According to news.com.au, most Australians have been cautioned not to anticipate pay increases surpassing inflation rates in 2024, based on research conducted by Robert Walters Australia. The study reveals that 58% of employers do not anticipate offering salary hikes exceeding 5.4%, the current inflation rate. Consequently, employees are likely to experience real-term reductions in pay as wage growth lags behind inflation. A detailed examination of salary adjustments in 2023 indicates a 3.17% decrease in salaries for category managers in procurement, while roles in accounts payable showed no salary fluctuations.

The confidence of workers who felt “very confident” about opportunities in their sector nearly halved from 38% in 2022 to 17% in 2023.

Simultaneously, the employment outlook for jobseekers has diminished. The confidence of workers who felt “very confident” about opportunities in their sector nearly halved from 38% in 2022 to 17% in 2023. This decline occurred despite 74% of employees expressing an intention to change roles within the next 12 months, as per the report. Looking ahead to 2024, pay is expected to be a diminishing factor influencing job changes, with only 22% of surveyed employers indicating a willingness to switch jobs for a higher salary, compared to 56% in 2023.

Shay Peters, the Chief Executive of Robert Walters Australia and New Zealand, conveyed to the publication that there is a shift towards an employer’s market. Employees are increasingly prioritising job security and career development opportunities. Peters highlighted a growing alignment between employers and employees concerning pay, flexible, and hybrid working conditions, marking a significant departure from the findings of last year’s survey.