Friday, July 19, 2024

Retail salary increases unlikely to excite this year

Business activity and permanent head counts may be rising but, according to the 2016 Hays Retail Salary Guide, they are not translating into salary increases.

According to the guide, 17 per cent of retail employees can expect a salary increase of between three and six per cent in their next review. Just one per cent can expect an increase of six to 10 per cent, and two per cent can expect above 10 per cent. Seventy per cent of Australia’s retail workers will receive an increase of less than three per cent. The other 10 per cent will receive no increase.

The Hays Salary Guide includes salary and recruiting trends for more than 1,000 roles in 14 locations in Australia and New Zealand. It is based on a survey of 2,752 organisations, representing more than 2.6 million employees.

“Overall, it’s clear that employers remain reluctant to offer substantial increases unless absolutely necessary to secure a candidate with skills in short supply,” Hays Retail Regional Director Eliza Kirkby said.

“For example, the continued entry of international retailers into the Australian market is creating high competition for top retail talent. This has led to an increase in salaries for roles experiencing candidate shortages, such as merchandise planners and sales staff who speak Mandarin.

“However, outside the areas of demand, salaries are not increasing as strongly.”

According to Hays, over the past year 10 per cent of retail employers offered no salary increases. Those who received a salary increase found that their wallets were not that much heavier. Sixty-nine per cent received an increase of less than three per cent, 17 per cent a three to six per cent rise, and four per cent an increase of six per cent or more.

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