Top 5 industries for salary growth in 2011 in Australia

If you’re looking for a well-paid job in 2011, you might like to consider jobs in the resources, professional services or construction, property and engineering industries. According to recruiting experts Hays, these are the industries where the greatest salary increases are likely to be given in 2011. According to Hays, the top five industries for salary growth in 2011 will be:

Resources, oil and gas: “To say this industry is on the verge of a boom is an understatement,” says Grahame Doyle, Director of Hays. “An abundance of new projects is fuelling vacancy activity, yet demand is so great, and the shortage of skills so acute, that output could be hampered unless appropriate skills are secured. Headhunting and counter offers are therefore becoming more lucrative and we expect salaries to leap ahead as employers attempt to avoid the bite of the skills shortage.
“While salaries in the resources industry have a history of being very competitive, we would advise against assuming they will again reach the peak we saw around 2005. Following the recent downturn, employers are looking at a range of strategies – not just salaries – to overcome the skills shortage. So any candidate that demands too much is likely to find themselves missing out on the top opportunities – skills shortage or not.”

Professional Services: “Accountants and lawyers head the list of professional services skills in demand,” says Grahame. “Not only are businesses seeking staff to repopulate their headcount and to meet the growing demand for their services, but they are also now focusing on recruiting future leaders for their business. They want skilled professionals who can come into the business and up-skill current teams, add value and drive commercial decision-making to increase revenue and performance.
“Consequently the top talent are finding themselves in an enviable position as their skills and experience is courted. This will naturally drive salaries up.”

Construction, Property & Engineering: “Competition rose steadily in Australia’s construction, property and engineering industry in 2010 and many employers are now under pressure to secure key talent as projects pick up,” he said. “Tender work is rising and there are major construction projects now coming on line which require skilled professionals.
“Yet an element of caution remains, which will keep salaries from inflating too far. Building the Education Revolution projects will wind up over the year, impacting the demand for site and project management positions in particular. Instead, demand for such skills as Contract Administrators, Estimators, Quantity Surveyors, Rail Engineers and Civil and Structural Engineers will rise. The shortage of these professionals as well as rising competition from the resources sector will see salaries rise for those with skills in demand. Turnover will be a casualty of this trend as employees move to where they can get the most money.”

Financial Services: “Upward salary trends are also expected in the financial services industry, which in 2010 saw recruitment activity surge,” Grahame said. “All of the banks are hiring and confidence is not only good, but it is also consistent across the board. Candidates are securing their next career step and this natural attrition is a healthy indication of an active and strong market. New positions are being created, employers want to hear about suitable candidates as soon as they enter the market, and departing staff are being replaced immediately.
“In response to increased demand, remuneration pressure is already evident. Employers are also taking steps to improve working environments, their employment brand and to broaden the required skills sets.”

Manufacturing: “Mid-2010 saw Australia’s manufacturing market shift from candidate rich to candidate tight. As manufacturing started to ramp up, businesses that were lean at the middle management level began recruiting management and engineering professionals to drive increased productivity and continuous improvement. Demand also rose for Technical Engineers, Electronics Engineers, Project Managers and in Maintenance Trades.”
“The outlook in terms of salaries in 2011 is very positive as a result of the tightening candidate market, particularly in those companies supplying products to the resources, building construction and food and beverage industries.”
Grahame has this final advice: “Despite these expectations, employees in these industries shouldn’t expect an automatic salary increase. Employers will look at your results and the value you add to the company. Productivity is critical to the extent of the salary or raise you can expect,” he said.