Australian businesses are poised to offer bonuses and pay rises, and though the resources sector is set to lead the pay-rise pack, other sectors aren’t far behind according to a new report.
The 2011 Australian Salary Movement Index (ASMI) has forecast an average salary adjustment of 4.25% in fixed annual rewards across all industry sectors in Australia in 2011/12, while the resources sector is likely to see a boost of 6.25%.
Additionally, the report found a sharp increase in incentivised-based pay this year, with bonuses now widely used across all work levels to reward performance and retain top talent. Indeed some 75% of employees will be awarded bonuses, compared to 66% of employees in 2010.
Steven Paola, author of the 2011 Australian Salary Movement Index Report, commented: “During the economic downturn many organisations placed greater emphasis on rewarding for performance rather than applying ‘across the board’ salary increases."
The research shows that the trend continued long after the peak of the GFC, and widespread bonuses are only now returning as organisations hit their profitable margin targets once again.
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