Many specialist roles are known to attract higher salary expectations, but the extent of these can be staggering, with the fastest growing professions seeing earnings growth of more than 20 per cent this year.
According to recruitment consultancy Robert Half, a Microsoft developer working in WA can expect the fastest rate of pay growth nationwide in 2018, with a 22 per cent increase forecast by year’s end to $110,000.
Similar rates of salary growth are expected for project directors in Queensland (up 21 per cent) to a whopping $350,000, and HR organisational development managers in Victoria (up 20 per cent) to $180,000.
Rounding out the top five, both with forecast increases of 10 per cent, are in-house lawyers in NSW (rising to $187,000) and South Australian senior IT consultants (to hit $170,000).
“The reason for the huge growth in wage is simply about supply and demand. There just isn’t enough people employed in these roles, and looking down the pipeline, the trend is expected to continue well into next year,” said Robert Walters’ NSW managing director, Andrew Hanson.
“Infrastructure budgets both federally and on [a] state level are at record levels; the banking royal commission has no end in sight, meaning banks and financial service companies are locking down their risk practices; while investment in government IT and data storage regulation and requirements continues to escalate.”
Mr Hanson said these rapid growth figures are in stark contrast to wage growth more broadly, which he said were up 2.1 per cent (or just 0.2 of a percentage point in real growth when inflation is factored in) in the first six months of 2018.
Nevertheless, he said that workers employed in the broader industries in which these five professions operate are likely to see flow-on effects to their own pay packets.
“If you are among the lucky 2 million Australians employed in the construction and infrastructure, legal, technology and HR sectors, you are well-placed to take advantage of these unique conditions as the trickle down of wage conditions impact the broader economy,” he said.
And employers unwilling or unable to stump up the extra cash could see skilled workers rush for the exit, Mr Hanson suggested. However, money is not the only factor driving employees to change jobs.
“Our data reveals 56 per cent of Australians will be looking to move jobs this financial year,” he said.
“Of those, only 28 per cent will change jobs for a better salary.”
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.