Salaries set to rise with strengthening economy

Salaries set to rise with strengthening economy Salaries set to rise with strengthening economyPosted October 13, 2011, by Josie Chun About half of employers are planning to increase their workers salaries by up to six per cent, and nearly one in 10 are willing to consider a 10 per cent rise, according to the latest Hays annual salary guide. This comes as welcome nachrichten to employees many of whom had to endure no or minimal wage increases during the worst of the GFC. Theres new optimism in the market, says the managing director of Hays Recruitment, Nigel Heap. Sixty-seven per cent of employers predict the economy will strengthen in the next six to 12 months. That is in stark contrast to this time last year, when only six per cent thought the economy would improve, says Heap. There is also good news on the horizon for job seekers, with 45 per cent of bosses reportedly preparing to take on new staff thats a 24 per cent increase from this time last year. However, nearly half of th at increase will be made up of casual, part-time and contract workers. Workers in the booming mining and resources sector will reap the greatest gains, as well as those in professional services such as human resources and procurement, with more than half of their employers considering offering significant pay rises. Employees in the finance industry will also most likely receive substantial benefits. Westpac and the Finance Sector Union will deliver a new collective agreement that will offer 26,000 staff a 10 per cent wage increase over the next 26 months. The agreement is the first such agreement between the union and the bank in almost a decade, and will require staff to work extended hours and weekends if required. Sydney workers are the top wage earners, although WA and Queensland are catching up as they ride the resources wave. The mining industry experienced its first quarter of profit growth since last years crisis, with gross mining profits rising 9.2 per cent to $15 bil lion between January and March the first quarterly rise since September 2008. The outlook in mining is promising, though quarterly profits still remain almost 40 per cent below the pre-crisis peak of $24.4 billion. The chief economist at RBS, Kieran Davies, says that mining profits are expected to dramatically acceletarif next quarter. The mining sector will be the standout, and outside that I think the recovery will be slower, says Davies. Across all industries, company profits grew at the fastest rate in 18 months, with economy-wide profits rising by 3.9 per cent in the last quarter. Alongside the mining juggernaut, finance and manufacturing are helping to drive the economy forward, with profits in these industries growing by 47 per cent and 17 per cent respectively, according to the latest Australian Bureau of Statistics figures. Those industries tied to domestic growth proved to be weaker, with profits in construction and hospitality falling 17 per cent and six per cent, respectively. ResourcesMy first resumeCover letter for my first jobCareer Insider StoriesShelley Lask - Body Positive Health & FitnessInterested in becoming a?Human Resources OfficerGeneral ManagerBusiness ManagerAccountantOffice AdministratorPopular Career Searchesaustralia future economygraduate starting salary in australiagraduate salaries 2015 australiahighest paying jobs in australiaskills you need for the future CoursesBachelor of Social WorkEnquire verbunden Enquire OnlineCertificate III in Health AdministrationEnquire Online Enquire OnlineBachelor of Criminal JusticeEnquire Online Enquire OnlineCertificate III in Allied Health AssistanceEnquire Online Enquire OnlineJosie ChunRelated ArticlesBrowse moreMichael Jackson - A career to rememberIts not often that a single person can transform an entire industry and alter history.CAREER ADVICEEMPLOYER RESOURCESHow To Become A Better Manager 10 Management Practices of Effective LeadersEffective management is an art but luckily, it is one that can be learned if you follow some basic principles. Heres how to become an inspiring leader who knows how to motivate and get the best out of your team.BusinessCareer progressionHow to succeed in business without really tryingDo you want to make your way up the corporate ladder with the least amount of effort? Here are a few tips to help you get to the top.