“The value of salary increases is driving a wedge between employers and employees… creating a gap between what employers will offer and employees say they are worth,” said Hays Retail regional director David Cawley.
“This divide must be managed sensitively if employers are to retain staff and attract new talent in short supply.”
Some of this disparity comes from employees once again focusing on their career prospects after the difficulties of 2020 put everyone in a stasis mindset – putting career plans on hold in order to simply make it through the year.
However, with Australia having pulled through the initial shock of the Covid-19 pandemic in a strong position comparative to other economies in the world, employees are once again focused on long-term goals.
“Our data shows learning and developing new skills is now more important than a pay rise,” said Cawley.
“A lack of promotional opportunities is also the primary factor driving professionals into the jobs market today, [which] makes re-investing in career progression pathways and staff development a sensible strategy for the year ahead.”
The Salary Guide also found that employers are already aware of a potential shortage of talent, with 64 per cent noting skills shortages are likely to impact the operations of their business in the next year.