ONE OF THE MAIN FOCUSES of the Job and Skills Summit this week will be how Australian workers can get wage increases while companies find and keep talented employees. 

Data from an RMIT Online survey released today reveals inflation is pressuring workers to ask for pay raises and that the talent war hasn't been enough to make them satisfied with their current paychecks. 

The vast majority of those interviewed (85%) say they are much more worried about the cost of living and financial compensation today than a year ago. Almost half of the respondents (47%) complained privately to peers and friends about lower pay. 

Over a third of the respondents have changed jobs in the past 12 months, primarily led by higher salaries and career advancement. Of those, almost one-third (28%) moved jobs for a raise of $5,000 or less, and 61% moved for less than $10,000. 

Of the other two-thirds who stayed in their companies in the past year, 75% would change for an increased wage, with most (52%) saying that it would take $10,000 or less to convince them to make a move.  

Not feeling valued is the primary reason (57%) why employees are dissatisfied with their jobs, closely followed by not having an adequate salary for their role (51%). 

"Our survey shows Australians are really feeling the impact of the rising cost of living and inflation. However, while a higher salary may sway some employees in the short term; if an employee is unhappy or unsupported in their role, better remuneration alone will not be sufficient to facilitate long-term retention,” RMIT Online Interim CEO Claire Hopkins said. . 

“Future career opportunities were the second highest driver for Australians looking for a new role. The current labour market demands employers weigh up their entire employee value proposition. This includes personal development and upskilling to help team members feel recognised, challenged and excited for their own career development.”

Graphs and data

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Survey methodology 

The survey was produced by the RMIT Online team in partnership with the market research company IPSOS. In total, the research team interviewed 800 Australian workers between August 8 and 15, 2022. The positions were classified as managers (executive or business owner, CEO, director and manager) and non-managers (employees and interns).   

About RMIT Online

RMIT Online was created by RMIT University to provide a world-class digital learning experience at the nexus of business, design and technology, leaning into future of work needs to equip students with in-demand skills and qualifications. RMIT Online teams up with industry thought leaders and experts to deliver the best in flexible education using the latest digital tools and technologies for a highly interactive, virtual cohort experience. RMIT Online is dedicated to achieving its mission of future-ready careers and creating a “community of lifelong learners, successfully navigating the world of work".

www.online.rmit.edu.au

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BUILDING APPROVALS data for July continues to reflect the magnitude of Australia’s existing pipeline of home building work, rather than the declines in housing demand that are evident in other leading indicators, according to Housing Industry Association (HIA) economist Tom Devitt.

The Australian Bureau of Statistics (ABS) today released its monthly building approvals data for July for detached houses and multi-units covering all states and territories.

“Building approvals for new houses in July increased by 1.0 percent compared to the previous month," Mr Devitt said. "This leaves approvals 23.0 percent lower in the three months to July 2022 compared to the same time last year. Despite this decline, house approvals in the three months to July 2022 were 12.0 percent higher than the same time in 2019.

“The strong volume of house approvals in recent months reflects the significant volume of new homes across Australia that had been sold earlier in the year, but not yet approved.

“The strong volume of approvals in July 2022 hides the impact that rising interest rates are already having on more timely data," Mr Devitt said.

“New home sales across Australia declined by 13.1 percent in July, following even earlier reports from the industry of a slowing in the number of groups visiting display sites. This will see weaker sales volumes in the second half of 2022.

“Approvals of multi units fell sharply in July, to see approvals in the three months to July 16.8 percent lower than in the same period in 2021. Despite this decline they remain comparable with volumes of approvals prior to the pandemic.

“Given the large volume of work under construction and approved but not commenced, there will be a significant lag between the increase in the cash rate and an adverse impact on new home construction.

“The long lead times in this current cycle will hide the impact of rate rises and risk the RBA over shooting with unnecessary rate increases,” Mr Devitt said.

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CHARTERED ACCOUNTANTS ANZ (CA ANZ) said the Federal Government’s commitment to legislate tax deductions for small business was "a big win for those already struggling to retain talent".

Federal Treasurer Jim Chalmers announced the government’s intention to legislate initiatives which allow businesses with a turnover of up to $50 million the capacity to deduct 120 percent of expenditure on training of staff up until June 30, 2024.

Small businesses will also be able to gain a bonus 20 percent deduction which will support the uptake of digital technologies until June 30, 2023.

“This is a big win for small business, and I thank the Federal Government for moving swiftly to legislate these proposals as it is something, as a profession, we have been advocating for,” CA ANZ chief executive Ainslie van Onselen said.

“Small businesses are grappling with the capacity to retain their staff, and this move will give them certainty to invest in their people, and to give their staff some clear pathways in their professional development,” Ms van Onselen said.

“This type of investment may be the difference between a staff member staying with a business or deciding to pursue another opportunity.

“This is a great boost for smaller businesses in the lead up to the Jobs and Skills Summit in Canberra where I will be representing the accounting profession,” Ms van Onselen said.

“At the upcoming Jobs and Skills Summit, I’m looking forward to sharing solutions to address skilled migration, boost domestic skills and education, and increase the workforce participation of women, mature workers and underrepresented groups.”

www.charteredaccountantsanz.com

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand represents more than 131,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. 

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AUSTRALIA'S top veteran employers, employees and entrepreneurs are being celebrated today as finalists for the 2022 Prime Minister’s National Veterans’ Employment Awards are unveiled.

Minister for Veterans’ Affairs Matt Keogh said the awards provide the opportunity not only to recognise organisations that actively recruit, employ and support veterans, but celebrate the successes of veterans in their careers post service.   

“As a nation we value the contributions made by veterans and their ongoing commitment to service, and we recognise the valuable skills they bring to the civilian workforce,” Mr Keogh said.

“Making sure that our community is aware of the great benefit that veterans can bring to business is so important, that’s why these awards celebrate the businesses who work with veterans and families.

“The finalists for this year’s awards have all gone above and beyond to create environments where veterans and their families will have successful careers.

“Judges were impressed with the quality and calibre of nominations received.  It is clear to me that many Australian businesses know just how great veteran employees are.”

Mr Keogh said that these businesses have a competitive edge.

“Veterans bring with them great skills that they have gained in Defence. These are individuals with great leadership skills, teamwork capacity, analytical skills, with the ability to work under pressure and to be agile, all critical skills in the modern economy," he said.

“I am also so pleased that there’s some new categories in these awards - ‘partner employee’ and ‘partner entrepreneur’.

“It is very hard to find a good ongoing job or further your own career as a Defence spouse or family member if you are having to relocate regularly. We need to work with business so they can better understand that even if this person is only going to be employed for a short time, they are going to provide huge value to business."

The annual awards are part of the Prime Minister’s National Veterans’ Employment Program.

Winners will be announced at an award ceremony taking place in Canberra later this year.

Full list of finalists