Pay boost for retail industry
The retail and consumer products industry recorded the third highest percentage salary growth in Australia, according to new research by online employment marketplace, Seek.
The Seek Salary Review compares the salary information of jobs across all industries posted on Seek from July 2013 to June 2014.
According to the data, retail and consumer products ranked third among the industries experiencing the most significant growth in salaries in Australia, recording five per cent growth year on year, with the average retail salary now $58,397.
By state, the retail and consumer products industry saw the highest percentage salary growth of any industry in Western Australia, up 11 per cent to $56,286, and in South Australia salaries grew 10 per cent to $57,024.
Elsewhere, salaries in the industry were up five per cent in Victoria, with average salaries of $55,657, while Queensland and NSW also recorded increases of three per cent to $55,886 and $59,697 respectively.
Divided by sub-classifications, buying recorded the highest average salary at $86,003; followed by planning, $84,245;merchandising, $62,663; multi-site management, $83,360; merchandisers, $62,663; and other, $60,154.
Retail assistants recorded the lowest average income at $44,997.
Based on the roles advertised on Seek, NSW has the greatest number of industries which have increased salaries year on year at 64 per cent.
South Australia saw 61 per cent of industries increase salaries for vacant positions, followed by Queensland, 54 per cent; and Victoria, 54 per cent; while WA had the greatest number of industries with salary declines with only 43 per cent of industries seeing a rise in average salaries.
Seek’s latest market research also foundAustralian workers are aware that salary increases are on offer, with one in three believing they can earn more by switching industries.
Of the 1000 working Australians surveyed by Seek, 70 per cent would like the opportunity to work in a different industry to their current one to try something new, earn more, or achieve a
greater work/life balance. Almost three quarters are confident that their current skills would translate to a new industry.
“Looking broadly across the market, we’ve seen a slight dip in the average salary in Australia of 3.2 per cent to $79,767 in the financial year to June 2014,” Joe Powell, Seek MD, said.
“This is largely driven by the notable decline in average mining salaries, which are down 10 per cent, however, we must keep in mind this is coming off a very high base.”
Powell says, for hirers the opportunity to diversify and strengthen their team by considering candidates with knowledge and experience from a different industry shouldn’t be overlooked.
“Hirers who are concerned that they cannot compete with higher salaries will need to think creatively to attract quality talent via career progression opportunities, training or work/life balance offers.”