Is your job set for a big pay rise this year?
DON'T dis the IT guru: he or she could be eyeing off a $50,000 pay rise this year.
That's the forecast from the latest annual salary survey from recruitment consultancy Robert Walters, which predicts
Australians working in technology, infrastructure and corporate governance are most likely to be on the receiving end of double digit wage growth on 2017.
IT workers or system engineers in Sydney salaries are forecast to increase 45 per cent: they'll be able to command $160,000, up from $110,000.
The Robert Walters survey of about 950 hiring managers and 1800 professionals also found NSW is where it's at to nab the second-biggest percentage pay rise: funds and operational analysis workers can expect a 33 per cent jump from $60,000 to $80,000
The study found the Australian economy is adjusting to a "new normal, without the
previous powerhouses of resources and construction propelling it forward" to reveal a buoyant recruitment market with specific areas of high demand.
And high-demand workers don't just want cash. They are demanding more flexible working conditions as well.
So who is hiring in 2017?
"We expect increased hiring across IT, corporate governance, and state government infrastructure projects," the report says.
"Within the technology sector, we anticipate intensified competition for big data, data security,
DevOps and data analytics skillets.
"Across all major corporates, further regulation and focus on risk management and compliance will drive further growth. Close cost management and a requirement to extract maximum value from major long-term contracts will ensure demand for skilled procurement professionals."
Australia wide, federal and state government investment in massive infrastructure projects will see construction and engineering professionals also able to command bigger wages.
And for those doing the hiring, the report advises the lure of dollars alone may not be enough to retain, or attract the best staff.
"While financial reward remains a key incentive for job seekers it is not the only major driver," the report says.
"Both generational change and technological advancements have influenced job seekers to place higher value on flexibility as well as reward, culture and long-term career development.
"We strongly advise hiring managers ... to become competitive in these areas, not just focusing on salary and financial incentives."
Strong IT, finance and business sectors mean NSW is expected to be the home of the majority of big wage winners in Australia.
The survey points more than ever to a need for specialist skills: with the banking sector being a case in point.
While the big banks may be keeping a careful eye on costs, "those working in banking and financial services can generally expect a moderate increase in salary in 2017, unless they can
offer specialist skills and performance delivery above the norm".
"Economic conditions have led hiring managers to demonstrate moderation when offering remuneration packages," the report says.
But new legislation, and increased scrutiny, mean individuals working in areas such as
compliance, assurance or operational risk with experience in change delivery will be highly sought after.
"The superannuation industry will be more competitive and there will be demand for more commercially minded candidates due to changes around default funds," the survey found.
But IT remains where it's at.
"IT professionals with niche and emerging skill sets such as Big Data, DevOps, cyber security and Cloud collaboration were in high demand and could command higher rates of pay in 2016," the survey found.
"In 2017 we expect to see similar trends continue Australia-wide, and as demand for emerging skill sets increases and the skill gap widens, this will create a scarcity in the market and companies will need to be prepared to pay higher salaries, focus on flexible work arrangements and have defined career path ways to win over professionals with these specialist skill sets."