Surveyed CFOs and CIOs indicated that salaries across finance and IT are set to rise and that work life balance is becoming a more important work perk.
The 2015 Robert Half Salary Guide has revealed that almost two thirds of Chief Financial Officers (CFOs) across Australia and New Zealand plan to raise salaries in their finance and accounting departments this year. Likewise, more than half the Australian Chief Information Officers (CIOs) surveyed indicated IT salaries are also set to rise.
Robert Half Director Andrew Brushfield, said the increase in finance and accounting salaries is driven by the demand for highly skilled individuals, which exceeds current supply.
“Employees looking for a pay rise need to demonstrate strong technical competency or measurable results, as these are the factors most actively taken into consideration by senior leaders when reviewing team performance”, Mr Brushfield said.
Roles considered a priority in recruiting across Australia include business analysts, financial and management accountants. In New Zealand, there is a skills shortage across the board, and particularly in the finance and accounting sector, right up to managerial positions.
In the technology sector, small companies are leading the charge for increases in IT salaries; skills in demand include network administration/engineering (eg. LAN/WAN), software development and database management (eg. Microsoft SQL Server).
“Our research shows that skills shortage and retention continues to weigh heavily on management time and plays a key role in strategic planning.
“Companies are concerned about losing key staff, with both CFOs (89%) and CIOs (86%) citing this is an issue,” Mr Brushfield said.
“People are pursuing other roles not only for higher salaries but the drive for a better work life balance,” Mr Brushfield added.
Around 30% of those surveyed across Australia and New Zealand noted work life balance as the key factor in deciding to leave a job.
“Top talent is extremely mobile, which creates issues for employers. Salaries obviously remain an important factor in employee satisfaction, but by no means the only consideration for top performers who may be looking to further their career elsewhere,” Mr Brushfield concluded.