Most of the workforce across the Australian technology sector think they deserve higher raises than what they are offered in the face of strong performance and demand for skills.
This is according to recruitment firm Hays, which stated in its Salary Guide FY22/23 report for Australia and New Zealand that 85 per cent of tech employers are set to increase salaries in their next review.
Of this number, 34 per cent will raise salaries by over 3 per cent, while 51 per cent will provide a raise under 3 per cent.
However, 87 per cent of employees Hays spoke to said their performance in their roles and rising demand for their capabilities during an ongoing skills shortage is worth a raise above 3 per cent.
As part of that demand, the most sought after role are business analysts, which recorded average wages ranging from $82,000 a year up to $160,000, according to the recruitment firm.
Cloud engineers were next, with salaries ranging from $95,000 to $190,000, then full stack developers with $95,000 to $165,000, cyber security analysts from $90,000 to $165,000 and data analysts rounded out the top five in demand roles with $80,000 to $135,000.
Meanwhile, 37 per cent said they were satisfied with their current salary.
This is despite 76 per cent of employers saying the ongoing skills shortage, which was also felt in the financial year prior, has forced them to provide higher salaries than initially expected.
“Intense competition for skilled professionals will translate into salary increases this coming financial year,” says Robert Beckley, regional director of Hays Technology.
“Moving away from the salary stability stance of recent years, employers say the skills shortage is the reason increases are higher than planned. Already 95 per cent are experiencing a skills shortage. 90 per cent say it will impact the effective operation or growth plans of their organisation.
“This is fuelling a once-in-a-career market. Previously camouflaged by skilled migration, and further impacted by headcount growth, skills shortages have reached a level unmatched in our years in recruitment and sparked deliberate salary increases from employers.”
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