Salaries reached a plateau during the past financial year in an unsurprising contrast to the continual increases of recent years, a recent salary survey has found.
“Given the global economic downturn the local climate has cooled in no uncertain terms, with the inevitable effect of slowing what was an overheated and unsustainable job market,” said Nick Deligiannis, director of Hays Human Resources, which conducted the survey.
“In the vast majority of cases, the premium salary that employers offered to attract a new recruit has all but disappeared, with starting salaries for new employees now largely in line with the salaries of existing employees. Sign-on bonuses have also become a thing of the past.”
This has led to significant salary stability across the board, and Deligiannis said candidates looking for a new role are aware of the market shift and are focusing on the employer and the opportunity rather than any possible increase in salary.
“While salaries in general stabilised, there are still some instances of salary pressure for roles where candidate demand remains high. Such roles generally incorporate revenue generation, cost reduction and risk management elements, which are viewed as crucial in today’s business environment,” he said.
“Despite pressure on costs and headcount, forward-thinking employers continue to focus on their human resources planning and remain committed to rewarding their top performers, particularly those who add demonstrable value to the organisation.”